Overview

The document 'Equipment Leasing Registration Authority Guidelines 2024' is issued by the Federal Ministry of Finance, Nigeria, under the Office of the Honourable Minister of Finance and Coordinating Minister of the Economy. It establishes the framework for the registration and regulation of equipment leasing in Nigeria. The guidelines define key terms such as 'Capital allowance,' 'Cross-border lease,' 'Equipment,' 'Finance lease,' and 'Lease agreement.' Equipment is categorized into seven classes (Category A to G), covering vehicles, construction, agricultural, office/IT, industrial, healthcare, and specialized equipment (oil & gas, maritime, aviation). These categories are indicative and subject to ministerial review. The guidelines outline the registration process for lessors and lease agreements, including requirements for application, documentation, fees, and renewal. It also provides for public searches of the register, enforcement provisions, and the functions of the Equipment Leasing Registration Authority (ELRA). The document aims to create a transparent and efficient leasing market, protect stakeholders, and support economic growth. It specifies that the Minister may review the categories and that the guidelines are effective from 2024.

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