EQUIPMENT AND LEASING ACT, 2015

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LAWS OF THE FEDERATION OF NIGERIA  

EQUIPMENT AND LEASING ACT

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EXPLANATORY MEMORANDUM

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.

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ARRANGEMENT OF SECTIONS

1. Application
2. Equipment lease agreement
3. Classification of Equipment Leasing
4. Contents of a Lease agreement
5. Delivery of a lease agreement to the lessee.
6. Business of equipment leasing
7. Establishment of registration authority.
8. Composition of registration
9. Duties of a registration authority
10. Funds and financial accounts of the registration authority
11. Power of the minister to Issue guidelines to the registration authority
12. Register of Registered Equipment Lease Agreement
13. Registration of a lease agreement
14. Application for registration of leased agreement.
15. Issue of registration certificate
16. Effect of registration or a registrable agreement
17. Effect of nonregistration of a registrable lease agreement.
18. Fixation of the lessor’s name on leased equipment.
19. Implied terms as to legal ownership of the leased equipment.
20. Sale, transfer of leased equipment.
21. Priority of the lessor’s claim against third party and insolvency of a lessee
22. Rights and obligation of a lessee
23. Default of lease resulting in termination of agreement between lessor and supplier
24. Liability for damage of leased equipment caused by lessee or his agent.
25. Claims to leased equipment by a third party
26. Right of a lessor to inspect leased equipment.
27. Duty of lessee under a lease agreement to keep a leased equipment in his possession and for his use, to give information on request
28. Liability of the lessor for delay in delivery of leased equipment.
29. Non-delivery of equipment to the lessee as a result of the lessor’s wilful infringement
30. Claim against lessor for non-delivery of a leased equipment
31. Liability of the lessor for defect of a leased equipment
32. Liability of a lessor for supply and installations of a leased equipment inspected by a lessee before supply.
33. Liability of a lessor for supply of equipment where lessee relies on the expertise of the lessor
34. Liability of a supplier nominated by a lessor.
35. Insurance of a registered leased equipment
36. Taxation.
37. Notice for non-payment of rentals and redemption.
38. Termination of lease agreement for non-payment of rentals
39. Repossession of leased equipment by a lessor
40. Breach of agreement by a lessee
41. Commencement of legal proceedings for recovery of leased equipment
42. Removal of a leased Equipment from Nigeria without lessor’s permission.
43. Variation or limitation.
44. Interpretation.
45. Citation

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EQUIPMENT AND LEASING ACT

An Act to Regulate the Business of Equipment Leasing in Nigeria and for Connected Purposes Therewith.

[COMMENCEMENT                    –        26/05/2015]

Be it Enacted by the national Assembly of the Federal Republic of Nigeria as follows —

Application

1. This Act applies to all Equipment Lease Agreements.

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)