The acting director general of the Nigerian Civil Aviation Authority (NCAA), Capt. Chris Najomo, has affirmed that the regulatory body will ensure the full implementation of the Cape Town Convention.
Speaking at a one day conference with the theme ‘Conference on Convention on International Interests in Mobile Equipment and the Protocol on Matters Specific to Aircraft Equipment,’ in Abuja over the weekend, Capt Najomo, said the agreement and the Aircraft Protocol when carried out will strengthen Nigeria’s aviation sector and as well as align it with best global standards.
The DG reiterated that the CTC offered immense opportunities in enhancing aviation financing, safeguarding creditor rights, and fostering a more predictable and sustainable legal environment for the nation’s aviation industry.
“The theme of this conference underscores the importance of the Cape Town Convention and its Aircraft Protocol as essential instruments for promoting growth, stability, and resilience in the aviation industry.”
The NCAA DG commended the vision of the President, Ahmed Bola Tinubu and the minister of Aviation and Aerospace Development, Festus Keyamo, for their visionary leadership and steadfast commitment to the growth of the sector.
He stated that Tinubu’s agenda prioritises economic development, innovation, and global competitiveness.”
The Cape Town Convention aligns seamlessly with this agenda, offering a pathway to modernizing our aviation sector and ensuring its contribution to Nigeria’s prosperity.
Nigeria’s aviation sector holds great potential for driving economic transformation, connecting communities, and promoting regional integration.
The benefits of these efforts are already evident. Nigeria’s improved ranking on the Aviation Working Group’s Cape Town Convention Compliance Index is a testament to our progress.”
“Streamlined aircraft transactions and facilitates asset based financing: simplifies the process of buying, selling, and leasing aircraft on an international scale. By protecting creditors’ rights and ensuring the enforceability of interests in mobile equipment, the Convention encourages investment and reduces the cost of financing.”
“Improves Legal consistency and International Registry.
The Convention establishes a centralised electronic registry for registering interests, offering transparency and public notice. It also harmonizes the treatment of security interests across participating nations, further ensuring repossession and recovery rights for lessors and lenders in case of defaults.
Promotes Industry Standards: Aligns national regulations with global best practices, supporting the aviation industry’s growth and stability. fostering confidence among international investors and financiers.”
“Let me reaffirm the NCAA’s commitment to implementing the Cape Town Convention to its fullest potential. To support the Minister’s efforts, the NCAA issued an Advisory Circular dated 16th October, 2024 to provide information and guidance on the civil aviation regulatory requirements and procedures for recording and cancelation of de-registration of aircraft and exporting aircraft, including aircraft objects located in Nigeria, for purposes of any export remedies.”
“As we embark on these discussions, let us remain focused on our shared vision of excellence. Together, we can build a resilient, competitive, and globally recognised aviation sector that reflects the aspirations of our Great Nation, Nigeria,” Capt. Najomo stated.
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