A new nationwide campaign has been initiated to bring structure and security to Nigeria’s equipment leasing industry. The initiative is a joint effort between the Equipment Leasing Registration Authority (ELRA) and Mutual Dividends Limited, unveiled during a recent awareness event in Abuja.

The program urges all participants in equipment leasing, from owners known as lessors to users known as lessees, to officially enroll with the regulatory body. This formal registration is presented as a critical step toward stabilizing the sector, safeguarding investments, and improving funding avenues for small and medium-sized businesses.

Hon Frank Okoh, Chief Executive Officer of Mutual Dividends Ltd, highlighted the advantages of the system. He stated that ELRA protects both lessors and lessees. He described the event as an awareness programme to inform Nigerians about the opportunity to start their own businesses and engage in equipment leasing.

Adebola Brokelyn Sunday, who leads Corporate Communication at ELRA, echoed this sentiment, connecting the registration process to broader national economic benefits. He stated that registering with ELRA is essential for lessors who want to do business properly and avoid shortcuts. He further pointed to the support mechanisms in place, noting that ELRA’s Alternative Dispute Resolution Team is available to help settle issues amicably, and they work with the apex court for accelerated hearing.

The event drew a positive reception from various stakeholders in attendance. Mrs. Maria Oko, wife of the Mutual Dividends Limited CEO, voiced her enthusiasm for the new developments and extended gratitude to ELRA for the awareness campaign.

An ELRA representative, Oguche, affirmed the organization’s commitment, stating that setting up ELRA in 2015 was a great decision, and the sector will be properly regulated and monitored. The overarching goal of the campaign is to foster economic expansion, enable citizen participation, and establish a more transparent and trustworthy leasing environment across the country.