Nigeria’s Federal High Court in Lagos has ruled that Export Development Canada (EDC), a Canadian financier, can repossess an aircraft leased to Arik Air, marking the first application of the Cape Town Convention in the country.
Nigeria has exited the Aviation Working Group (AWG) watchlist after achieving a 75.5% compliance score on the Cape Town Convention (CTC) Compliance Index.
The Nigerian Civil Aviation Authority (NCAA) has reached a significant regulatory milestone by updating its procedures for the deregistration and exportation of leased aircraft, aligning with the global standards of the Cape Town Convention (CTC).
The Aviation Working Group has raised Nigeria’s Cape Town Convention compliance index from 49 to 70.5, following the issuance of the Federal High Court (Cape Town Convention and Aircraft Protocol) Practice Direction, 2024, on September 12.
Nigeria’s aviation sector made a significant shift with the issuance of new Federal High Court Practice Directions, ensuring compliance with the Cape Town Convention and opening up access to dry-leasing for domestic airlines.
The Minister of Aviation and Aerospace Development, Festus Keyamo, has committed to accelerating the deregistration process in Nigeria for defaulted leased aircraft under the Cape Town Convention, reducing the timeframe from five days to just four.
Nigerian airlines usually encounter difficulty in leasing aircraft from airlines across the world due to some challenges apparent in the industry.
