We lost $2 Million to save image of Nigeria’s aviation – Air Peace Chairman

Last updated Aug 11, 2025

L-R: Mr. Chris Aligbe; Chief Consultant/CEO, Belujane Konzult, Chairman of Air Peace, Dr. Allen Onyema; COO of Murtala Muhammed Airport 2, Mr. Remi Jibodu; Chairman, League of Airport and Aviation Correspondents, Mr. Suleiman Idris; Director of Finance and Accounts, Federal airports Authority of Nigeria, Mr. Ayodele Olatiregun; CEO of CITA Energies Limited, Dr. Thomas Ogungbangbe and former Managing Director, Federal Airports Authority of Nigeria (FAAN), Dr. Richard Aisuebeogun, during the 29th Annual League of Airport and Aviation Correspondents (LAAC) Conference in Lagos, last week.

Air Peace CEO, Dr. Allen Onyema says the loss of $2 million by his airline to a fraudulent Tunisian leasing company in a wet lease deal was to protect Nigeria’s aviation image.

Onyema said the loss, although deliberate suffered by Air Peace, is now creating a lot of opportunities for local operators.

He disclosed this while speaking at the 29th League of Airport and Aviation Correspondents (LAAC) Conference in Lagos, last week.

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According to him, after receiving the funds, the company claimed it was taking the leased aircraft for maintenance and never returned it nor refunded the money.

He explained that he permitted the company to take the aircraft without grounding it in order to prevent Nigeria from being blacklisted. According to him, the financial loss was a strategic sacrifice made in the interest of all Nigerian airlines.

He stressed that this decision indirectly helped pave the way for the improved leasing environment now taking shape in Nigeria. He also commended President Bola Ahmed Tinubu and Minister of Aviation and Aerospace Development, Festus Keyamo, for their decisive leadership, describing them as leaders who are genuinely listening to the industry and committed to its growth.

Onyema urged the continuation of reforms in leasing, legal protections, and insurance agreements, insisting that the sacrifices made by individual operators must translate into lasting benefits for the entire aviation sector.