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Claim of First Dry-Lease Aircraft in Two Decades Is Incorrect

Claim of First Dry-Lease Aircraft in Two Decades Proven Incorrect
Recent assertions by Nigerian government officials and airline executives that the country is poised to receive its first dry-lease aircraft in nearly twenty years have been contradicted by existing evidence. Nigerian carriers have, in fact, been operating aircraft under dry-lease agreements for several years, challenging the narrative of a forthcoming milestone.
Existing Dry-Lease Operations in Nigeria
A dry lease involves the lessor providing only the aircraft, while the lessee assumes responsibility for crew, maintenance, insurance, and regulatory compliance. This arrangement grants airlines greater operational control and is often more cost-effective for carriers with established infrastructure and long-term operational plans.
At a recent Maintenance Repair Overhaul (MRO) groundbreaking ceremony at Murtala Muhammed International Airport in Lagos, Minister of Aviation and Aerospace Development Festus Keyamo, alongside Air Peace Chairman Allen Onyema, announced that Nigeria would receive its "first" dry-lease aircraft on October 6, 2025. However, this claim overlooks the fact that ValueJet, a rapidly expanding Nigerian airline, currently operates two CRJ700 aircraft on dry-lease from Regional One. These aircraft, registered as 5N-CCL and 5N-CCK, have been in service under this arrangement for two years. Regional One, established in 2004, is a global provider of aircraft and aviation solutions.
Similarly, Green Africa Airways initially acquired its ATR72 fleet on dry-lease in 2021 through ACIA Aero Leasing, although these aircraft were later repossessed due to payment difficulties. ValueJet’s Managing Director, Capt. Omololu Majekodunmi, confirmed the ongoing dry-lease contracts and noted that the airline’s partnership with Regional One was publicly disclosed at an industry summit in Dublin earlier this year.
Industry Context and Nigeria’s Progress
The confusion surrounding the claim of a "first in two decades" dry-lease arrival emerges amid significant disruptions in the global aircraft leasing industry. According to BOC Aviation, persistent delays in aircraft deliveries are undermining the predictability of lease agreements worldwide. This uncertainty has heightened scrutiny from investors and analysts who depend on stable delivery schedules to evaluate market risks. In response, competitors are leveraging their track records of reliable deliveries to attract more leasing business, intensifying competition within the sector. Recent developments, such as the Czech Republic’s extension of its Gripen lease, illustrate how lease agreements are adapting to these evolving market pressures.
Nigeria’s recent advancements in lease compliance have also improved its standing in the international aviation community. Last year, the country achieved full compliance with the Cape Town Convention on aircraft leasing, leading to its removal from the Aviation Working Group’s watchlist and a significant rise in its global rating—from 49 to 75.5 points. This progress has enhanced Nigeria’s reputation among international lessors and may encourage increased leasing activity in the future.
While official statements have heralded a milestone for Nigeria’s aviation sector, the reality is that dry-lease operations have been active for some time. The broader context of global supply chain challenges and shifting industry dynamics underscores the necessity for accurate information and dependable delivery in the competitive aircraft leasing market.

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