NCAA Assures Full Implementation of Cape Town Convention
Noting the inherent benefits in the Cape Town Convention (CTC), the Acting Director General of the Nigerian Civil Aviation Authority (NCAA), Captain Chris Najomo, has affirmed that the regulatory body will ensure the full implementation of its potential.
He also said the agreement and the Aircraft Protocol when carried out will strengthen Nigeria’s aviation sector and align it with best practice global standards.
Najomo, in an opening remarks at a one day conference with the theme ‘Conference on Convention on International Interests in Mobile Equipment and the Protocol on Matters Specific to Aircraft Equipment’ at the Transcorp Hotel in Abuja said the CTC offers immense opportunities in enhancing aviation financing, safeguarding creditor rights, and fostering a more predictable and sustainable legal environment for the country’s industry.
He said: “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.”
The NCAA Director General commended the vision of the President, Ahmed Tinubu and the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, for their visionary leadership and steadfast commitment to the growth of the sector adding that Tinubu’s Renewed Hope Agenda prioritises economic development, innovation, and global competitiveness.
According to him, “the Cape Town Convention aligns seamlessly with this agenda, offering a pathway to modernising our aviation sector and ensuring its contribution to Nigeria’s prosperity.
“Nigeria’s aviation sector holds great potential for driving economic transformation, connecting communities, and promoting regional integration.
“The benefits of these efforts are already evident. Nigeria’s improved ranking on the Aviation Working Group’s Cape Town Convention Compliance Index is a testament to our progress.”
Outlining the key objectives of the Cape Town Convention, he said it will
“streamlined aircraft transactions and facilitate assets based financing: simplifying the process of buying, selling, and leasing aircraft on an international scale.
“By protecting creditors’ rights and ensuring the enforceability of interests in mobile equipment, the Convention encourages investment and reduces the cost of financing.
“Improves Legal consistency and International Registry: The Convention establishes a centralised electronic registry for registering interests, offering transparency and public notice.
“It also harmonises the treatment of security interests across participating nations, further ensuring repossession and recovery rights for lessors and lenders in case of defaults.
“Promotes Industry Standards: Aligns national regulations with global best practices, supporting the aviation industry’s growth and stability, fostering confidence among international investors and financiers.”
Najomo, again reaffirmed the NCAA’s commitment to implementing the Cape Town Convention to its fullest potential.
He stated that to support the Honourable Minister’s efforts, the NCAA issued an Advisory Circular dated 16th October, 2024 to provide information and guidance on the civil aviation regulatory requirements and procedures for recording and cancellation of de-registration of aircraft and exporting aircraft, including aircraft objects located in Nigeria, for purposes of any export remedies.
“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 recognised I JJaviation sector that reflects the aspirations of our gpreat nation, Nigeria.”