The Honourable Minister of Aviation and Aerospace Development, Festus Keyamo SAN, has officially unveiled the Nigeria Aircraft Leasing Company in a high-level stakeholders’ meeting held at his office in Abuja, describing the initiative as a landmark
In its bod to ease the challenges associated with aircraft acquisition and leasing for Nigerian airlines, the Federal Government has established an aircraft leasing and acquisition company.
The company was unveiled by the Minister of Aviation and Aerospace Development Barrister Festus Keyamo SAN at a stakeholders’ meeting held in his Abuja office
This was disclosed in a press release by the Minister’s spokesman, Tunde Moshood.
According to the press release, the establishment of the entity is in fulfilment of one of the agendas of the Keyamo’s administration
“We are not just making mouth; we have been doing our best for the past three years. We are aware that there are so many Air Operator Certificate (AOC) holders finding it difficult to take off,” the Minister stated.
Giving historical context to the initiative, the Minister explained that the Nigeria Aircraft Leasing Company has always been part of the aviation roadmap conceptualized since 2015.
According to him, one major obstacle that delayed the realization of the project was Nigeria’s compliance with the Cape Town Convention.
He disclosed that with the issues of Cape Town Convention compliance resolved, the path has become clear for the commencement of the leasing company project.
The Minister who however clarified that it is not mandatory that every airline operating in the country should patronise the leasing company, sstressed hat the initiative is purely designed as a Special Purpose Vehicle (SPV) to facilitate easier access to aircraft leasing opportunities for domestic carriers and not airline operators.
“Those who’re going to manage this initiative are not competitors to the airlines. It is purely an SPV established to help ease aircraft leasing for Nigerian operators. They are not applying for AOCs,” he emphasized.
Keyamo also revealed that the African Development Bank is in the process of signing a Memorandum of Understanding (MoU) with Nigeria on the aircraft leasing initiative, further demonstrating growing international confidence in the project.
On the framework of the initiative, the Minister informed stakeholders that President Bola Ahmed Tinubu has directed four key ministries — Aviation and Aerospace Development, Finance, Trade and Industry, and Justice — to work collaboratively on the formulation and operational structure of the leasing company.
He also noted that government guarantees under the arrangement would strictly be limited to aircraft repossession obligations, while emphasizing that the project remains fundamentally private sector-driven.
Responding on behalf of airline operators, the Chief Executive Officer of Ibom Air, Mr. George Uriesi, commended the Minister for what he described as bold and transformative reforms within the aviation sector.
According to Uriesi, the Minister has successfully accomplished “three big issues ” for the aviation industry – Resolution of the Cape Town Convention, insurance-related reforms, and now the unveiling of the Nigeria Aircraft Leasing Company.
“If you’re able to pull this over successfully, Honourable Minister, your administration will remain almost unbeaten in Nigeria aviation,” Uriesi stated, adding that the aircraft leasing initiative is “a very welcome and long overdue development.”
The unveiling of the Nigeria Aircraft Leasing Company is expected to significantly boost the operational capacity of Nigeria airlines, improve access to modern aircraft, deepen investor confidence and accelerate the growth and competitiveness of Nigeria’s aviation industry within Africa and beyond.
