- The Nigerian government signed an updated IDERA procedure to enhance investor confidence by allowing swift deregistration of leased aircraft
- This legal tool aligns with international standards, protecting aircraft financiers and ensuring safety for lessors operating within Nigeria’s aviation sector
The Nigerian government has taken another significant step to enhance investor confidence in its aviation sector by signing an updated legal instrument allowing leased aircraft deregistration.
Acting Director General of Civil Aviation, Capt. Chris Najomo, signed the updated Procedure for Irrevocable Deregistration and Export Request Authorization (IDERA) under the Nigeria Civil Aviation Authority (NCAA).
The signing occurred in Abuja, with Minister of Aviation Festus Keyamo in attendance.
IDERA is a critical aviation legal tool that protects the rights of aircraft financiers and lessors by allowing for the swift deregistration and export of aircraft.
This move follows the federal government’s earlier signing of the Cape Town Convention (CTC), which aims to reduce risks for creditors and investors in the aviation industry.
Minister Keyamo explained that the IDERA procedure reassures lessors and financiers about the safety of their aircraft in Nigeria by allowing the NCAA to deregister an aircraft at the owner’s request.
He emphasized that this aligns with international standards and prevents legal disputes between lessors and lessees.
The IDERA process, governed by the Cape Town Convention and Aircraft Protocol, provides an administrative remedy that allows creditors to deregister and export aircraft in case of debtor default.
After reviewing and approving applications, the NCAA records the IDERA, granting creditors the right to act swiftly if a default occurs.
This development strengthens Nigeria’s compliance with global aviation regulations and is expected to boost confidence among investors and creditors in the country’s aviation sector.
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