FG is set to amend laws to ease aircraft recovery in lease violations.
NewsOnline Nigeria reports that the Minister of Aviation and Aerospace Development, Festus Keyamo, has announced that the Nigerian government is revising legal guidelines to prevent courts from issuing injunctions that block the reclamation of aircraft by lessors from airlines that fail to adhere to their dry-lease agreements.
This Nigeria news platform understands that the Minister said this on Monday while providing insights on the efforts of the federal government to support the growth and survival of local airlines in terms of making it easy for them to access aircraft on favourable dry-lease arrangements as obtained all around the world.
ALSO: FG Declares Thursday Additional Public Holiday For Eid-El-Fitr
Speaking during an interview on Arise Television’s The Morning Show monitored by NewsOnline, Keyamo revealed that the Aviation Working Group, co-chaired by Airbus and Boeing, requires Nigeria to revise its legal guidelines to stop courts from blocking aircraft recovery by lessors.
This measure is essential to remove Nigeria from the blacklist, impeding local airlines’ access to dry-lease aircraft, due to non-compliance with the Cape Town Convention—a globally recognized aircraft leasing standard. Nigeria, having ratified this convention, is urged by the Aviation Working Group to adhere to its regulations.
“We are in the process of drafting a practice direction to satisfy the Aviation World Group that mandates judges not to grant injunctions for detained aircrafts that are on dry lease in Nigeria as it gives Nigeria a bad name and also goes against the Cape Town Convention,” Keyamo said.
Delving deeper into the specifics of the upcoming legal reforms to streamline aircraft lease enforcement in Nigeria, Keyamo said that one of the new practice direction being formulated will authorize the Nigerian Civil Aviation Authority (NCAA) to facilitate the quick recovery of aircraft by lessors within five days of filing a request, specifically targeting cases involving defaulting local airline operators.
Additionally, a proposed law will compel courts to expedite relief for lessors, mandating a resolution within ten days to allow the reclamation and potential removal of aircraft from defaulting lessees. These measures are designed to expedite the process for lessors seeking to recover their assets from non-compliant airline operators.
NewsOnline Nigeria reports that Keyamo has consistently emphasized that one of his primary goals as the Aviation Minister is to promote the growth and sustainability of local operators, with a focus on facilitating dry-lease arrangements for local airlines.
In line with this goal, Keyamo led a delegation to France, visiting Airbus headquarters in Occitanie, Toulouse, to discuss with top aircraft leasing companies and assure them about the security of their assets in Nigeria.
Following this visit, Airbus’ Vice President for Sales in Africa, Hadi Akoum, expressed in a letter to Keyamo that Airbus is keen on collaborating with the Nigerian aviation sector. They aim to support the enhancement of local airlines by providing modern, environmentally friendly aircraft.
