The Acting Director General of the Nigerian Civil Aviation Authority (NCAA), Captain Chris Najomo, has pledged the regulatory body’s commitment to fully implementing the Cape Town Convention (CTC) and its Aircraft Protocol.
He stated that the move would enhance Nigeria’s aviation sector by aligning it with global standards and best practices.
Speaking at a one-day conference themed “Convention on International Interests in Mobile Equipment and the Protocol on Matters Specific to Aircraft Equipment” held at Transcorp Hotel, Abuja, Captain Najomo highlighted the significant benefits of the CTC in improving aviation financing, safeguarding creditor rights, and fostering a predictable and sustainable legal framework for the 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,” Najomo said.
He commended President Bola Ahmed Tinubu and the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, for their visionary leadership and dedication to the sector’s growth.
According to Najomo, the Cape Town Convention aligns seamlessly with Tinubu’s Renewed Hope Agenda, which prioritizes economic development, innovation, and global competitiveness.
“Nigeria’s aviation sector holds immense potential for driving economic transformation, connecting communities, and promoting regional integration.
The benefits of these efforts are evident in Nigeria’s improved ranking on the Aviation Working Group’s Cape Town Convention Compliance Index, which reflects our progress,” he said.
Outlining the convention’s objectives, Captain Najomo emphasised its role in streamlining aircraft transactions, encouraging investment, and promoting industry standards.
Streamlined Aircraft Transactions:
The CTC simplifies the buying, selling, and leasing of aircraft internationally. By protecting creditors’ rights and ensuring enforceability, it reduces financing costs and attracts investments.
Improved Legal Consistency and International Registry:
The convention introduces a centralized electronic registry for transparency and public notice. It harmonizes security interests across participating nations, ensuring repossession and recovery rights for lessors and lenders in case of defaults.
Promotion of Industry Standards:
By aligning national regulations with global best practices, the convention boosts investor confidence and fosters the aviation sector’s growth and stability.
Captain Najomo reaffirmed the NCAA’s commitment to implementing the CTC.
He cited the issuance of an Advisory Circular dated October 16, 2024, to guide stakeholders on the regulatory procedures for recording, deregistering, and exporting aircraft and aircraft objects located in Nigeria.
“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 recognized aviation sector that reflects the aspirations of our great nation, Nigeria,” Najomo concluded.
The conference marked another milestone in Nigeria’s efforts to modernize its aviation industry, providing a platform for stakeholders to explore strategies for leveraging the Cape Town Convention’s full potential.
