Navy backs enforcement of equipment leasing act

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

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.

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

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.

“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.

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

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

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.

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)