Home Uncategorized Springfountain signs MoU with Boeing, invests $20 billion

Springfountain signs MoU with Boeing, invests $20 billion

L-R capt Abdullahi sidi, representative, minister of state, aviation, Boeing rep. Larry Tolliver, Mrs Tokunbo Fagbemi, Chief Olopade and MD, AirPeace airline, Barr. Allen Onyema at the event in Lagos

……government urged to provide land, dedicated space at airport, customs waivers etc

Springfountain infrastructure Limited , an indigenous company and consulting firm has signed a Memorandum of Understanding, MoU, with US renowned aircraft manufacturing company for the establishment of an African Aircraft Leasing Company (AALC)
and Aircraft OEM Maintenance Repairs and Overhaul (AOMRO).
Others include, African Aircraft Spares Parts Centre (AASC) and Aggregated Service Solutions Provider (AASP).

At the signing of the working agreement in Lagos, Executive Director, Springfountain, Mrs. Tokunbo Fagbemi said based on the working agreement with Boeing, the firm would acquire and lease at least 200 new aircrafts within the next 20 years.

She explained that with a proposed investment (inclusive of FDI) of over $20 Billion dollars in Aircraft Leasing, MRO, Spares Logistics and Supply and Aggregated Services Solutions, local skills in diverse fields ranging from piloting, aviation engineering, aviation economics, aviation law etc, will be required.

According to Mrs. Fagbemi “This is a major step in moving forward in “the sands of time” to play our role in repositioning Aviation in Africa through our African Aircraft Leasing Project. This is the culmination of over 25 years journey in Aviation and 2 years plus discussions with Boeing. It also marks the beginning of implementation of innovative, customised solutions and Technology which will reposition Nigerian and indeed Africa’s Aviation industry”.

The Springfountain ED noted that this partnership would go a long way in establishing Nigeria’s leadership in African and global aviation and making Africa great in global aviation.

The consulting firm appealed to Government to create a right enabling environment for the African Aircraft Leasing Company (AALC), OEM led MRO centre, African Aircraft Spare Parts Company (AASC) and Aggregated Services Solutions provider to be able to list and trade on the NASD OTC, Nigerian Stock Exchange, Aviation Asset Backed Securities (ABS), Enhanced Equipment Trust Certificates and other innovative tradeable monetary and debt instruments.

Among other things required of Government in this project, “is the provision of exemption from certain charges such as customs duties and grant us pioneer status, to create a one stop shop for the processing and issuance of all necessary permits and licenses”.

“The AALC project will need fiscal support from the Government. The importation and clearing of aircraft spares will need to fall under a different customs clearance regime. We will need a special visa regime and dedicated immigration procedure for crew and workmen in the aviation industry. Airport concession fees and other charges will need to be waived or differed for these brand-new aircrafts and especially for the MRO bound aircrafts.
Freight cargo handling and freight cargo handling procedure will need to be improved. Cargo clearance procedure will need to be harmonised especially for spares as domestic cargo”.

“The Federal Government should work to align Nigeria with international standards on control and compliance with aircraft noise and fuel emission. Government should invest in aviation education, skill building and skill development capacity.
The Government should also provide a dedicated space where the MRO could be located. The government should create a Special Economic Free Trade Zone (SEFTZ) for the MRO and the Spare Parts Company”, she added.


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