FG Urges Aviation Operators to Embrace Transparency, Responsible Financial Practices
Oru Leonard
The Federal Government has called on aviation industry operators to prioritize transparency and responsible financial practices, as part of their obligations under the Cape Town Convention in Africa. This appeal was made by the Minister of Aviation and Aerospace Development, Festus Keyamo, during the Cape Town Convention African event in Abuja on Tuesday.
Represented by Dr. Anastasia Gbem, Minister Keyamo, stated that for government to maximize the benefits of the Convention, there must be consistent enforcement and stakeholder education.
“For Africa, where the cost of capital remains one of the most significant barriers to fleet expansion and maintenance, the CTC presents a beacon of opportunity that signals to investors and financiers that our legal systems are reliable, our markets are stable, and our governments are committed to best practices in aviation asset management and protection.”
“This gathering is not just another meeting on the aviation calendar; it is a strategic convergence of minds and institutions committed to deepening Africa’s participation in, and benefits from, the global aviation financing framework established under the Cape Town Convention and its Aircraft Protocol”, he stated.
The convention aims to create a predictable, transparent, and enforceable legal regime for aircraft financing and leasing.
The Miniater disclosed that 28 African countries have ratified the Convention, reflecting a continental recognition of its importance.
Nigeria’s Cape Town Convention compliance score has risen from 70.5% to 75.5%, following the signing and operationalization of the Irrevocable Deregistration and Export Request Authorization (IDERA) procedure and Practice Direction.
In his welcome address, the Director-General of the NCAA, Capt. Cris Najomo, who was represented by Capt. Donald Spiff, Director of Operations, Licensing, and Training, explained that the Authority will continue to uphold the highest safety and security standards in its organizational oversight responsibilities.
“We understand that legal certainty is inseparable from economic growth, and therefore hosting this event affirms the link”, he concluded.
