By Chinelo Obogo
Afreximbank has announced plans to launch a leasing subsidiary, which will soon take delivery of 25 aircraft to be leased to African airlines.
The initiative aims to provide Nigerian airlines with access to dry-leased aircraft, enabling them to better service Bilateral Air Service Agreement (BASA) routes and domestic operations.
This was announced during a side meeting held with the Afreximbank team at the ongoing Aviation Economic Conference in Dublin, Ireland.
The meeting, facilitated by Boeing’s Senior Director of Finance, Lereece Rose, brought together key stakeholders to discuss aircraft financing opportunities for Nigerian airlines. Rose commended the Minister of Aviation, Festus Keyamo for his efforts in improving Nigeria’s aviation sector, particularly in raising Nigeria’s Cape Town Convention score from 49.5% to 75.5%. This progress, he said, underscores the country’s commitment to creating an enabling environment for aircraft financing and leasing.
At the meeting, Afreximbank, led by its Director and Global Head of Project and Asset-Based Finance, Helen Brume, agreed in principle to collaborate with Nigeria on aircraft financing. Highlighting the bank’s extensive experience in supporting airlines such as Arik Air, Kenya Airways, and TAG over the past two decades, Brume emphasised the need for robust aviation infrastructure to enhance the competitiveness of African airlines.
Keyamo, who led Nigeria’s delegation, highlighted the critical need for partnerships that would enhance access to aircraft financing for Nigerian operators, facilitating growth and improved service delivery. In response, Afreximbank affirmed its readiness to work with the Nigerian government, signaling a promising future for the country’s aviation industry. A committee was then established to follow up on the discussions, ensuring that this partnership produces actionable solutions for Nigerian airlines.
Nigeria’s delegation included the Chairman, Senate Committee on Aviation, Abdulfatai Buhari; Chairman, House Committee on Aviation, Abdullahi Garba, Chairman, Senate Committee on Banking, Insurance, and Other Financial Institutions, Abiru Adetokunbo; Director General of the Nigerian Civil Aviation Authority, Capt. Chris Najomo; Managing Director of Fidelity Bank, Dr. Nneka Onyeali-Ikpe; Chief Operating Officer of Air Peace, Toyin Olajide; Chief Executive Officer of XEJet, Emmanuel Iza; Chairman, ValueJet, Kunle Soname and his Managing Director, Capt. Majekodunmi, and Chairman of Bellagio Air, Dr. Oludare Akande.