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Keyamo, Onyema hail Tinubu as Air Peace takes delivery of dry lease aircraft
By Bonaventure Melah
Air Peace, the largest airline in West and Central Africa, has taken delivery of dry lease aircraft.
The prestigious brand, which is also the country’s flagship airline, took the delivery barely eleven months after Nigeria signed the Irrevocable Deregistration and Export Request Authorisation (IDERA) Advisory Circular into law.
The aircraft, a Boeing 737-700NG with the registration number: EL-HRN, became the first dry lease equipment the country would take delivery of 10 years after its blacklisting by lessors.
The aircraft landed at the Murtala Muhammed Airport (MMA), Lagos, on Friday, with dignitaries from Boeing, AerCap, Fidelity Bank, Irish Ambassador to Nigeria, and the Minister of Aviation and Aerospace Development, Festus Keyamo, on the ground to receive the equipment.
Speaking at the delivery ceremony in Lagos, Keyamo described the occasion as emotional and historic for Nigeria.
He regretted that until now, lessors were not willing to lease aircraft on a dry lease basis to Nigerian operators due to a lack of trust and past defaults.
According to him, when the government assumed office in 2023, it took it upon itself to remove Nigeria from the blacklist by signing the IDERA agreement, which would enable operators from the country to access aircraft on a dry lease basis rather than a wet lease, which he said was more expensive to acquire.
The minister expressed regret that the country’s airlines’ inability to access equipment on a dry lease basis had led to foreign airlines dominating the country’s gateways. However, he insisted that with this development, the narrative had changed.
He assured the leasing company of strict compliance with the agreement and encouraged other leasing firms to invest in Nigeria’s sector.
Additionally, Keyamo praised President Bola Tinubu, the National Assembly, and all Nigerians for their support in growing the aviation industry, reaffirming that the government would continue to support the operators, regardless of their sponsors.
He said, “On record, a wet lease is three times more expensive than a dry lease. Because of what this government has done in terms of bringing back confidence of the world into our system with what we have done with the Cape Town Convention, the world now trusts us with their equipment.
“Dry lease arrangements are burned out of the highest level of integrity and confidence that they have in that system and also in that operator. So, Nigeria has reached that junction where we are now attracting confidence into our aviation sector, and that is a precursor to empowering our local operators.
“We must also thank Air Peace because, apart from the effort of the government, they also looked at the balance sheet of Air Peace. They saw that Air Peace has not been financially reckless and it’s not owing anybody around the world, while also running the airline in a most responsible manner. It’s a combination of both factors.”
Also, the Chairman of Air Peace, Dr. Allen Onyema, in his speech, said that the Federal Government guaranteed the agreement.
Onyema explained that most of the global carriers operate on dry lease aircraft, noting that Nigeria should not be an exception.
He assured that the airline would strictly adhere to the terms and conditions of the agreement and called on other leasing companies to take a cue from AerCap by investing in Nigerian airlines.
He emphasised that Air Peace was shouldering the responsibility of other Nigerian airlines under the agreement, noting that the era of inadequate capacity for the country’s airlines was over.
He assured that more aircraft under lease operations would be delivered to the country at any moment from now.
He added: “Dry lease option is always the best for any operator, because of our population of over 230 million people, our operations in West and Central African regions and international operations, we need over 50 aeroplanes. We can afford to take over 50 aircraft from AerCap and other lessors.
“If we can take up to 10 aircraft in a wet lease module, we can also take over 50 with a dry lease, which is far cheaper and affordable. It’s a new dawn for Nigeria and I am very thankful And I am very thankful to everybody that has made this happen today.”
Additionally, the Irish Ambassador to Nigeria, Peter Ryan, commended the Nigerian government and Air Peace’s management for implementing the Cape Town Convention.
The Sales Director, African Region, Boeing Commercial Airplanes, Moore Ibekwe Jr, said that the dry lease journey between Nigeria and Boeing began about two years ago.
Executive Director, Fidelity Bank, Dr. Kenneth Okpara, said that Air Peace had continued to maintain prudent and transparent financial records.
News
2027: ACF urges northerners to shun selfish politicians
As time ticks father towards the 2037:general election, Arewa Consultative Forum, ACF, have advised northerners to shun politicians who are desperately seeking power to advance their selfish interest, at the detriment of the welfare of the people.
Chairman of ACF, Mamman Mike Osuman stated this in his opening remarks at the 79th National Executive Officer Council, NEC, Meeting held on Wednesday at the Forum’s Secretariat, Kaduna.
He said evidence abounds that many current elected and appointed leaders remain disconnected from ACF’s aspirations and programmes.
However, the ACF acknowledged that some have been supportive and have assisted financially.
According to him; “Since our last meeting on 21 August 2025, our Region has continued to face grave difficulties natural disasters, tragic loss of lives, and the harsh vicissitudes of daily existence. Terrorism, armed banditry, insurgency, and kidnapping are on the rise, as witnessed in Kwara, Southern Kaduna, Katsina, Benue, and other locations.
The consequences have been devastating, with families and communities violently uprooted and displaced.”
The Chairman stated that these displacements have resulted in overcrowded camps and informal settlements with limited access to basic services, increasing the risks of malnutrition and mortality among survivors.
He added that, repeated attacks and the climate of fear have disrupted education, leading to school closures across affected areas. Rural economies have been severely strained, travel has become unsafe, and access to farming, schooling, and healthcare has been discouraged.
“Insecurity has deepened to such an extent that external military assistance has been required.”
Osuman reiterated that the existence of ACF as a socio-cultural organization must not be merely ceremonial or rhetorical.
“it must be principled, sincere sacrificial, and action-driven. It must engage constructively with governments at national and subnational levels in the pursuit of peace, stability, and the civil rehabilitation of its people.”
He explained that the grim situation has further heightens ACF’s concern and underscores the urgent need our State Chapters to be proactive.
“As our Region approaches a national election cycle, ACF must cooperate with relevant authorities to ensure peaceful and credible elections. We must educate and enlighten our people on their civic responsibilities and the necessity of abiding by the laws of our fatherland,” he stressed.
He announced the constitution of a 9-man Code of Conduct and Ethics Committee, headed by Professor Nuhu Mohammed Jamo, former Dean of the Faculty of Law Ahmadu Bello University, Zaria and former Special Adviser to the Senate President on Constitutional and Comparative Law and Legal Drafting.
News
Breaking: Nigeria to hold presidential election February 20 next year
Nigeria will hold presidential election about one year from now, on February 20, 2027.
The Independent National Electoral Commission (INEC) announced this on Friday and said the National Assembly elections will also hold the same day.
INEC said governorship and State Houses of Assembly polls scheduled has been scheduled for March 6, 2027.
The INEC Chairman, Prof. Joash Amupitan, disclosed the election timetable at a news conference in Abuja today.
INEC had on February 4 indicated that it had completed work on the election timetable and schedule of activities despite the delay.
The commission noted that it had submitted its timetable to lawmakers but cautioned that some items in the schedule of activities could be affected depending on when the amended Electoral Act is eventually passed.
News
Otedola hails Dangote refinery, says Dollar could exchange below N1,0000 in few months
Nigerian billionaire businessman, Femi Otedola has hailed Dangote refinery for its massive impact in the nation’s oil industry, saying due to huge foreign exchange saved as a result of the milestone achieved by the refinery, the naira could trade below ₦1,000 to the dollar before the end of the year.
Otedola made this known on his X platform, while congratulating President of Dangote Group, Aliko Dangote, on the refinery’s attainment of its full production capacity of 650,000 barrels per day.
According to him, the refinery’s capacity to supply up to 75 million litres of Premium Motor Spirit (PMS) daily marks a transformative moment for Nigeria and the African continent, significantly altering the country’s energy landscape.
He noted that with domestic refining now in full swing after decades of reliance on fuel imports, pressure on the foreign exchange market is expected to ease considerably.
“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly. I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” Otedola stated.
He further revealed that Dangote has commenced an additional $12 billion expansion project aimed at increasing refining capacity to 1.4 million barrels per day.
The expansion will also include the production of 2.4 million tonnes of no polypropylene and 400,000 metric tonnes of Linear Alkyl Benzene for detergent manufacturing.
Otedola described the development as a milestone for Nigeria’s economic growth, congratulating Dangote on what he called a historic achievement for the country.
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