Air Peace Reports $15m Loss After Sudden Aircraft Withdrawal

Air Peace says it has suffered more than $15 million in losses after SmartLynx, a foreign aviation company, abruptly withdrew four wet-leased aircraft from its operations. The airline described the action as a breach of industry standards and a major setback that triggered widespread flight delays and cancellations.

The agreement with SmartLynx was put in place because 13 Air Peace aircraft are currently undergoing scheduled maintenance overseas. According to the airline, SmartLynx collected more than $5 million in advance payments, including $1 million upfront, despite being aware that the rightful owners of the aircraft were planning to reclaim them over unpaid obligations.

Speaking at a briefing in Lagos, Air Peace Chief Commercial Officer Nowel Ngala said the sudden withdrawal left significant gaps in the airline’s schedules since the aircraft had already been assigned to flights. He said the move caused financial and reputational damage not only to the airline but also indirectly to Nigerian travellers.

Ngala noted that Air Peace has released three of the aircraft to their owners in good faith and is seeking a refund for the funds paid. One aircraft is yet to be returned.

He also recalled a similar experience with SYPHAX Airlines of Tunisia, which he said disappeared with more than $2 million from Air Peace after claiming its aircraft was being taken for maintenance. The aircraft was never returned, and the funds remain unaccounted for following the Tunisian carrier’s bankruptcy.

Despite the recent disruptions, Air Peace says its recovery efforts are underway. Two aircraft that completed maintenance abroad have already returned, and the airline expects to restore full operations across all routes starting next week as more aircraft arrive.

Ngala added that London flights have not been affected and that the airline is working with partner carriers to re-protect impacted passengers. He expressed regret over the inconvenience caused to travellers and reaffirmed Air Peace’s commitment to reliable service while pursuing accountability from defaulting partners.