Afreximbank launches leasing subsidiary to boost capacity of Nigerian airlines

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*L-R (front row): CEO, XEJet, Mr Emmanuel Iza XEJet, chairman, house committee on aviation, Mr Abdullahi Garba, director and global head of project and asset-based finance, Afreximbank, Mrs. Helen Brume, minister of aviation and aerospace development, Mr Festus Keyamo, managing director, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, chairman, senate committee on aviation, Mr Abdulfatai Buhari

Afreximbank has made a commitment to support aircraft financing for Nigerian carriers through a leasing subsidiary, which will take delivery of 25 aircraft to be leased to African airlines.

The bank made the pledge during a meeting held on the sidelines of the Aviation Economic Conference held in Dublin, Republic of Ireland.

Mr Tunde Moshood, spokesman for the minister of aviation and aerospace development, Mr Festus Keyamo said in a statement that the meeting was facilitated by Boeing’s senior director of finance, Ms Lereece Rose, who brought together key stakeholders to discuss aircraft financing opportunities for Nigerian airlines.

According to the statement, Afreximbank, led by its director and global head of project and asset-based finance, Mrs Helen Brume, agreed in principle to collaborate with Nigeria on aircraft financing.

She explained that the initiative “aims to provide Nigerian airlines with access to dry-leased aircraft, enabling them to better service Bilateral Air Service Agreement (BASA) routes and domestic operations.”

Highlighting the bank’s extensive experience in supporting airlines such as Arik Air, Kenya Airways and TAG over the past two decades, Brume emphasised the need for robust aviation infrastructure to enhance the competitiveness of African airlines.

In his remarks, Keyamo outlined the critical need for partnerships that would enhance access to aircraft financing for Nigerian operators, facilitating growth and improved service delivery.

Also speaking, Rose commended the minister for his efforts in improving Nigeria’s aviation ecosystem, particularly in raising Nigeria’s Cape Town Convention score from 49.5% to 75.5%.

“This progress underscores the country’s commitment to creating an enabling environment for aircraft financing and leasing,” she noted.

Meanwhile, the statement said a committee had been set up to follow up on the discussions to “ensure that this partnership materialises into actionable solutions for Nigerian airlines.”

The delegation to the conference included the chairman, senate committee on aviation, Abdulfatai Buhari; chairman, house committee on aviation, Mr Abdullahi Garba, chairman, senate committee on banking, insurance, and other financial institutions, Mr Abiru Adetokunbo, acting director general, NCAA, Capt Chris Najomo, managing director of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, chief operating officer of Air Peace, Mrs Toyin Olajide, chief executive officer of XEJet, Mr Emmanuel Iza, chairman, ValueJet, Mr Kunle Soname and the managing director, Capt. Majekodunmi, and Chairman/CEO of Bellagio Air, Dr. Oludare Akande, among other aviation stakeholders.