FAQs for Equipment Leasing Registration Authority (ELRA)
1. What is ELRA?
ELRA is the Equipment Leasing Registration Authority, a regional organization committed to fostering a secure and transparent environment for the leasing industry. We facilitate the growth and stability of the leasing sector, promoting economic development and ensuring the protection of all stakeholders involved.
2. What are the benefits of registering a lease with ELRA?
Registering a lease with ELRA provides a number of benefits to both lessors and lessees, including:
* Increased legal certainty and enforceability of leases
* Reduced risk of fraud and disputes
* Improved transparency and accountability in the leasing market
* Increased access to capital and finance for businesses
* Enhanced protection for consumers and investors
3. Who is required to register a lease with ELRA?
All leases of equipment (new or used) over a certain value are required to be registered with ELRA. The specific threshold for registration varies from country to country.
4. How do I register a lease with ELRA?
To register a lease with ELRA, you can create an account on our website and submit the required information online.
5. Schedule of fee
| S/N | ||
| 1 | Registration: | |
| a) Companies with less than ₦100.00 million share capital or with less than ₦500.00 million annual value of leased portfolio | ₦100,000 | |
| b) Companies having share capital of ₦100.00 million and above or ₦500.00 million annual value of leased portfolio | ₦250,000 | |
|
2
|
Renewal of registration: | |
| a) Companies with less than ₦100.00 million share capital with less than N500.00 million annual value of leased portfolio | ₦50000 | |
| b) Companies having a share capital of ₦100.00 million and above or ₦500.00 million annual value of leased portfolio | ₦10000 | |
|
3
|
Registration of a lease agreement;
A. Vehicles
B. Construction Equipment
C. Agricultural Equipment
D. Office & IT Equipment
E. Industrial Equipment
F. Health Care
G. Specialized Equipment
|
The higher of ₦10,000.00 or: |
| Category A: 0.20% of the leased equipment value | ||
| Category B: 0.25% of the leased equipment value | ||
| Category C: 0.25% of the leased equipment value | ||
| Category D: 1.00% of the leased equipment value | ||
| Category E: 0.50% of the leased equipment value | ||
| Category F: 0.20% of the leased equipment value | ||
| Category G: 0.05% of the leased equipment value | ||
| a) This is based on the cost of equipment to be leased. | ||
|
4
|
Public search | |
| Electronic search | ₦5000.00 | |
| 5 | Filing of changes in lessor documentation | ₦50,000.00 |
| 6 | Filing of changes to a lease agreement | ₦20,000.00 |
|
7
|
Penalties | |
| Penalty for late registration as lessor | ||
| a) Company with less than ₦100.00 million share capital or with less than ₦500.00 million annual value of leased portfolio ₦100,000.00 | ₦100,000 | |
| b) Company having a share capital of ₦100.00 million and above or ₦500.00 million annual value of leased portfolio ₦250,000.00 | ₦250,000 | |
|
Penalty for the removal of leased equipment from Nigeria without the lessor’s permission.
|
The higher of ₦50,000.00 or: | |
| Category A: 0.20% of the leased equipment value | ||
| Category B: 0.25% of the leased equipment value | ||
| Category C: 0.25% of the leased equipment value | ||
| Category D: 1.00% of the leased equipment value | ||
| Category E: 0.50% of the leased equipment value | ||
| Category F: 0.20% of the leased equipment value | ||
| Category G: 0.05% of the leased equipment value | ||
|
Penalty charge for failure of the lessee to provide information on the leased equipment.
|
If a lessee, without reasonable cause, fails to give information requested under section 27 subsection (1) of the ELRA within 14 days of receipt of a written request, the lessee commits an offence and is liable on conviction to a fine not less the higher of ₦50,000.00 or: | |
| Category A: 0.20% of the leased equipment value | ||
| Category B: 0.25% of the leased equipment value | ||
| Category C: 0.25% of the leased equipment value | ||
| Category D: 1.00% of the leased equipment value | ||
| Category E: 0.50% of the leased equipment value | ||
| Category F: 0.20% of the leased equipment value | ||
| Category G: 0.05% of the leased equipment value | ||
| 8 | Investigation of incidences of default by lessees | 1.00% of the default amount to be charged to the lessee. |