A lessor and chief executive officer of ACIA Aero Leasing, Mick Mooney, has written the Minister of Aviation and Aerospace Development, Festus Keyamo, commending Nigeria for making aircraft recovery and de-registration process seamless for lessors.
In a letter dated April 1, Mooney thanked Keyamo for helping with the repossession of his company’s assets without delays and challenges.
“I am writing to express my sincere gratitude for your commitment to addressing the challenges for foreign lessors and financiers in deregistering and repossessing aircraft when the need arises.
“It is, indeed, a step towards being one of the leading civil aviation authorities in the world. Your personal efforts last week, in conjunction with the DG of the NCAA, ensured we were in a position to protect and recover our assets and are greatly appreciated.
“The speed in which the matter was dealt with is a reflection of your commitment to support the global aviation industry.
“I believe these actions will help open up the doors to a new range of financiers, who can now have confidence in the system in Nigeria.
“I am happy to advocate to my friends and colleagues in the leasing and finance community how seamless the whole process was,’’ Mooney wrote.
Recall that in September 2o24, the federal government officially signed the Cape Town Convention, CTC, practice direction to enable domestic airline operators access aircraft on dry lease.
Speaking on the development, Keyamo had said Nigeria was blacklisted by the Aviation Working Group, AWG, a not-for-profit legal entity, comprising major aviation manufacturers, leasing companies and financial institutions.
The minister had said: “Certain judicial cases have shown that speedy reliefs sought by the creditors were not granted within the 10 days declaration made by Nigeria under the convention.”
He said the signing of the CTC would “eliminate judicial impediments in the implementation and compliance” with the convention and also boost investors’ confidence, making it easier for local airlines to acquire aircraft at significantly lower costs.
On September 18, the AWG increased Nigeria’s CTC compliance index score from 49 per cent to 70.5 per cent, a development that meant that the country was considered safe for aircraft leasing by the group.
Mooney’s letter is a reflection of the motivation that drove Nigeria into signing the CTC and, in the process, opened the aviation system in the country to global standards in terms of aircraft leasing.
SOURCE : VANGUARD
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