The Air Peace dry leased arrival of a Boeing 737-700 aircraft from Aercap Holdings, the world’s largest aircraft leasing company, has been described as a defining moment that restores confidence between Nigeria and the global aviation community.
Registered EI-HRN, the aircraft arrived in Lagos as the first visible result of the Federal Government’s renewed effort to rebuild trust with international lessors. This development follows the signing of a sovereign guarantee by the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, enabling Nigerian airlines to access dry leased aircraft once again.
The Minister reaffirmed that Nigeria’s aviation reforms are now legally backed to strengthen investor confidence and support smoother aircraft leasing processes following the Air Peace dry leased arrival in Lagos.
“This is not just a pledge made ipse dixit, you know. It is also a pledge backed by legislation. We have done the legislation in Nigeria; we have implemented IDERA. We have passed the law and instructed all the courts on the process. It has been signed by the Chief Judge of the Federal High Court. So, it is not just something said by mouth, we have put a legal structure in place to make this happen.
I want to thank you for blazing the trail and believing in us. We believe this is the beginning of great things to come, not just for Air Peace but for other Nigerian airlines as well,” Keyamo said.
He explained that the Irrevocable Deregistration and Export Request Authorisation (IDERA) has now been fully implemented in Nigeria, ensuring that lessors and financiers can recover aircraft under a clear and reliable legal framework. According to him, this legislative milestone is part of President Bola Ahmed Tinubu’s aviation reform agenda designed to rebuild trust between Nigeria and international leasing firms.
Keyamo also revealed that the government is creating conditions that will encourage the establishment of a Nigerian aircraft leasing company to support local airlines, adding that investors from Dubai, London, and other financial centres are already showing interest.
“We want to empower Nigerian airlines to compete globally,” he said. “This is the beginning of a credible framework that gives comfort to lessors and financiers alike.” This he said provides opening for dry leased aircraft.
Air Peace Chairman and Chief Executive Officer, Dr. Allen Onyema, expressed deep gratitude to the Federal Government for its role in securing the new lease and restoring international confidence in Nigerian aviation.
“The Federal Government of Nigeria guaranteed this business of today,” Onyema said. “That’s why I am very grateful to Mr. President. Air Peace will not disappoint. We are carrying on our shoulders the vision and aspirations of this country. If we fail, it will be a disgrace to this nation. That is why I call on the legislature, the executive arm, and all Nigerians to support this airline. Because when we succeed, others will succeed. If we fail in this endeavour, it will take another 30 years before any lessor will cross this country, wet or dry leased. But we will never fail.”
Onyema noted that the arrival of the dry leased aircraft from Ryan Aviation represents more than fleet expansion; it is a powerful signal that global trust in Nigeria’s aviation system has been restored. He assured that Air Peace would continue to uphold international safety and operational standards as it expands regional and intercontinental routes.
Also speaking at the event, the Irish Ambassador to Nigeria, Mr. Peter Ryan, described the dry lease delivery as historic, stressing that it reflects Nigeria’s growing credibility in global aviation.
“It’s a great honour to be part of this special day,” Ryan said. “The Irish Aviation Authority, Ryan Aviation, and Boeing all came together because they see the integrity and vision driving this partnership. This is a new chapter for Nigeria’s aviation industry.”
Ryan praised Air Peace for its professionalism and consistency, stating that such efforts have helped rebuild confidence among lessors and aircraft financiers worldwide.
Operating dry leased aircraft had largely stalled in Nigeria for several years due to repeated contract defaults, judicial bottlenecks, and a lack of enforcement mechanisms for aircraft repossession. These issues made global lessors perceive Nigeria as a high-risk jurisdiction, driving up costs and limiting fleet renewal options for domestic airlines.
However, the implementation of IDERA, which aligns Nigeria’s leasing system with international best practices under the Cape Town Convention, has changed the narrative. The reforms now guarantee swift deregistration and export of dry leased aircraft, providing comfort to financiers and lessors.
Industry stakeholders say the Air Peace dry leased arrival marks a turning point for Nigerian aviation. It signals that with transparent legislation, sound governance, and credible operators, Nigeria can once again attract the confidence of the global aircraft leasing community.
