Introduction
Equipment leasing has become an important source of asset finance for businesses seeking access to vehicles, machinery, technology and other productive assets without the substantial upfront cost associated with outright acquisition. For businesses with significant capital expenditure requirements, leasing can offer a commercially attractive alternative to conventional asset acquisition and secured financing.
In Nigeria, the Equipment Leasing Act 2015 (“the Act”) established the Equipment Leasing Registration Authority (“ELRA” or “the Authority”) and introduced a statutory framework for the regulation of equipment leasing activities.
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