Nigeria has been removed from the Aviation Working Group (AWG) blacklist following major reforms introduced by the Federal Government to strengthen aviation financing, aircraft leasing, and compliance with the Cape Town Convention (CTC).

The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo (SAN), disclosed this while addressing global aviation stakeholders at the Aviation Working Group General Meeting held in London.

Speaking before international financiers, aircraft lessors, legal practitioners, and aviation industry leaders, Keyamo said Nigeria’s compliance score under the Cape Town Convention improved significantly due to ongoing regulatory and judicial reforms implemented by the Federal Government.

According to the Minister, Nigeria’s compliance rating rose from 49 per cent to 70.5 per cent after the Chief Judge of the Federal High Court signed a new Practice Direction strengthening legal enforcement in aviation-related matters.

He added that the operationalisation of the Irrevocable Deregistration and Export Request Authorization (IDERA) further raised the country’s compliance score to 75.5 per cent, resulting in Nigeria’s removal from the AWG blacklist.

Keyamo described the development as a major boost for investor confidence and aircraft financing opportunities within Nigeria’s aviation sector.

He explained that the reforms were part of broader efforts to position Nigeria as a safe and competitive destination for aircraft leasing and aviation investments.

The Minister noted that over 80 per cent of aircraft operating within Nigeria’s registry are currently acquired through lease arrangements, adding that most leased aircraft whose contracts expired were deregistered and exported successfully without disputes.

“These milestones did not happen by chance. They were driven by targeted regulatory reforms designed to demonstrate the Federal Government’s commitment to implementing the Cape Town Convention both in substance and in practice,” he said.

Keyamo stated that the reforms were already producing positive outcomes, including successful dry lease transactions involving Nigerian airlines and international financing institutions.

He, however, acknowledged that operational challenges such as customs-related procedures, foreign exchange fluctuations, temporary importation processes, and inter-agency coordination issues still exist within the aviation financing environment.

The Minister assured stakeholders that the Federal Government was actively addressing the issues through coordinated institutional reforms, digitalisation programmes, and enhanced regulatory oversight by the Nigeria Civil Aviation Authority.

In another major development, Keyamo announced that the Federal Executive Council had approved the establishment of a Nigerian Aircraft Leasing Company projected to unlock over one billion dollars in future aviation financing capacity.

According to him, the initiative would help Nigerian airlines access aircraft on more competitive terms, reduce dependence on foreign lessors, and support fleet expansion and operational stability.

Keyamo stressed that Nigeria’s aviation market requires sustainable financing systems capable of supporting rising passenger traffic and long-term sector growth.

He reaffirmed the Federal Government’s commitment to international best practices, legal certainty, and constructive collaboration with global aviation stakeholders.

“The Cape Town Convention is more than a treaty. It is a framework for building trust,” the Minister stated.

He expressed confidence that Nigeria’s ongoing reforms would strengthen aviation financing and support economic growth not only within Nigeria but across the African continent.

Shareholders of Nigerian Aviation Handling Company have urged the company to bid for the Federal Government’s planned airport concessions after the aviation handling giant posted a strong N65.82 billion revenue for the 2025 financial year.

The shareholders made the call at the company’s 45th Annual General Meeting in Lagos, where they commended NAHCO’s impressive financial growth, rising market value and expanding operations across the aviation sector.

President of the Association for the Advancement of Rights of Nigerian Shareholders, Dr. Farouk Umar, said the company now possesses the financial strength and operational capacity to manage airport terminals under the Federal Government’s proposed privatization programme.

According to him, NAHCO’s consistent growth and expanding international operations position it as a strong contender for airport terminal management under the planned Public-Private Partnership arrangement.

He noted that the company’s share price rose from about N80 to over N200 within one year, while new businesses secured from Fly Gabon, Saudi and Qatar operations would further strengthen revenue and profitability.

The Federal Government plans to privatise and concession five major international airport terminals through a Public-Private Partnership model to be supervised by the Bureau of Public Enterprises and the Ministry of Aviation and Aerospace Development.

Speaking at the AGM, Chairman of NAHCO Group, Dr. Seinde Oladapo Fadeni, said the company achieved significant growth across major performance indicators in 2025 through operational efficiency and disciplined cost management.

Fadeni said the board recommended a dividend payment of N6.25 alongside a bonus issue of one share for every seven shares held for the 2025 financial year.

He added that despite the impact of inflation and rising fuel prices on operations, the company remained committed to sustaining growth and expanding into new business opportunities.

Group Managing Director and Chief Executive Officer of NAHCO, Mr. Olumuyiwa Olumekun, said the company had continued to strengthen its position as West Africa’s largest aviation services and logistics group.

According to him, NAHCO recorded a 188 per cent year-on-year stock growth with market capitalization exceeding N200 billion.

Olumekun also disclosed that the company had launched a five-year strategic diversification plan aimed at increasing revenue beyond N300 billion through new ventures and collaborations.

He further revealed that NAHCO acquired over 271 new ground support equipment units within the last three years as part of efforts to modernize operations with fuel-efficient and environmentally friendly assets.

Financial figures presented at the AGM showed that the company’s revenue increased by 22.93 per cent from N53.54 billion in 2024 to N65.82 billion in 2025.

Profit before tax rose by 29.83 per cent from N18.70 billion to N24.28 billion, while profit after tax grew by 36.02 per cent from N12.87 billion in 2024 to N17.5 billion in 2025.

Earnings per share also increased by 36.14 per cent from N6.60 in 2024 to N8.99 in 2025.

Another shareholder, Mr. Patrick Ajudua, praised the company’s management for delivering improved returns and sustaining strong growth despite economic challenges.

During the meeting, shareholders approved the appointment of PwC as the company’s external auditor in place of EY, while Abdulhamid Aliyu, Reverend Victor Abimbola Olaiya and Mrs. Adebisi Oluwayemisi Bakare were re-elected as non-executive directors.

The Federal Government has reaffirmed support for indigenous airlines as Bayelsa State-owned Pioneer Airlines officially moves closer to commencing operations after securing its Air Operator Certificate (AOC).

Minister of Aviation and Aerospace Development, Festus Keyamo, received the airline’s management team in Abuja on Wednesday following the successful certification of the carrier.

The delegation was led by Pioneer Airlines Group Managing Director, Capt. Okobaundu Henry Ungbuku, who formally presented the airline’s AOC certificate to the Minister and thanked the Federal Ministry of Aviation and its agencies for supporting the certification process.

Capt. Ungbuku described the approval as a significant achievement for Bayelsa State and said the development demonstrated the Federal Government’s commitment to strengthening indigenous airlines.

He praised the Ministry for encouraging private and state-backed investment in the aviation sector and creating policies that support local operators.

During the meeting, the Pioneer Airlines boss also introduced members of the airline’s management team responsible for operations, commercial services, safety, engineering, business development, and human resources.

Speaking during the visit, Keyamo welcomed the airline’s entry into the market and said the growing involvement of state governments in aviation would help expand Nigeria’s domestic and regional air transport network.

The Minister disclosed that the Federal Government was developing a Nigerian Leasing Company to support local airlines with aircraft acquisition and reduce operational difficulties faced by indigenous carriers.

He explained that Pioneer Airlines could become one of the beneficiaries of the initiative when fully operational.

Keyamo further stressed that Nigeria has a large aviation market capable of supporting more local carriers, especially on regional routes currently dominated by foreign airlines.

According to him, stronger indigenous participation in the sector would improve connectivity, stimulate economic growth, and strengthen Nigeria’s aviation industry.

The visit concluded with renewed commitments between the Ministry and Pioneer Airlines to work together towards expanding air transport opportunities and improving regional connectivity across the country.