Air Peace Chairman Allen Onyema guarantees Nigerian airlines' compliance with aircraft leasing agreements

Dr. Allen Onyema guarantees Nigerian carriers' adherence to leasing agreements at NAAIS 2026, citing new legal protections under the Cape Town Convention.

By: AXL Media

Published: Apr 6, 2026, 3:52 AM EDT

Source: Information for this report was sourced from THISDAY

Re-establishing Global Goodwill

At the maiden Nigeria Aircraft Acquisition and Investment Summit (NAAIS) 2026 in Lagos, Air Peace Chairman Dr. Allen Onyema issued a strong assurance to the international aviation community regarding the integrity of leasing agreements. Acknowledging past defaults by some domestic carriers, Onyema emphasized that the current regulatory landscape has undergone a fundamental shift. He credited the Federal Government and the Minister of Aviation and Aerospace Development, Festus Keyamo, for spearheading efforts to restore Nigeria’s reputation as a reliable partner in the global aircraft leasing market.

Strengthening Legal Protections for Lessors

A critical component of this renewed commitment is the heightened implementation of the Cape Town Convention and Aircraft Protocol. Onyema noted that under President Bola Ahmed Tinubu’s administration, Nigeria has taken decisive steps to de-risk the sector. These include the issuance of the Federal High Court Cape Town Convention & Aircraft Protocol Practice Direction and the official release of the Irrevocable De-Registration and Export Request Authorisation (IDERA) Advisory Circular. These legal frameworks are specifically designed to streamline the deregistration and export-remedy procedures, providing lessors with clear, enforceable pathways to recover assets in the event of a default.

Call for Reciprocal Fairness

While guaranteeing that Nigerian carriers will not renege on their obligations, Onyema also urged international lessors to treat domestic airlines with greater equity. He shared personal accounts of Air Peace being short-changed by lessors who failed to honor their own contractual commitments, citing two specific instances that resulted in nearly 11 million dollars in losses for the airline. This appeal for mutual accountability underscores the desire of Nigerian operators to build transparent, long-term relationships with global financial institutions and aircraft owners.