The Honourable Minister of Aviation and Aerospace Development, Festus Keyamo says “Nigeria’s global aviation compliance score has seen a significant improvement following the signing of the Administrative Rules governing aircraft repossession by creditors and lessors, known as the Irrevocable De-registration and Export Request Authorization (IDERA).”
The IDERA was signed by Minister Keyamo alongside the Nigeria Civil Aviation Authority (NCAA) Acting Director General, Capt. Chris Najomo. Highlights of the signing include: “Clarified regulations for IDERA recordation and enforcement, Issuance of Practice Directions by the Federal High Court for faster relief to creditors and Ongoing collaboration with the Aviation Working Group to align with international standards.”
Following the signing of the IDERA, “Nigeria’s score on the Cape Town Convention (CTC) Compliance Index has been increased from 70.5% to 75.5%, placing the country in the ‘high category”, according to Keyamo. Keyamo also averred that this development “marks Nigeria’s official removal from the AWG’s watchlist of non-compliant countries.”
The AWG, according to the Nigerian government, has confirmed that “the signing of the IDERA concludes Nigeria’s compliance process, unlocking numerous opportunities for the country’s aviation sector.” The milestone is further expected to “open new avenues for aircraft financing and dry-leasing for Nigerian airline operators, ensuring greater access to aircraft leasing markets globally”, according to the government.
