Air Peace Achieves Landmark Dry Lease Acquisition in Nearly Ten Years
Nigeria’s leading carrier, Air Peace, has recorded another giant stride with the arrival of a dry-leased Boeing 737-700 NG from AerCap, the world’s largest aircraft leasing company.
This historic development marks the first dry-lease transaction achieved by a Nigerian airline in nearly ten years – a turnaround widely celebrated as a clear indicator of renewed global confidence in the country’s aviation industry.
The ceremony to welcome the aircraft was held at the Zulu Terminal Complex of the Murtala Muhammed Airport, Lagos. It attracted a high-profile audience comprising top aviation regulators, industry captains, financiers, diplomats and business leaders.
Present at the event were the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; Ireland’s Ambassador to Nigeria, His Excellency Peter Ryan; the Director General of the Nigerian Civil Aviation Authority (NCAA), Captain Chris Najomo; and the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Kuku.
Global industry voices also lent weight to the occasion. Boeing’s Sales Director for Africa, Moore Ibekwe Jr, hailed the milestone as “a landmark achievement” for Nigeria, praising the alignment of Air Peace, AerCap, Boeing, the NCAA and the Ministry of Aviation in delivering a high-confidence, globally compliant transaction.
He noted that such developments deepen regional connectivity, support Africa’s economic transformation and strengthen safety-focused airline growth.
Vice President of Leasing at AerCap, Gad Wavomba, said the significance of the acquisition goes beyond a simple aircraft deployment.
According to him, it represents a collective triumph – one powered by NCAA reforms, government commitment, regulatory cooperation with authorities in Ireland and Air Peace’s “doggedness and business integrity.”
Representing Fidelity Bank’s leadership, Executive Director Kevin Ugwuoke emphasised that the bank has been a longstanding partner of Air Peace, saying its involvement in financing the dry lease was “a natural extension” of its previous support for wet-leased aircraft.
He described the new induction as a “game changing advancement” that would reposition Nigeria’s aviation market for much stronger global participation.
The Managing Director of Avolta International, John Hines, said airlines serve beyond transportation – they “carry dreams, commerce, and the soul of a nation.” He praised Air Peace for embodying national pride and elevating Nigeria’s image internationally.
Ambassador Peter Ryan of Ireland commended Air Peace’s values and leadership, describing the collaboration between AerCap, Boeing and Nigerian aviation authorities as a partnership model that would yield “shared prosperity” for both nations.
Air Peace Chairman, Dr Allen Ifechukwu Onyema, expressed deep appreciation to the Federal Government for creating the right policy climate that made the dry-lease transaction possible.
He restated the airline’s uncompromising commitment to safety, integrity, national representation, and fleet growth – adding that Air Peace would remain a major force in expanding connectivity and enabling economic integration across Africa.
In his remarks, Minister Festus Keyamo described the acquisition as a crucial turning point in restoring credibility to Nigerian aviation.
He highlighted government reforms such as the IDERA mechanism, and went further to reveal upcoming plans including the rebuilding of Lagos International Airport, support for wide-body aircraft acquisitions, and the establishment of a national aircraft-leasing company to support indigenous airlines sustainably.
He applauded Air Peace for consistently pushing boundaries and reinforcing the nation’s aviation brand.
With this new Boeing 737-700 NG, Air Peace has once again underlined its role as a trailblazer – reshaping aviation narratives, pioneering new frontiers, and projecting Nigeria as a capable and reliable aviation powerhouse both within Africa and on the global stage.
