Despite being a signatory to the Cape Town Convention Treaty, which enhances transactions involving movable property for member countries, lessors have blacklisted Nigerian airlines from engaging in long-term, comprehensive leasing of aircraft, known as dry lease on alleged country risk. This was disclosed by the Vice-President of Airlines Operators of Nigeria (AON), Allen Onyema.
According to him, the lessors have also introduced very strict conditions, including financial exploitation for leasing aircraft to Nigerian carriers under which the aircraft leased comes with foreign cockpit, cabin crew and maintenance, known as a wet lease.
In addition, he said Nigerian airlines are made to pay outrageous insurance premium on their aircraft because of the same alleged country risk by insurance companies and lessors.