AVIATION

New Court rules boost Nigeria’s global aircraft leasing compliance to 70.5

The recent issuance of Practice Directions by the Federal High Court to enforce the Cape Town Convention, specifically regarding rules governing aircraft leasing, has significantly boosted Nigeria’s global compliance rating, which jumped from 49 to 70.5.

Following Nigeria’s bold move to fully comply with the Cape Town Convention on dry-leasing of aircraft through the signing of the Practice Direction, the Aviation Working Group, co-chaired by Boeing and Airbus, adjusted Nigeria’s global compliance score to 70.5 from 49. This marks Nigeria’s highest rating to date, offering increased assurance to financiers and the global leasing community.

According to a statement issued by Tunde Moshood, Communications and Media Assistant to the Minister of Aviation, the rating is the largest Nigeria has attained, providing substantial comfort to financiers and the leasing world.

“There is also potential for further improvement in the coming weeks as the Minister has directed the NCAA to immediately adjust its administrative rules, known as IDERA, to fully align with the Cape Town Convention. This will further boost the confidence of financiers and lessors globally,” the statement noted.

In an email received by the ministry, the Aviation Working Group in London and New York commended the Minister of Aviation and his team for the ‘time, effort, and skill’ invested over the past few months to make this a reality.

“They also mentioned that the score could increase further once Nigeria adjusts its administrative rules in the next few weeks and the courts actually begin to apply the Practice Directions,” the statement added.

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