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The Acting Director General of the Nigeria Civil Aviation Authority, Chris Najomo, has signed the updated Procedure for Recordation of Irrevocable Deregistration and Export Request Authorisation document that empowers aircraft lessors to pull out their aircraft from borrowers in Nigeria whenever an airline defaults in agreement.
This development codenamed IDERA will also help Nigerian airlines access dry lease aircraft.
Speaking in Abuja on Wednesday during the signing of the document, the Minister of Aviation and Aerospace Development, Festus Keyamo, said the successful signing of the Cape Town Convention and the signing of IDERA would open the country to more opportunities and grow the aviation sector.
According to Keyamo, the signed IDERA is also expected to boost the ratings of Nigeria globally and open it to more financiers in the aviation sector.
Before now, the minister said lessors and financiers in the aviation industry blacklisted Nigeria because they thought the country was unsafe for business and their aircraft.
The minister said, “Previous governments have ignored this part of our duty in the aviation industry and I am sure that you have seen of late that to unlock the world of aircraft lessors and aircraft financiers across the world, we signed the practice direction guiding the court on how to interpret the Cape Town convention and the protocols.
“We signed that because there was judicial uncertainty before then as to how to treat cases that come before the court requiring the court to intervene when there is a dispute between the lessors and lessee.”
He explained that “When there was a dispute in the past, it was always a problem on how to resolve it, and the timeframe to resolve was lengthy.
“That single uncertainty affected our rating in the international communities, and we were blacklisted. They said Nigeria was not a safe place for lessors and financiers to bring their aircraft.”
However, he said, “Thankfully, we have settled the judicial aspect by signing the practice direction and now we are signing the administrative aspect. So, lessors and lessees can either approach the court or the NCAA for their aircraft to be taken out of the country.
“This is a very important step, and it would raise the scores of Nigeria in the world of lessors and financiers, and certain negotiations around the world by our airline operators that are on hold due to our inability to sign IDERA will get approval because we have signed IDERA.”
Also speaking through his X account, the Director of Public Affairs and Consumer Protection, Michael Achimugu, said the signing will redesign the future of the industry in the country.
“That’s genuine joy! Nigerian airlines are finally going to be able to secure more aircraft on dry lease. Lessors were waiting for this signing. The financiers were waiting. Finally, Capt. Chris Najomo has signed the updated Nigeria Civil Aviation Authority Procedure for Recordation of Irrevocable Deregistration and Export Request Authorization (IDERA).
“What this means is that the process by which aircraft owners can take their aircraft out of Nigeria in the case of a defaulting airline has been simplified.
“After the signing of the Cape Town Convention Practice Direction recently, the signing of the IDERA was all that lessors were waiting on to agree to bring their aircraft to Nigeria,” Achimugu stated.
He promised that “Now, delays and cancellations will reduce drastically. No more fighting at the airport o. Just book your flight, go to the airport, and fly happily.
“This document that Najomo signed today has given us so much joy…”
