The Federal Government has signed the Irrevocable Deregistration and Export Request Authorization, IDERA, Advisory Circular for the recordation and cancellation of leased aircraft in the country.
The Minister of Aviation and Aerospace Development, Festus Keyamo, signed the document alongside the Acting Director General of the Nigerian Civil Aviation Authority, NCAA, Chris Najomo on Wednesday in Abuja.
Keyamo said the rationale behind the signing was to give Nigeria airlines access to dry-lease aircraft to boost operational capacity.
He noted that the document is an international requirement that would further raise Nigeria’s scores in the world of lessors and financiers.
The minister further stated that though IDERA and Aircraft lessor can apply administratively to the Nigeria Civil Aviation Authority for an aircraft to be taken out of the country, adding that the signing of the IDERA is sin-qua-nor to the Practice Director that was recently signed by the Nigerian government to interpret the Cape-town convention.
According to him, IDERA is the administrative remedy by which the NCAA can issue authorisation for the deregistration of aircraft at the request of the owner.
Keyamo explained that IDERA is an international requirement, and the Aviation Group and aircraft operators across the world are waiting anxiously for Nigeria to sign the documents to ensure their aircraft are safe within Nigeria.
“Having settled the judicial remedies through practice direction, we want to now turn attention to the administrative route by which aircraft can be deregistered and exported out of Nigeria.
“For the lessors coming into the country that want to take their aircraft out of the country when there is a dispute, there are two remedies, the judicial remedy is for the leases that run to court to get an injunction, but the leaders can also go to court to seek permission to take their aircraft out, to which the court has 10 days to listen to the request and permit them.
“Now some airlines are trying to access some aircraft on dry leases but they are on hold until we sign the IDERA document,”
“We signed the practice direction guiding the court on how to interpret the Cape Town convention and the protocols,” he stated.
On his part, the Acting Director General of NCAA, Chris Najomo, recalled that the Cape Town Convention and the associated Aircraft Protocol came into force in the United Kingdom in November 2015 through The International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015.
“As we are aware by now, the Cape Town Convention aims to reduce the cost of raising finance for large, high-value mobile assets that routinely cross borders.
‘About registration and operation of aircraft in Nigeria, the main impact of the Convention is the ability of the registered owner to request an Irrevocable De-Registration and Export Request Authorisation (“‘IDERA”) over an eligible aircraft.
“Once an IDERA is recorded the party that has been declared by the registered owner as the “authorised party” will be the only party with the right to de-register and export the aircraft,” he said.