Information garnered from Nigerian aviation industry insiders has revealed that Nigerians acquired 120 new private jets between 2007 and 2012. The total estimated sum of the purchases is over $6 billion or N1 trillion.

The private planes being purchased by Nigerian oil and gas executives, politicians, and business moguls are Boeing Business Jets, Embraer, Gulfstream, Bombardier and Lear jets. Nigeria’s expenditure on private planes is said to be second only to China’s expenditure on the exclusive means of travel.

It also comes as no surprise that the money squandered on the fuel subsidy programme was also on the increase between the years 2007 and 2012. The private jets purchased by Nigerian politicians and executives are usually acquired via shell corporations in tax havens or Western countries.
A confidential source told Punch, “Two countries buying private jets now are China and Nigeria.

Europe and America are going through turmoil; so, their people are no more buying. This accounts for the trend that whenever some of the private jet manufacturers develop any new jet, they take them to Nigeria and China.”

“The private jets in Nigeria are owned by top politicians, oil magnates and business moguls. It is difficult to get the real identities of owners of some of the private jets in Nigeria because they buy them through some foreign companies in North America, especially the US. The foreign company then leases it to another company in Nigeria.”

Nigerian private jet purchases are said to be on the increase due to the expansion of luxurious tastes and needs of the country’s elite.