This Act seeks to regulate the business of Equipment Leasing in Nigeria so that the relationship between the lessor and the Lessee and other third parties is identified and protected. The Act further seeks to establish a Regulation Authority so as to provide for the registration of all Equipment Leases and the certification of equipment lessors. An Act to Regulate the Business of Equipment Leasing in Nigeria and for Connected Purposes Therewith
ARRANGEMENT OF SECTIONS
Equipment lease agreement
Classification of Equipment Leasing
Contents of a Lease agreement
Delivery of a lease agreement to the lessee.
Business of equipment leasing
Establishment of registration authority.
Composition of registration
Duties of a registration authority
Funds and financial accounts of the registration authority
Power of the minister to Issue guidelines to the registration authority
Register of Registered Equipment Lease Agreement
Registration of a lease agreement
Application for registration of leased agreement.
Issue of registration certificate
Effect of registration or a registrable agreement
Effect of nonregistration of a registrable lease agreement.
Fixation of the lessor’s name on leased equipment.
Implied terms as to legal ownership of the leased equipment.
Sale, transfer of leased equipment.
Priority of the lessor’s claim against third party and insolvency of a lessee
Rights and obligation of a lessee
Default of lease resulting in termination of agreement between lessor and supplier
Liability for damage of leased equipment caused by lessee or his agent.
Claims to leased equipment by a third party
Right of a lessor to inspect leased equipment.
Duty of lessee under a lease agreement to keep a leased equipment in his possession and for his use, to give information on request
Liability of the lessor for delay in delivery of leased equipment.
Non-delivery of equipment to the lessee as a result of the lessor’s wilful infringement
Claim against lessor for non-delivery of a leased equipment
Liability of the lessor for defect of a leased equipment
Liability of a lessor for supply and installations of a leased equipment inspected by a lessee before supply.
Liability of a lessor for supply of equipment where lessee relies on the expertise of the lessor
Liability of a supplier nominated by a lessor.
Insurance of a registered leased equipment
Notice for non-payment of rentals and redemption.
Termination of lease agreement for non-payment of rentals
Repossession of leased equipment by a lessor
Breach of agreement by a lessee
Commencement of legal proceedings for recovery of leased equipment
Removal of a leased Equipment from Nigeria without lessor’s permission.