Air Peace CEO Reveals $2m Loss to Tunisian Firm, Says Decision Saved Nigeria’s Aviation Reputation

Air Peace CEO, Allen Onyema, has shared how the airline lost $2 million to a Tunisian aircraft leasing company, choosing not to take legal action in order to protect Nigeria’s reputation in the global aviation market.

Speaking at the 29th annual conference of the League of Airport and Aviation Correspondents in Lagos on Thursday, Onyema explained that the company approached Air Peace requesting $2 million for the purchase of aircraft parts. Once the payment was made, the foreign firm disappeared without delivering the goods.

According to him, the incident happened at a time when Nigeria faced an unofficial blacklist from international lessors due to past contract breaches by some local carriers. Onyema said he decided not to block the transaction or take the matter to court to avoid worsening the situation and further damaging the image of Nigerian airlines.

“If we had insisted on stopping them, it would have reinforced the perception that Nigerian airlines are unreliable. That would have shut the door to future dry-lease opportunities for the entire industry,” he noted.

Onyema also spoke on the financial challenges confronting local carriers, pointing out that domestic banks are often unwilling to lend to aviation businesses because of high default risks and stringent collateral demands. With interest rates hovering around 35 percent, he said, funding is both expensive and hard to secure.

He urged the government to consider creating a dedicated foreign exchange window for airlines through the Central Bank of Nigeria or the Bank of Industry, similar to measures adopted by countries like Egypt. Such a move, he argued, would help Nigerian carriers access dollars at more competitive rates and compete more effectively on the international stage.