http://nairametrics.com/gtb-uba-blows-n24-billion-on-purchase-of-private-jets/

According to information contained in the annual reports of both Guaranty Trust Bank and UBA, a total of about N24 billion was spent by both banks on private jets in the lat two years. Executives of Commercial banks like their counterparts in more advanced countries, typically acquire private jets to help facilitate their travel requirements.

According to United Bank for Africa (UBA) 2015 annual report, a total sum of N12.5 billion was recorded as cost of “other transportation equipment” which we believe is for their aircrafts. The report did not list the number of aircrafts owned by the bank. A further look into UBA’s 2014 annual reports reveals a sum of N8.5 billion was added to the bank’s classification of “other transportation equipment” suggesting that the private jet may have been acquired in 2014. Anecdotal opinions suggest that the balance N3.9 billion may also have been aircrafts acquired in prior years.

GTB on the other hand reported a total purchase cost in N8.34 billion as additional purchase of “Aircraft” in their 2015 annual report indicating that new purchases may have been made that year. The bank also reported a carrying amount of N4.2 billion being aircraft purchase cost as at 2014. This brings GTB’s total aircraft cost to about N12.5 billion, similar to what UBA is carrying on its balance sheet.

Private Jets are thought to cost about $25 million suggesting that GTB may have acquired two last year and perhaps have about 3 in their fleet. UBA may also have about 3 in their fleet. These are purely based on cost of private jets which can be found online and using the current official exchange rate.

GTB boss, Segun Agbaje in 2013 told the audience of the Nigerian Business Aviation Conference that private jets in Nigeria are worth $3.75 billion and that there are over 150 private jets owned by high networth individuals in the country. He also revealed that each category of jet costs $25m, which carries both local and international registrations. Using an exchange rate of 200, a private jet cost about N5 billion, in line with our assumptions.

In this hard times

Bankers are CROOKS!!!!