₦airaland Forum

FAMFA Oil, the company that made Folorunsho Alakija Africa's richest woman, faces a federal demand for 8.85 billion naira in unpaid customs duty on a single aircraft, about $6.7 million at 1,321.68 naira to the dollar, according to an investigation published by Secrets Reporters on Tuesday.

The Nigerian outlet reports that the company kept a fleet of three Bombardier jets, worth close to $200 million at current list prices, flying in and out of Nigeria for more than a decade on import papers that were expired, backdated or entirely absent. The matter is now before the courts.

The claim arises from a nationwide verification exercise ordered by Nigeria's Comptroller-General of Customs, aimed at privately owned aircraft using Nigerian airspace without properly clearing the country's import regime. An initial sweep ran in the second half of 2021, and a follow-up in mid-2024 cross-checked ownership records, temporary importation permits and Nigeria Civil Aviation Authority clearance certificates against the aircraft actually parked on Nigerian tarmacs.

A temporary importation permit allows an aircraft to enter the country for a limited period without full duty, on condition it leaves again. Keeping one beyond that window, or operating without one, makes the aircraft liable for the duty in full.

FAMFA has not commented publicly, and none of the allegations has been tested in court.

The company sits at the centre of one of the more remarkable fortunes in African business. Alakija began her career as a secretary at the Merchant Bank of Nigeria, studied fashion design in England in the early 1980s and returned to found the high-end label Supreme Stitches, whose customers included Maryam Babangida, wife of the then military ruler Ibrahim Babangida.

Her company received an oil prospecting licence in 1993 covering a 617,000-acre block about 100 kilometres offshore. It was considered high risk and low value at the time.

FAMFA entered a joint venture with Star Deep Water Petroleum, a Chevron subsidiary, in September 1996, transferring a 40% stake. The block became OML 127 and the Agbami field within it began producing in 2008, turning out to be one of the most productive deepwater discoveries in Nigerian waters.

The Nigerian government then tried to take it. It claimed a 40% interest, followed by a further 10%, and Alakija fought the acquisition through the courts. The Supreme Court ruled in her favour in 2012, ending a decade-long battle, and the family retains 60% of the block.

FAMFA is jointly owned. The company said in 2021 that Corporate Affairs Commission records showed Folorunso Alakija holding 5,000,000 ordinary shares, or 50%, with her husband Modupe Folarin Alakija holding the other half. He chairs the company and she is executive vice chairman.

Forbes has valued her fortune at around $1 billion in recent rankings, with her position fluctuating on oil prices and the valuation of Nigerian upstream assets.

The family also owns Rose of Sharon Group and Dayspring Property Development.

EngrEssien:
This woman is a good woman that loves God and humanity. Any witch hunting against her will not work

EngrEssien:
This woman is a good woman that loves God and humanity. Any witch hunting against her will not work

Flangelo12:
She should pay up


Nonsense.

clarocuzioo:
IBB just carried an oil block and gave to this woman on a platter of gold. She became the richest woman in Africa because of that. Now instead of her to reciprocate by fulfilling her obligations, she is flying private jets without paying for customs duties
These people are inherently greedy and wicked. How much is customs duty that Mrs. Alakija cannot pay for it?

blackgold2018:
poor man don drop speech

clarocuzioo:
IBB just carried an oil block and gave to this woman on a platter of gold. She became the richest woman in Africa because of that. Now instead of her to reciprocate by fulfilling her obligations, she is flying private jets without paying for customs duties
These people are inherently greedy and wicked. How much is customs duty that Mrs. Alakija cannot pay for it?

blackgold2018:
Who is she supporting in 2027 first?? Let me check something

OlujobaSamuel:
Na positioning and grace she take get that oil block.
They gave her the runt of the blocks as at then, it's a part no one wanted, just like when Omo onile carry person go swampy area after dey don snatch your land, FG came back for the oil block but it was too late

EngrEssien:
This woman is a good woman that loves God and humanity. Any witch hunting against her will not work

EngrEssien:
This woman is a good woman that loves God and humanity. Any witch hunting against her will not work

OlujobaSamuel:
Doubt she is supporting anyone, there is rumour that she is visually impaired, so she doesn't even move around too much. The aircraft is majorly used by her company and NGO

nurey:
You go pay you go taya or just reachout to the powers that be and settle them to sweep the issue under the carpet

$6.7m thats about money for two to three Bugatti Veyron Hyper cars.

or

Give it as grant at 1m naira each to 8 thousands Nigerians to create both direct and indirect jobs to the economy hence boosting GDP and tax returns of the country , if i hear say dem care about the citizens.

Exousiang01:
"The aircraft is majorly used by her company her company and NGO"
Look how confident you are speaking about someone you know nothing about.
Nigerians

clarocuzioo:
Is that the reason why she will not pay her customs duties for her private jet?
Talking about positioning, which positioning? She was just a tailor as at the material time.

FSBoperator:
This woman is richer than every bipedal humanoid combined in Anambra including Giringori

nurey:
You go pay you go taya or just reachout to the powers that be and settle them to sweep the issue under the carpet

$6.7m thats about money for two to three Bugatti Veyron Hyper cars.

or

Give it as grant at 1m naira each to 8 thousands Nigerians to create both direct and indirect jobs to the economy hence boosting GDP and tax returns of the country , if i hear say dem care about the citizens.