Author: Alex Izinyon II, Partner, Alex Izinyon & Co

Laws governing aviation finance transactions in Nigeria & treatment of foreign documents  

In Nigeria, there are no specific laws that govern aviation finance transactions. However, the general aviation laws, regulations and ratified treaties – such as the Civil Aviation Act 2006, the Nigeria Civil Aviation Regulations 2015 and the Cape Town Convention 2011, to which Nigeria is a party – are all applicable in this regard.  

Other laws that govern general financial transactions – such as the Central Bank of Nigeria Act 2007 and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 1995 –may also apply to certain aspects of aviation finance transactions, such as rental payments, which may be made in currencies other than the Nigerian naira. 

Aviation finance documents governed by foreign laws are recognised by the Nigerian courts. The following Latin maxims are upheld by the Nigerian courts: 

• Pacta sunt servanda – that is, “contracts must be kept”; and   
• Pacta convent quae neque contro leges neque dolo malo inita sunt omni modo observando sunt– that is, “agreements which are neither contrary to the law nor fraudulently entered into, should be adhered to in every manner and in every detail”.   

Documents issued in a foreign language other than English must be translated into English and submitted to the Nigerian embassy for legalisation and authentication.