CEO of ACIA Aero Leasing, Mick Mooney, has applauded Nigeria’s aviation authorities for significantly improving the process of aircraft deregistration and recovery for lessors. He described the experience as efficient, transparent, and a sign of Nigeria’s growing alignment with global aviation standards.
In a letter dated April 1 to the Minister of Aviation and Aerospace Development, Festus Keyamo, Mooney expressed deep appreciation for the minister’s swift intervention—alongside the Director General of the Nigerian Civil Aviation Authority (NCAA)—in facilitating the timely repossession of his company’s aircraft without delays or bureaucratic hurdles.
“I am writing to express my sincere gratitude for your commitment to addressing the challenges for foreign lessors and financiers in deregistering and repossessing aircraft when the need arises,” Mooney stated.
“The speed with which the matter was dealt with is a reflection of your commitment to support the global aviation industry. Your personal efforts ensured we were able to protect and recover our assets without delay. I am happy to advocate to my friends and colleagues in the leasing and finance community how seamless the process was.”
Mooney’s letter is seen as a positive endorsement of recent reforms by the Nigerian government aimed at improving investor confidence in the aviation sector. In September 2024, the federal government signed the Cape Town Convention (CTC) Practice Direction, a key step toward aligning Nigeria’s aircraft leasing framework with global standards.
At the time, Minister Keyamo revealed that Nigeria had been previously blacklisted by the Aviation Working Group (AWG)—a global body of aviation manufacturers, lessors, and financiers—due to judicial delays in granting creditors relief within the required 10-day window.
The signing of the CTC practice direction was designed to remove such impediments, enabling faster legal recourse for lessors and making it easier for Nigerian airlines to access aircraft through dry lease arrangements at more competitive rates.
Following these reforms, the AWG raised Nigeria’s CTC compliance score from 49% to 70.5% in September 2024, signalling growing confidence in the country’s legal and regulatory environment for aircraft leasing.
Mooney’s endorsement now serves as further validation of the progress Nigeria has made, with expectations that more international financiers and lessors will be encouraged to do business in the country’s aviation sector.
