After Lessor’s Repossession, Green Africa Acquires First-owned Aircraft

After ACIA Aero Leasing repossessed three Green Africa aircraft, forcing the airline to suspend its operation, the airline, on Monday, announced the acquisition of its very first owned aircraft.

LEADERSHIP reports that ACIA Aero Leasing had repossessed three Green Africa aircraft, forcing an operational suspension. The affected ATR 72-600 planes are undergoing deregistration by the Nigeria Civil Aviation Authority (NCAA).

It was learnt that ACIA Aero Leasing triggered the repossession using the Irrevocable De-Registration and Export Request Authorization (IDERA). This legal mechanism allows lessors to reclaim aircraft if airlines default.

However, speaking to LEADERSHIP, Green Africa said that the incoming aircraft, an ATR 72-500 with manufacturer’s serial number 852 and registration mark 5N-GAB, is expected to enter into service shortly after customary regulatory approvals.

The airline said Access Bank provided a Naira debt facility to partly fund the aircraft acquisition. This development comes after the airline on Monday announced that it had to suspend its operations over aircraft lessor issues.

Founder and chief executive officer of Green Africa, Babatunde Afolabi, said, “We are pleased to acquire our very first aircraft, another significant milestone for Green Africa. This incoming aircraft will be pivotal as we thoughtfully navigate the next phase of our journey to bring safe, affordable and reliable air travel to a broader group of customers in the region.”

According to the managing director of Access Bank, Roosevelt Ogbonna, the bank takes a special interest in supporting young businesses.

“As one of the largest and leading financial institutions on the continent, we at Access Bank take special pride in supporting young businesses that have the potential to redefine their industries and act as major catalysts for positive impact in their local market and on the continent at large.

“We are impressed with the Green Africa story and excited about the brand’s future trajectory. We are delighted to support the acquisition of Green Africa’s very first owned aircraft,” the Access Bank CEO stated.

Green Africa was launched against the backdrop of COVID-19 and entered revenue service in 2021. Green Africa has since established a strong presence in the domestic market as one of the most affordable and punctual airlines in the industry.Non-compliance With NHP Payment: FG Revokes Provisional House Allocations