Navy backs enforcement of equipment leasing act

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The Nigerian Navy has pledged full support for the Equipment Leasing Registration Authority (ELRA) in enforcing the Equipment Leasing Act, 2015.

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The Chief of Naval Staff, Vice Adm. Idi Abbas, gave the assurance during a courtesy visit by officials of the authority to the Naval Headquarters in Abuja.

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This is contained in a statement made available to newsmen on Friday by the ELRA’s Head of Media and Corporate Communication, Adebola Sunday.

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Sunday quoted the Registrar and Chief Executive Officer of ELRA, Donald Wokoma, as having reaffirmed the agency’s commitment to strengthening transparency and accountability in the leasing sector.

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“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.

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Responding, Abbas described asset registration as critical to economic stability within the maritime domain.

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

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He also commended the partnership between the authority and Admiralty Maritime Services Limited (AMSL), noting that leasing enabled operators to expand their fleets without heavy upfront capital investment.

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Both organisations agreed to deepen operational collaboration, strengthen information sharing and develop structured frameworks to enhance compliance, boost investor confidence and safeguard national economic interests. (NAN)

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