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Equipment and Leasing Act, 2015 🇳🇬

Nigeria

Equipment and Leasing Act, 2015

Assented to on 26 May 2015
Commenced on 26 May 2015
[This is the version of this document from 26 May 2015.]
[Note: The original publication document is not available and this content could not be verified.]

This Act applies to all Equipment Lease Agreements.

(1)An equipment lease agreement shall be in writing containing—

(a)a statement to the effect that the lessor and lessee have agreed to enter into—

(i)a finance equipment lease, or

(ii)an operating lease, or

(iii)any other specified valiant of either (i) or (ii) above;

(b)a description of the equipment to be acquired under the lease agreement; or

(c)the total or instalmental lease rentals payable by the prospective lessee.

(2)If a finance equipment lease is to be entered into, the written agreement shall in addition to (b) and (c) of subsection (1), contain:

(i)the estimated price of the equipment;

(ii)a statement that the equipment is being acquired by the prospective les…

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