Navy, Leasing authority partner to strengthen maritime asset transparency

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The Nigerian Navy has pledged to work closely with the Equipment Leasing Registration Authority to strengthen enforcement of the Equipment Leasing Act, 2015, as part of broader efforts to improve transparency and accountability in Nigeria’s leasing sector.

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The commitment was made by the Chief of Naval Staff, Vice Admiral Idi Abbas, during a recent courtesy visit by officials of the Authority to the Naval Headquarters in Abuja.

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According to a statement issued by ELRA’s Head of Media and Corporate Communication, Adebola Sunday, on Friday, the engagement aimed to strengthen institutional cooperation and improve the monitoring of leased maritime assets.

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During the visit, ELRA’s Registrar and Chief Executive Officer, Donald Wokoma, outlined the agency’s mandate and the importance of collaboration with maritime security institutions to ensure that leased assets operating within the maritime domain are properly documented and traceable.

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He said the Authority was determined to promote leasing as a key driver of economic development while ensuring compliance with regulatory requirements.

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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, Vice Admiral Abbas emphasised that proper asset registration plays an important role in strengthening economic oversight and ensuring stability within the maritime sector.

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“The Nigerian Navy stands ready to collaborate with ELRA, as effective asset registration strengthens economic activity and oversight,” Abbas was quoted in the statement.

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The statement added that the naval chief also commended the partnership between ELRA and Admiralty Maritime Services Limited, noting that leasing arrangements allow maritime operators to expand their fleets without the burden of heavy upfront capital investment.

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Both the Navy and ELRA agreed to deepen collaboration through improved information sharing and the development of structured operational frameworks that will enhance compliance in the sector, boost investor confidence and protect national economic interests.

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The Equipment Leasing Act, 2015 provides the legal framework for regulating leasing activities in Nigeria and mandates the registration of lease agreements to ensure transparency, legal recognition and protection for parties involved in leasing transactions.

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The law also provides for a registration authority responsible for documenting leasing activities and promoting best practices in the industry under the supervision of the Federal Ministry of Finance.

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In recent years, leasing arrangements have become increasingly common in the maritime sector, enabling operators to expand their fleets and acquire operational assets without heavy upfront capital investment.

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The growing use of leasing has also highlighted the importance of proper documentation and registration of assets to ensure transparency, regulatory compliance and effective oversight within Nigeria’s maritime domain.

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