Politics

See The Seized Aircraft from German Bank, Nigeria is Planning to Buy

Published by Tope Fakinlede on June 29th, 2024.

See The Seized Aircraft from German Bank, Nigeria is Planning to Buy

According to FIRST CLASS GISTS, the Nigerian government is set to acquire an Airbus A330 aircraft, which was seized from an Arab prince and businessman who defaulted on a substantial loan from a German bank.

Although officials have been silent about acquiring a new presidential jet, sources indicate that the government has identified the aircraft and is currently seeking funds to finalize the purchase. The aircraft, repossessed by the bank after the businessman used it as collateral, is now in the hands of L & L International LLC, a Miami-based aviation firm attempting to sell it to Nigeria.

The luxury jet, valued at $600 million, is being offered to Nigeria for just over $100 million. Experts believe this could be a great deal for Nigeria, potentially allowing for a profitable resale. However, L & L International has not confirmed whether the offer is acceptable.

AMAC Aerospace AG, a Swiss aviation company with a long-standing maintenance contract with Nigeria’s Presidential Air Fleet (PAF), is coordinating the purchase. The company identified the aircraft, recommending its purchase due to its affordability and reliability, and is liaising with L & L International and Nigerian officials to facilitate the transaction.

To fund the purchase, the Nigerian government may use part of the N180 billion contingency fund allocated in the 2023 supplementary budget. This comes as the National Assembly recently extended the budget’s lifespan to December 31, 2024. The government is also attempting to sell three aircraft from the current presidential fleet, though it is uncertain if these sales will cover the cost of the new purchase.

A House Committee report urged the federal government to immediately acquire two planes for President Bola Tinubu and Vice President Kashim Shettima to ensure secure transportation for top officials. While this recommendation has faced criticism due to Nigeria’s economic difficulties, the Senate Committee on National Security and Intelligence has backed the proposal, citing safety concerns.

Senator Shehu Buba emphasized the importance of safeguarding the country’s leaders, noting recent air mishaps in Iran and Malawi. Despite economic hardships, he argued that the safety of the president and vice president must be prioritized.

A senior aide to President Tinubu indicated that, despite the National Assembly’s call for two new aircraft, the government is currently focused on acquiring one second-hand aircraft at a favorable price.

The Office of the National Security Adviser (ONSA) has yet to provide updates on the transaction, with spokesperson Zakari Minjiyawa stating that he has not been briefed on the matter.