Air Peace Chairman and CEO, Dr. Allen Onyema, has disclosed that the airline willingly took a $2 million loss to safeguard Nigeria’s reputation in global aviation.
Speaking at the 29th League of Airport and Aviation Correspondents (LAAC) Conference, Onyema revealed that a Tunisian leasing firm defrauded the airline in a wet lease arrangement, taking the aircraft for “maintenance” but never returning it or refunding the payment.
He explained that, rather than grounding the aircraft to recover the loss, Air Peace allowed the firm to take it to avoid Nigeria being blacklisted a move he described as a strategic sacrifice made in the interest of all Nigerian carriers.
According to Onyema, the decision helped preserve trust and contributed to a more favourable leasing environment now emerging for local operators.
He praised President Bola Ahmed Tinubu and Aviation Minister Festus Keyamo for their decisive leadership and willingness to engage with the industry.
Onyema called for sustained reforms in leasing, legal protections, and insurance frameworks, stressing that sacrifices by individual airlines must translate into long-term benefits for the entire aviation sector.
