Wealthy Nigerians spend $6.5bn on 130 private jets

Information gathered from the aviation agencies revealed that wealthy Nigerians purchased at least  130 private jets between 2007 and 2012 at the estimated cost of ₦1.02 trillion ($6.5bn).

According to information provided by an insider who craves anonynmity The purchase is made by said most of the jets were bought by top politicians, oil magnates and other business moguls in Nigeria.

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.

The insider explained further that Nigeria and China are two of the fastest growing private jet markets in the world as europe and the United States are experiencing economic downturn.

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.”

The increase in purchase of private jet has been attributed to the fact that nigeria is an emerging market among other factors.

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.”

I observed that a lot of money was stolen from the fuel subsidy programme between the years 2007 and 2012.

If the money used in acquiring these jets are genuine why do they have to go through the process of buying these planes through foreign companies who then lease them back to their real owners?