Wealthy Nigerians spend $6.5 billion (N1.02 trillion) on 130 private jets in the last 5 years!

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% between 2007 and 2012, is encouraged among the rich by the need for privacy, fear of insecurity and the urgency required by modern business.

Private jet ownership in Nigeria has grown by 650%, 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.

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 confirmed 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 also confirmed that most of the jets were bought by top politicians, oil magnates and other business moguls in Nigeria.

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 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.

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

By: Tunji Abioye/Punch News