Chris Nahomo, Acting Director-General of the Nigerian Civil Aviation Authority, has issued a statement regarding the recording of irrevocable deregistration and export demand permits that empower aircraft lessors to withdraw aircraft from Nigerian lessees whenever the airline defaults on the contract. Signed the latest procedural document.
The development, codenamed IDERA, will also help Nigerian airlines access dry lease aircraft.
Speaking during the document signing in Abuja on Wednesday, Aviation and Aerospace Development Minister Festus Keyamo said the successful signing of the Cape Town Convention and the signing of IDERA will open the country to more opportunities and help the aviation sector grow. He said he would.
According to Keyamo, the signed IDERA is also expected to increase Nigeria’s reputation globally and open up Nigeria to more investors in the aviation industry.
The minister said previously lenders and financiers in the aviation industry had blacklisted Nigeria because they considered the country unsafe for business and aircraft.
The minister said: “Successive governments have ignored this part of our obligations in the aviation industry, and we are committed to leading the industry to liberate the world for aircraft lessors and aircraft investors around the world. I think you saw recently that we signed a practical direction.” Court battles over how to interpret the Cape Town Convention and Protocol.
“We signed this agreement because, up until then, there had been judicial uncertainty over how to handle cases seeking court intervention in the event of a dispute between a landlord and a tenant. That’s why.”
He said, “When conflicts occurred in the past, the issue was always how to resolve them, and it took a long time to resolve them.
“That single uncertainty affected our reputation in the international community and put us on a blacklist. They said Nigeria was not a safe place for lenders and financiers to bring their aircraft. He said no.
However, he said, “Thankfully, we have resolved the judicial side by signing the practice policy and are now signing the administrative side.” Therefore, lessors and lessees can apply to a court or the NCAA to take the aircraft out of the country.
“This is a very important step that will increase Nigeria’s reputation in the world of lenders and financiers and will approve certain negotiations by airlines around the world that have been put on hold due to the inability to sign IDERA. I made a deal with Idera.”
Director of Public Affairs and Consumer Protection Michael Achimugu also said through his X account that the signing will redesign the future of the industry in the country.
“It’s a real joy! Nigerian airlines will finally be able to secure more aircraft on dry lease. Lessors have been waiting for this signature. Financiers have been waiting. Finally, Chris – Captain Nahomo signed the latest Nigerian Civil Aviation Authority Procedures Manual (IDERA) on Irrevocable Deregistration and Recording of Export Request Permits.
“What this means is that the process for aircraft owners to remove their aircraft from Nigeria in the event of an airline default has been simplified.
“After recently signing the Cape Town Convention Implementation Policy, all the lessor was waiting for to agree to bring the aircraft into Nigeria was IDERA’s signature,” Achimugu said.
“This will significantly reduce delays and cancellations. No more fighting at the airport. Book your flight, go to the airport, and have fun flying.
“This document that Najomo signed today has given us great joy…”