The Federal Government says the implementation of the Cape Town Convention protocols is aimed at unlocking investment opportunities in the Country.
Vice President, Kashim Shettima stated this in a message to the 2024 Conference on the Convention on International Interests in Mobile Equipment and Protocol on Matters Specific to Aircraft Equipment in Abuja.
Shettima represented by the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, explained that the Cape Town Convention had not only enhanced Nigeria’s Aviation global standing but also opened doors to increased investment and growth in aviation financing.
“These initiatives have streamlined legal processes, enhanced jurisdictional clarity, and improved Nigeria’s compliance index, positioning our nation among global leaders in aviation governance” he stressed.
The Acting Director-General, Nigeria Civil Aviation Authority, NCAA, Captain Chris Najomo said that the key objectives of the CTC was to streamlined Aircraft Transactions and facilitates Assets Based Financing, improve Legal consistency and International
Registry as well as promote Industry Standards.
“As we convene here today, we are reminded of the immense opportunities this Convention offers in enhancing aviation financing, safeguarding creditor rights, and fostering a more predictable and sustainable legal environment for our industry” he stated.
Najomo further explained that the Cape Town Convention aligns seamlessly with this agenda, offering a pathway to modernizing the aviation sector and ensuring its contribution to Nigeria’s prosperity.
“As you are all aware, Nigeria’s aviation sector holds great potential for driving economic transformation, connecting communities, and promoting regional integration. The benefits of these efforts are already evident. Nigeria’s improved ranking on the Aviation Working Group’s Cape Town Convention Compliance Index is a testament to our progress” he stressed.
Some members of the Airline Operators of Nigeria, Mr. Allen Onyema and Mr. Obiora Okonkwo said before now that Nigeria was unofficially signmatized and blacklisted but that such efforts would benefit local operators and airline passengers.
Representatives of the National Assembly Committees on Aviation gave assurance of maximum support to help Nigeria succeed in the smooth implementation of the Convention.
In his presentation, the Secretary General of Aviation Working Group, Mr. Jeffrey Wool, spoke on the topic: “CTC Compliance Index: A Benchmark for Aviation Financing Excellence- Assessing Global Trends and Nigeria’s Performance” explained that the purpose of the Group was to address problems of financing in the aviation sector and ensure proper interpretation of the Capetown Convention.
Addressing journalists at the sidelines of the event, the Director, Legal Services at the Nigeria Civil Aviation Authority, NCAA, CTC, Mrs. Mary Tufano-Eche said the practice direction had further straightened NCAA’s capability in doing it’s work.
Mrs. Tufano-Eche pointed out that Nigeria had signed many conventions but they were not being implemented because of lack of enabling local policies but that the situation was changing as the laws and policies were gradually being put in place.
She noted that some lease cases end up in court but with the practice direction, the processes had been streamlined and the role of the court in the event of default was well established.
