₦airaland Forum

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We can't manage business but we can fly our pirivate jets.
The growing penchant for private jets acquisition has cost wealthy Nigerians a sum of $6.5bn (N1.02tn) in the last five years. Aviation sources reveal that the luxury trend, which rose by 650 per cent between 2007 and 2012, is encouraged among the rich by the need for privacy, fear of insecurity and the urgency required by modern business, TUNJI ABIOYE reports

Private jet ownership in Nigeria has grown by 650 per cent, from 20 jets in 2007 to over 150 jets in 2012.

According to documents sighted in aviation agencies, the development means that wealthy Nigerians acquired, at least, 130 private jets with a sum of N1.02tn ($6.5bn) within the last five years.

This put the private jets aviation market in Nigeria (the monetary value of all private jets in the country) at N1.18tn ($7.5bn), using $50m as the average cost of each brand new private jet.

A private jet goes for between $40m and $65m, according to the websites of major private jets manufacturers, like Bombardier of Canada; GulfStream and Hawker Siddley of United States; and Embraer of Brazil.

According to findings, the common brands of private jets in Nigeria are Gulfstream 450, 550 and 650; Bombardier Challenger 604, 605; Global Express; Embraer Legacy and Falcons; and Hawker Siddley 125-800 and 900XP.

Top aviation officials told our correspondent on Friday that Nigeria currently rivalled China as one of the two fastest growing private jet markets in the world.

An official with in-depth knowledge of the situation, who spoke under condition of anonymity because he was not authorised to comment on the matter, said most of the jets were bought by top politicians, oil magnates and other business moguls in Nigeria.

He explained that the economic downturn in Europe and the United States had made Nigeria and China to become two of the fastest growing private jet markets in the world.

He said, "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."

Investigation by our correspondent also revealed that there were still several private jets on order by wealthy Nigerians. Some of the jets, it was learnt, would be delivered this year, while others would be delivered in 2013 and 2014.

A top official of the Nigerian Civil Aviation Authority, who asked not to be named, said representatives of the owners of the private jets on order had already notified the agency about the order. This, he said, was necessary for the purpose of registering the aircraft in Nigeria. According to him, some of the private jets also come with foreign registration credentials.

The Managing Director of Aero Airlines, Captain Akin George, had recently commented on the increasing number of private jets being parked at the Nnamdi Azikiwe International Airport, Abuja.

He particularly lamented the fact that most of the private jets carried foreign registration credentials. He had subsequently called on the authorities concerned in the country to make registration processes in Nigeria friendly and attractive.

During a recent visit to Abuja, our correspondent observed that over 40 private jets were parked at the terminal.

The CEO of another airline also said that during political meetings or big functions in Abuja, over 50 private jets were usually seen parked at the Abuja airport.

These, he said, were different from the ones parked at the Lagos and other major airports across the country.

"If you go to the old local wing at the Abuja airport, there is virtually no place to park private jets again," he said

Just on Thursday, a team of officials from the headquarters of Bombardier in Canada arrived at the Executjets Private Hangar at the Murtala Muhammed Airport, Lagos, to showcase one of their latest private jets, Global 6000.

The team was led by the Sales Director, Africa, Bombardier Business Aircraft, Mr. Robert Habjanic, who said that the team was on a tour of 12 cities in Africa, including Lagos. Habjanic, who spoke with a few aviation journalists, told our correspondent that Nigeria was the company's largest market in Africa, with about 35 Bombardier-made business aircraft currently flying its airspace.

He said the team had also showcased the relatively new business jet in other parts of the world.

He confirmed that "private business in Nigeria has been growing tremendously in the last five years."

He attributed this to the fact that "Nigeria is an emerging market."

The growth in the purchase of private jets in Nigeria has also led to the development of multimillion dollars private jets hangars, where repairs and maintenance could be done in the country. Some of these include Execujets Nigeria Hangar, Caverton Hangar and EverGreen Hangar, all located at the Lagos airport.

Speaking on the development, industry expert, Mr. Olumide Ohunayo, said, "The economy is expanding, with increasing investments within the country and the region. This will invariably necessitate instantaneous travel that scheduled airlines cannot provide.

"Also the privacy needed in a country filled with paparazzi can be an issue. Increasing political and religious issues are contributory. By and large, it will continue to increase if the economy continues with a lot of diversification inputs that naturally spread wealth."

Hi. Can you get mine fixed. Its for a Honda Pilot 2003 model. Transponder remote pls

Interested. Any issues withe car? Reason for selling?

Its obvious she is not a runs girl by the confession of the suspects.She just took things for granted and trusted those animals. Can't blame her, its the society that produced these kind of despicable human beings. Globally transactions are made and businesses done based on some level of trust. Surelly in Nigeria, there is no room for any trust at all.

Bros Don Xavi, I feel you!!! These are dangerous guys when money is involved. Damn, only the Igbos can take things involving money so seriously. So make una no cheat Igbo man o cos e no go gree at all. He may agree to die first. But these Chinese guys sha are in a class of their own.

Lots of people on this forum are posting without talking of concrete solutions. Don't you think reducing the stress on govt by subsidy payments stoppage will stop this whole fraud?till date they are finding it hard to prosecute self confessed bribe takers and bribe givers we dey here dey make noise! Our justice and crime fighting system is crap. What we need now is to reduce the complications brought on by such subsidy PROGRAMS and face more realistic and achievable PROGRAMS . I am for a total withdrawal of subsidy, the earlier the better! Even to pay on time since 1999 we keep owing arrears and giving room for corruption. Last year we got the figures for subsidy and this year we are still paying for 2011 subsidy . My people wise up.

@ Sagamite,
You are just talking trash here. These Senators and reps were they not votted in to serve at the cost we can afford?
Those NNPC management staff earning those millions were employed and offered those wages. Many of them can and have left to other companies payiong better wages. Doctors and other professionals worth their salt leave this country to other climes to ply their trade for huge sums.
I insist that MAJORITY of our Reps and Senators are UNEMPLOYABLE and can go nowhere to earn what they are earning in this country. Compare their salaries to other Senators and reps in other countries! CAN THEY LEAVE HERE AND TAKE A JOB IN ANY OTHER COUNTRY EVEN AS POLITICIANS? you think we don't know most of these people who took night bus to Abuja and are now claiming to be millionaires before taking up the job! Let each tell us their pedigree before coming to the house!

Nigerians make me laugh! Do you guys know that most top level experts in the oil industry are employable and will probably earn more working in a foreign oil company? The senators and reps who are supposed to be serving us but are carting away most of our wealth, are they employable anywhere? Pls don't compare oranges with apples

Hmm. Nigeria Airways was a failure and the government was a success abi? Only in Nigeria can a government use an airline for free to run errands as they wish. Can he tell us how much his government was owing Nigeria Airways? They used aircraft for hajj operations and ferrying ministers etc allover the world for shopping and co now they are opening their smelly mouths. The property and investments the Nig.Airways had tells you they new what they were doing but the govt was always a stumbling block. Contracts in other govt establishments were being executed in the 80-90s through Nig. Airways funds resulting in the inability of the airline to meet financial obligations as at when due internationally. Aircraft were seized and flights cancelled at the drop of a hat by most of these problems created by leaders in govt over time. This country is crap! Rubbish leaders.

Is it better for the President to take the easy and populist way out by reverting to the old 65 naira price? Very soon we will see more job losses late salaries and owing of contractors for months etc. Govt has little to loose and I assure you scarcity Will be continous till the next govt comes in cos it will be a deliberate style of govt to weather the storm.

I dey laff o! Our judiciary is rotten to the core! If you remember the James Onanefe Ibori case you will know there is no hope from the judiciary. Even when the retired Judge who sentenced and convicted him from theft gave evidence and identified Ibori, our honorable Judge said the evidence is not enough proof to show that its the same Ibori!!!
My brother, we have a long way to go. these judges now need you to bring God from heaven as witness to prove say DAY DONE BREAK AT 10am.Mscheew.

Court definitely wants to eat out of the money. That is why an Ibori can be successfuly grabbed and tried in Dubai not Naija. By now he would have been laughing at home while they would have rubbished the EFCC.

, na real wa! Which cyber cafe makes that kind of money in Naija? When Lucky was made to settle the judge told him to pay less than 4 million naira. If the Senator was in a serious country he will be explaining how come his premises is being used for fraud.

May his soul rest in peace. God knows best, he achieved much in such a short time. Good life is not how long but how well. Adieu my brother. Meeeeen what a world.

Happy easter, please can you help with the VIN 4T1BG22K0YU948283. Thanks

Hi,how much is it going for? I am interested if the price is right.

Hi chief,
Can this nigerian used toyota camry go for 850,000? I really am interested. My no is 08033173097. Cheers

Please can you help with this VIN - 1HGCG55632A103835
Thanks a lot

Please can you help with the car history of this VIN - 1HGCG55632A103835 thank you

Will 720,000k do it? How can i reach you?

Seriously 700,000k. My good offer, if good enough let me know

Can 1.2m be ok for your lovely BMW? i am really interested

Happy new year , would 900k be ok for the nissan maxima?