FACT CHECK! First dry-lease aircraft in two decades not correct

• ValueJet operates two dry-lease aircraft
• Green Africa acquired one on dry-lease in 2021

Contrary to claims that Nigeria would be receiving the first set of aircraft on a dry-lease arrangement in nearly two decades, this is not true after all.

A dry lease is an aircraft leasing agreement where the owner (lessor) provides the aircraft to the lessee without crew, maintenance, or insurance.

The lessee assumes full responsibility for the aircraft’s operation, including obtaining an Air Operator’s Certificate (AOC), providing their own flight and cabin crews, funding maintenance, and arranging insurance.

This arrangement provides the lessee with greater operational control over the aircraft and is often a more cost-effective solution for operators with the necessary infrastructure and long-term requirements.

The Minister of Aviation and Aerospace Development, Festus Keyamo and the Chairman of Air Peace, Mr. Allen Onyema, at the airline’s Maintenance Repair Overhaul (MRO) groundbreaking ceremony on Wednesday at the Murtala Muhammed International Airport, Lagos, said the country would be receiving the first dry-lease aircraft on October 6, 2025.

Nigeria’s fast-growing airline, ValueJet, has two CRJ700 on dry-lease from Regional One for a period of two years. The two aircraft with registration 5N-CCL and 5N-CCK are currently flying.

Regional One is a purchaser, lessor, and seller of aircraft, aircraft parts, engines and engine parts, offering worldwide support to regional and commercial aircraft operators.

Regional One was founded in 2004 by a dedicated and dynamic team of highly experienced senior aviation industry professionals with deep and diverse backgrounds in domestic and international regional aerospace markets.

The company was established to become the ONE source to integrate quality and affordable solutions for the global aerospace industry.

Similarly, Green Africa Airways’ initial ATR72s were all on dry-lease since 2021 but had since been repossessed due to the usual payment issues. ACIA Aero Leasing was the lessor.

Managing Director of ValueJet, Capt. Omololu Majekodunmi confirmed that ValueJet already operates two CRJ 700 aircraft on dry-lease.

He further stated that at the Dublin summit early this year, the airline mentioned having a dry-lease contract with Regional One, which received loud applause from people in attendance.

Majekodunmi congratulated Keyamo, who has now made it largely available for everyone.

Last year, Nigeria finally exited the depressing list among nations with bad records of defaulting on aircraft agreement lease rentals.

This came as the country complied fully with the Cape Town Convention on dry-leasing of aircraft by preparing and signing the Practice Direction; the country’s global rating status has once again soared higher.

Last year, the rating jumped from 70.5 to 75.5 points. As a result, the Aviation Working Group (AWG), which is co-chaired by Boeing and Airbus companies, has removed the country from its watchlist.

Precisely, in October last year, Nigeria moved from 49 points to 70.5 after the signing of the Cape Town Convention Practice Direction.

Wole Shadare