The Federal Government has signed an updated procedure under the Nigeria Civil Aviation Authority (NCAA) aimed at boosting airline operational capacity by allowing access to “dry-lease” aircraft.
A dry lease refers to leasing an aircraft without crew, maintenance, or insurance. The procedure, signed by Minister of Aviation and Aerospace Development Festus Keyamo in Abuja, ensures Nigeria’s compliance with international standards.
The updated framework, part of the Recordation of Irrevocable Deregistration and Export Request Authorisation (IDERA) and aircraft registration process, will give lessors confidence that their aircraft are secure within Nigerian jurisdiction. This legal framework stipulates that aircraft recovery by lessors, in case of operator default, should occur within five working days. The new procedure also streamlines the registration and de-registration process for leased aircraft, expediting export requests.
Keyamo emphasized the move aligns with the global Cape Town Convention protocol, which Nigeria has been a member of but had not fully implemented. Acting NCAA Director-General, Capt. Chris Najomo, explained that the Convention, which came into effect in the UK in 2015, reduces financing costs for high-value mobile assets like aircraft and enhances the ability to export and de-register them in a timely manner.
Credit: NAN (Text Excluding Headline)