How Green Africa Secured a Second ATR 72-600 Through a Key Bank Partnership

Green Africa, a Lagos-based value airline, announced a major fleet milestone. This is the acquisition of its second owned aircraft. The new plane is an ATR 72-600 turboprop. It carries the manufacturer’s serial number 1064 and registration 5N-GAC. This addition will significantly increase capacity on existing domestic routes.

Strategic Fleet Ownership

This latest acquisition follows a deliberate strategy. Green Africa is shifting towards asset ownership over leasing. This strategy aims to build a more sustainable and stable foundation. The airline previously faced operational disruptions from leasing issues.

Financing the Expansion

As with the first aircraft, the deal involved Access Bank. The bank is a major financial institution in Africa. It provided a naira debt facility to partly fund the purchase. This local currency financing is notable for aviation asset deals. It signals strong confidence in the Nigerian aviation sector.

Green Africa’s first owned aircraft was an ATR 72-500 (5N-GAB). That acquisition also leveraged the same asset financing model. This second transaction solidifies the partnership between the airline and the bank.

Executive Vision and Growth

Babawande Afolabi, Founder and CEO of Green Africa, welcomed the new plane. He stated the ATR 72-600 (5N-GAC) strengthens the airline’s growth foundation. This helps deliver on the promise of safe, reliable, and affordable air travel. This service is for a broader group of customers across the continent.

Roosevelt Ogbonna, Managing Director and CEO of Access Bank, commented on the support. He emphasized the bank’s commitment to empowering visionary enterprises. He noted the partnership reflects confidence in sectors transforming the economy. Ogbonna highlighted the first aircraft's strong performance. This encouraged the bank to extend support for the second acquisition.

Impact on Regional Aviation

The move to direct aircraft ownership is a critical development. It provides Green Africa with greater operational control. This control helps mitigate risks associated with volatile foreign exchange rates. It also reduces dependency on international lessors. The new ATR 72-600 is expected to enter service shortly. This is pending customary regulatory approvals from the Nigerian Civil Aviation Authority.

• The acquisition directly addresses the need for increased domestic air capacity in Nigeria.
• The financing model uses a local currency debt facility, which is a unique financial risk hedge.
• This strategic fleet expansion supports the airline’s goal to better connect Nigeria and the West African seaboard.
• It helps Green Africa achieve its mission of providing consistent, affordable air travel.

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