Full List: International Lessors Blacklist 13 Nigerian Airlines Over Payment Defaults

In a significant setback for Nigeria’s aviation sector, international aircraft lessors have blacklisted 13 domestic airlines for persistent contract defaults. According to a report by BusinessDay, the affected airlines include Aero, Air Peace, Arik, Azman, Dana, Green Africa, Ibom Air, Max Air, NG Eagle, Overland, Reno Air, United Nigeria Airline, and Value Jet.

The lessors took this drastic step after the Nigerian airlines allegedly failed to honor their financial obligations as per leasing agreements. Sources reveal that some airlines even resorted to legal action against lessors or refused to return aircraft upon demand, following breaches in payment terms.

Under the terms of their contracts, lessors retain the right to reclaim leased aircraft if lessees default on payments. The blacklist has been enforced by prominent lessors such as Planesense, Jetcraft, AerCap, Air Lease Corporation, and Avolon, among others.

The repercussions of this action have severely impacted the operational capabilities of domestic carriers, hindering their ability to compete effectively with foreign airlines on international routes. Consequently, only a few Nigerian airlines can secure wet-leased aircraft, which are crucial for maintaining operations, while more lucrative dry-lease contracts remain out of reach.

Emeka Nwafor, managing director of Anambra International Cargo and Passenger Airport, commented on the situation, highlighting that alongside foreign exchange challenges, the blacklisting of airlines by lessors is discouraging potential investors from entering the sector. He stated, “Some people ordinarily would want to invest in the industry but because of the behavior of some other people in the past, they won’t.”