Nigeria’s maritime sector may soon see stronger regulation as the Nigerian Navy throws its weight behind efforts to enforce the Equipment Leasing Act.
The Nigerian Navy has pledged full support for the Equipment Leasing Registration Authority (ELRA) to ensure proper registration and monitoring of leased assets across the country.
The assurance came from the Chief of Naval Staff, Idi Abbas, during a courtesy visit by ELRA officials to the Naval Headquarters in Abuja.
ELRA’s Registrar and CEO, Donald Wokoma, said the agency remains committed to promoting transparency in the leasing sector, noting that proper registration helps track leased assets and strengthens enforcement, particularly in maritime operations.
Abbas also emphasised that asset registration is vital for economic stability and oversight within the maritime domain.
He further praised the collaboration between ELRA and Admiralty Maritime Services Limited, noting that leasing allows maritime operators to expand their fleets without the burden of huge upfront capital.
Both sides agreed to deepen cooperation, improve information sharing and build stronger frameworks to boost compliance, investor confidence and protect Nigeria’s economic interests.
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