Nigerian Carriers Must Honor Leasing Agreements, Says Onyema

Dr. Allen Onyema, the Chairman and Chief Executive Officer of Air Peace, assured lessors that Nigerian carriers must abide by leasing agreements.

He made this statement during the maiden Nigerian Aircraft Acquisition Investment Summit (NAAI) held at the end of the weekend in Lagos. Onyema, who is also the Vice President of the Airlines Operators of Nigeria (AON), noted significant changes in Nigeria's aviation sector to prevent past defaults.

He emphasized the federal government's commitment, led by President Bola Ahmed Tinubu and Minister of Aviation and Aerospace Development Festus Keyamo, to restore Nigeria's goodwill in the global aviation community. Onyema highlighted that Nigeria has taken deliberate steps to de-risk aviation investments, including strengthening the implementation of the Cape Town Convention on aircraft protocol.

He mentioned that no Nigerian carrier would renegotiate leasing agreements and urged international organizations to invest in Nigeria, assuring them that their investments would be protected. He also referenced Air Peace's loss of nearly $11 million due to previous issues with lessors.