Nigeria’s largest airline, Air Peace, is grappling with a major operational and financial disruption after its lessor, SmartLynx Airlines, abruptly withdrew several aircraft, triggering nationwide flight delays and cancellations. The airline estimates the loss at approximately $15 million, highlighting vulnerabilities in aircraft leasing arrangements that could ripple across the country’s aviation sector.
The dispute centers on four aircraft Air Peace had wet-leased from SmartLynx. According to the airline, SmartLynx collected over $5 million, including a security deposit, but failed to honour contractual obligations, allegedly leaving Air Peace without the planes while the actual owners were in default. Three aircraft have been returned to their rightful owners; one remains, as Air Peace seeks a refund.
This is not the airline’s first run-in with lessors. Two years ago, it lost over $2 million after SYPHAX Airlines of Tunisia “vanished” in a similar arrangement. Despite this, Air Peace claims resilience: two aircraft have returned from scheduled maintenance, and the airline plans to resume full operations next week.
The incident has immediate implications for business and the broader Nigerian aviation sector. Flight disruptions risk damaging brand loyalty and consumer trust, key considerations in a competitive domestic market. The financial loss also affects liquidity, which could impact the airline’s ability to meet operational obligations, including maintenance and staff payments.
Nationwide flight disruptions hit Nigeria’s largest airline after its lessor abruptly withdrew several aircraft. The airline faces an estimated $15 million loss and is scrambling to resume operations.
