Maritime Force Supports Regulatory Body's Stance on Property Documentation

n n

By Joseph Erunke, Abuja

n

The Nigerian Navy has pledged support for the Equipment Leasing Registration Authority (ELRA) in enforcing the provisions of the Equipment Leasing Act, 2015, as part of efforts to strengthen transparency, accountability, and economic activity in Nigeria’s maritime sector.

n

The commitment was given by the Chief of Naval Staff, Idi Abbas, during a courtesy visit by officials of ELRA to the Naval Headquarters in Abuja.

n

According to a statement issued by ELRA’s Head of Media and Corporate Communication, Adebola Brookslyn Sunday, the visit focused on strengthening collaboration between the two institutions to ensure effective enforcement of asset registration within the leasing sector.

n

During the meeting, ELRA’s Registrar and Chief Executive Officer, Donald Wokoma, reaffirmed the authority’s commitment to promoting leasing as a driver of economic growth while ensuring proper documentation and traceability of leased assets.

n

“ELRA promotes leasing as a driver of economic growth and ensures leased assets are properly registered and traceable to enhance transparency and maritime enforcement,” Wokoma said.

n

In his response, Vice Admiral Abbas noted that asset registration is essential for maintaining economic stability and regulatory oversight in the maritime domain.

n

“The Nigerian Navy stands ready to collaborate with ELRA, as effective asset registration strengthens economic activity and oversight,” he said.

n

He also commended the partnership between ELRA and Admiralty Maritime Services Limited (AMSL), noting that equipment leasing provides maritime operators with a practical option to expand their fleets without heavy upfront capital investment.

n

According to the naval chief, leasing arrangements can support growth in the maritime industry by enabling businesses to access essential equipment and vessels more efficiently.

n

Both the Nigerian Navy and ELRA agreed to deepen operational collaboration, enhance information sharing, and develop structured frameworks to improve compliance with the Equipment Leasing Act.

n

The partnership is expected to boost investor confidence, strengthen regulatory oversight, and support Nigeria’s economic interests within the maritime sector.

n n