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A recent report has confirmed that, unless plans change, the Nigerian government will purchase an Airbus A330 aircraft seized from an unidentified Arab prince and businessman who failed to repay hundreds of millions of dollars owed to a German bank.
According to Premium Times, the government has already identified an aircraft for purchase but is struggling to secure the funds to finalise the transaction.
The aircraft in question was repossessed from a troubled oil sheikh who used it as collateral for an unnamed German bank loan.
The aircraft is typically used as collateral when loans for aircraft purchases are taken out.
Sources who spoke to the online newspaper disclosed that the bank repossessed the aircraft from the indebted businessman but has had difficulty selling it due to its customised executive configuration.
Currently, the aircraft is in the possession of L & L International LLC, an American aviation firm based in Miami, Florida, which is assisting the German bank in selling it to the Nigerian government.
Specifications, valuation of the aircraft
The multi-engine luxury jet, featuring an elaborate VIP configuration, is valued at $600 million. However, the sources revealed that the Nigerian government has offered “a little over $100 million” but is not certain if L & L International LLC will accept this offer.
“If L & L International accepts the offer, it will be an excellent deal for Nigeria,” said an aviation expert. “Nigeria could resell it for twice or triple that amount. And it is a perfect aircraft.”
A L & L International spokesperson told the online newspaper on Thursday, June 27, that he had no details to share regarding the transaction.
Another source mentioned that AMAC Aerospace AG, a Swiss aviation company, coordinates the Nigerian government’s aircraft purchase.
AMAC Aerospace AG has a long-standing maintenance contract with Nigeria’s Presidential Air Fleet (PAF).
How FG intend to raise fund for presidential jet
Sources have disclosed that the Nigerian government is scrambling to find the funds to buy the aircraft.
An official indicated that part of the purchase funds would come from the ₦180 billion contingency fund allocated for a service-wide vote in the 2023 supplementary budget.
On Thursday, the National Assembly approved President Bola Tinubu’s request to extend the 2023 supplementary budget to December 31.
“The government did not anticipate the purchase of an aircraft this year, so there is no provision for it in the 2024 budget.
“However, with the airworthiness of some aircraft in the presidential air fleet now in question, at least one aircraft will need to be replaced to address this emergency,” an official said