Abuja: The Bureau of Public Procurement (BPP) has directed bidders in public procurement processes involving leased equipment to present a valid Equipment Leasing Agreement Registration Certificate (ELARC).
According to News Agency of Nigeria, this directive was conveyed in a statement by Adebola Sunday, the Head of Media and Corporate Communication of the Equipment Leasing Registration Authority (ELRA). Sunday quoted Dr. Adebowale Adedokun, the Director General/CEO of BPP, during his visit to ELRA, emphasizing that equipment leasing is recognized as an approved acquisition option under Section 55(5)(b) of the Public Procurement Act (PPA), 2007.
Dr. Adedokun highlighted the importance of equipment leasing in the execution of many government contracts. He stated that bidders must present an ELARC issued by ELRA as a requisite for responsiveness in procurement processes that involve leased equipment.
He further explained that ELRA is the statutory authority responsible for registering equipment leasing agreements in Nigeria. The directive aims to ensure compliance with Section 4 of the Equipment Leasing Act, 2015, which specifies statutory requirements for equipment leasing agreements.