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Access Bank provides asset financing
Sade Williams/Business a.m.
After four years of leasing aircraft for its operations, Lagos-based domestic carrier, Green Africa, has acquired its first aircraft with financing provided by Access Bank.
The aircraft is said to be an ATR 72-500 with manufacturer’s serial number 852 and registration mark 5N-GAB, and it is expected to enter into service shortly after customary regulatory approvals.
The airline in a statement said Access Bank, one of the largest banks in Nigeria and on the continent, provided a naira debt facility to partly fund the aircraft acquisition.
Speaking on the development, Babawande Afolabi, founder and chief executive of Green Africa, said: “We are pleased to acquire our very first aircraft, another significant milestone for Green Africa. This incoming aircraft will be pivotal as we thoughtfully navigate the next phase of our journey to bring safe, affordable and reliable air travel to a broader group of customers in the region.”
Also speaking, Roosevelt Ogbonna, managing director and chief executive officer of Access Bank, commended: “As one of the largest and leading financial institutions on the continent, we at Access Bank take special pride in supporting young businesses that have the potential to redefine their industries and act as major catalysts for positive impact in their local market and on the continent at large. We are impressed with the Green Africa story and excited about the brand’s future trajectory. We are delighted to support the acquisition of Green Africa’s very first owned aircraft.” Green Africa was launched against the backdrop of COVID-19 and entered revenue service in 2021. Green Africa has since established a strong presence in the domestic market as one of the most affordable and punctual airlines in the industry.
Green Africa had earlier announced the temporary suspension of its flight operations due to an unexpected issue with its aircraft lessor.
