Chairman of Air Peace Allen Onyema has commended the Federal Government for agreeing to guarantee aircraft leasing companies for the recovery of their assets leased to Nigerian airlines in case of default.
During a visit of officials of the Boeing company, the manufacturers of Boeing air planes and officials of Aercap, led by Onyema, paid the Minister of Aviation and Aerospace Development, Festus Keyamo a courtesy visit where he gave the assurance that the FG will support domestic airlines after aircraft manufacturers expressed the willingness to offer Nigerian carriers dry lease opportunities if certain conditions were met by the country.
It would be recalled that while the biggest airlines in the world thrive on their partnership with lessors through dry leasing and other forms of financing for their aircraft acquisitions, Nigerian airlines are not that fortunate because lessors worldwide, for over a decade now, have unofficially blacklisted Nigerian airlines from such opportunities as the lessors claimed that the country had not helped in the recovery of aircraft from defaulting airlines in Nigeria.
Keyamo expressed the willingness of the FG to strengthen the capacity of Nigerian airlines to compete on the global stage. On this, he reiterated the resolve of the FG to guarantee the release of lessors’ assets to its owners from any defaulting Nigerian airline.
During the meeting, Keyamo said his decision to enable lessors afford Nigerian airlines dry lease options is in line with the plans of the FG to boost the capacity of Nigerian airlines in order to enable them compete effectively in the international air transport market.
He assured Boeing, Aercap and other lessors that the FG would guarantee the release of their assets from any Nigerian carrier whenever there is default and emphasised that this is a new era and a new government, which has the emphasis to create enabling environment for Nigerian airlines.
The Minister gave the assurance that lessors will not be shortchanged over their assets; stressing that the government would do everything necessary to safeguard lessors assets from airlines in the case of default. He also emphasised that lessors should inform government about the airline they are dealing with so that government would carry out due diligence on the operator’s financial status and other vital records.
Onyema thanked the FG for the commitment to help Nigerian carriers by agreeing in principle to give such guarantees to lessors worldwide.
He said, “By the Minister’s promise today, the government has indicated that it is not paying lip service to its plan to provide lifeline and support to Nigerian airlines and a positive revolution in the aviation industry is now imminent.”
He also commended the Minister on the stand he took for Nigeria on Bilateral Air Service Agreement (BASA) in order to protect Nigerian carriers during the just concluded 15th International Civil Aviation Organisation Air Service Negotiation (ICAN2023) held in Riyadh, Saudi Arabia where he led the country to, not only refuse the usual short-changing of the country through lopsided BASA agreements but, in one instance, walked out on a powerful nation that has disrespectfully refused to abide by the principle of reciprocity in her treatment of Nigerian airlines contrary to the BASA signed by both countries.
Credit: Daily Sun