Onyema Assures Lessors Nigerian Carriers Must Abide by Leasing Agreements

Chinedu Eze

The Chairman and Chief Executive Officer of Nigeria’s leading carrier, Air Peace, Dr Allen Onyema, has assured lessors that domestic airlines must abide by leasing agreements they signed with lessors.

Onyema, who is also the Vice President of Airline Operators of Nigeria (AON), gave the assurance when he spoke at the maiden Nigeria Aircraft Acquisition and Investment Summit (NAAIS) 2026, which ended at the weekend in Lagos.

He said that some Nigerian airlines might have defaulted on leases in the past but significant changes have taken place in the country’s aviation sector that it would never happen again.

This is because there is a new commitment spearheaded by the federal government and the Minister of Aviation and Aerospace Development, Festus Keyamo, who has made significant effort to re-establish Nigeria’s goodwill in the global aviation community.

Onyema noted that under the leadership of President Bola Ahmed Tinubu, Nigeria has taken deliberate steps to de-risk aviation investment in Nigeria, which includes the strengthening of Nigeria’s implementation of the Cape Town Convention and Aircraft Protocol.

Significantly, Nigeria has issued the Federal High Court Cape Town Convention & Aircraft Protocol Practice Direction and went a step further by officially issuing the Irrevocable De-Registration and Export Request Authorisation (IDERA) Advisory Circular, intended to improve deregistration and export-remedy procedures.

He said that with the commitment Nigeria has made so far, no Nigerian carrier will renege on leasing agreement with lessors and also urged international organisations to investment in Nigeria because their investment will be protected.

He also called on the lessors to also be fair to Nigerian carriers, recalling two occasions his airline was short-changed by lessors who reneged on leasing agreement and Air Peace lost nearly $11 million.