Nigeria now considered safe for aircraft leasing as CTC compliance score increases

BY Desmond Okon

The Aviation Working Group (AWG) has increased Nigeria’s Cape Town Convention (CTC) compliance index score from 49 percent to 70.5 percent.

The development means that Nigeria is now considered safe for aircraft leasing by the AWG.

The AWG is a not-for-profit legal entity comprised of major aviation manufacturers, leasing companies, and financial institutions that contribute to the development of policies, laws, and regulations that facilitate advanced international aviation financing and leasing.

Jeffrey Wool, AWG’s secretary-general, informed Festus Keyamo, minister of aviation and aerospace development, of the group’s decision in a letter on Tuesday.

“Thank you (and your colleagues) for the time, effort, and skill over the past months on the Practice Direction issued late last week,” Wool said

“Based on that important legal development, AWG has swiftly and materially increased the Nigeria CTC compliance index score from 49 to 70.5.”

The federal government had, on September 12, signed the CTC practice direction.

The treaty, adjudged to reposition the country’s aviation sector, was signed by John Tsoho, chief judge of the federal high court, during a stakeholders’ meeting of the Presidential Enabling Business Environment Council (PEBEC) chaired by Vice-President Kashim Shettima.

The Cable