Mick Mooney, chief executive officer (CEO) of ACIA Aero Leasing, has commended Nigeria’s aviation authorities for making the aircraft recovery and deregistration process seamless for lessors.
In a letter dated April 1, Mooney thanked Festus Keyamo, the minister of aviation and aerospace development, 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,” Mooney wrote.
“It is indeed a step towards being one of the leading civil aviation authorities in the world.
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“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.
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“I am happy to advocate to my friends and colleagues in the leasing and finance community, how seamless the whole process was.”
In September 2o24, the federal government officially signed the Cape Town Convention (CTC) practice direction to enable domestic airline operators to 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 comprised of major aviation manufacturers, leasing companies, and financial institutions.
The minister 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”.
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Keyamo said the signing 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 percent to 70.5 percent — a development that meant that the country is considered safe for aircraft leasing by the group.
