Category: Industry Laws

  The Equipment Leasing Act 2015, is essentially aimed at promoting the business of leasing in Nigeria by among other things, creating clarity, certainty and sanity in the practice of leasing and ensuring protective mechanism, for both the lessor and lessee. The memorandum of the Act states that “This Act seeks to regulate the business of equipment leasing in Nigerian so that the relationship between the lessor and the lessee and other third parties is identified and protected”. The…

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FINANCE LEASE i. Statement to the effect that the lease is Finance  Lease ii. Description of the asset to be leased iii. Total rental or instalmental lease rental payable by the lessee iv. The date which rental is payable v. The estimated price of the equipment vi. Statement as to the knowledge of the supplier of the asset that it is for a lease transaction. vii. A clause affirming the title of the lessors viii. On termination by expiry…

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