Air Peace–AerCap Deal Signals New Dawn for Nigeria’s Aviation Leasing Market
…Global Lessor Commends Nigerian Airline’s Financial Integrity and Discipline
AerCap, the world’s largest aircraft leasing company, has lauded Air Peace Limited, West and Central Africa’s biggest carrier, for its financial discipline and integrity, following the successful delivery of a dry-leased Boeing 737-700 Next Generation (NG) aircraft – a landmark development marking Nigeria’s first dry lease transaction in more than a decade.
The aircraft was officially welcomed at a brief but symbolic ceremony held at the Murtala Muhammed Airport (MMA) Terminal 1 Hall in Lagos. The event, attended by industry stakeholders, regulatory officials, and representatives of the Nigerian government, signified a major milestone for Nigeria’s aviation sector and a renewed confidence in the country’s air transport market.
Vice President of Leasing at AerCap, Mr Gad Wavomba, described the occasion as “a historic moment for Nigeria and the region,” noting that it had been over ten years since the country last recorded a dry lease transaction due to past challenges in regulatory compliance and financial credibility within the aviation industry.
“This delivery is not just a win for Air Peace but for the entire Nigerian aviation ecosystem,” Wavomba remarked. “We owe a lot of thanks to the Nigerian government for their forward-thinking initiatives, the Nigerian Civil Aviation Authority (NCAA) for facilitating the 83-Bis Agreement, the Irish Civil Aviation Authority, and the Irish Ambassador who came all the way from Abuja to support this process.
But most importantly, we thank Air Peace. They trusted us, worked tirelessly, and demonstrated financial transparency and discipline every step of the way.”
The lease agreement between AerCap and Air Peace marks a turning point for Nigeria’s aviation industry, which has struggled in recent years to regain the confidence of global lessors following concerns over compliance, insurance, and aircraft repossession procedures.
Industry experts see the deal as a signal that Nigeria is once again becoming a viable and trusted player in the global aircraft leasing market. The successful execution of the transaction is expected to pave the way for other indigenous carriers to access competitive lease arrangements, expand their fleets, and improve operational efficiency.
For Air Peace, the arrival of the Boeing 737-700 NG further cements its reputation as a pacesetter in African aviation. The airline continues to expand its fleet and route network, reinforcing its commitment to safety, operational excellence, and adherence to international best practices.
With its growing international operations, including flights to London, Johannesburg, Mumbai, and Jeddah, Air Peace has become a symbol of Nigeria’s aviation resurgence – a testament to what can be achieved through sound corporate governance, strategic foresight, and unwavering commitment to national pride.
The AerCap-Air Peace collaboration thus stands as more than a business transaction; it represents a renewed bridge between Nigeria and the global aviation finance community – one built on trust, integrity, and shared confidence in the country’s potential.
