In a surprising move, the Nigerian government is set to acquire an Airbus A330, which was previously seized from an unnamed Arab prince who defaulted on a substantial loan from a German bank, according to a report by Premium Times.
While officials have been tight-lipped about acquiring a new presidential jet, inside sources reveal that the government is actively pursuing this aircraft but is struggling to secure the necessary funds for the purchase.
The targeted Airbus A330, currently managed by L & L International LLC, an American aviation firm in Miami, was repossessed by the German bank after the oil sheikh failed to repay his debt. The executive customization of the aircraft has made it difficult to sell.
Valued at $600 million, the Nigerian government has reportedly offered “a little over $100 million” for the aircraft. An aviation expert suggested that if accepted, the deal would be highly beneficial for Nigeria, potentially allowing the country to resell the plane at a profit. However, a spokesperson for L & L International declined to comment on the transaction.
AMAC Aerospace AG, a Swiss aviation company, is facilitating the purchase. The company, which has a long-standing maintenance contract with Nigeria’s Presidential Air Fleet (PAF), identified the aircraft and recommended it to the Nigerian government for its cost-effectiveness and reliability. AMAC Aerospace is now coordinating the acquisition process.
Despite the government’s efforts, funding remains an issue. The government is considering using part of the N180 billion contingency fund from the 2023 supplementary budget, recently extended to December 31 by the National Assembly, to cover the purchase cost. However, selling three current aircraft in the presidential fleet might not generate enough funds for the new acquisition.
An unnamed official mentioned the urgent need to replace at least one aircraft due to airworthiness concerns within the presidential fleet. The House Committee on National Security and Intelligence had previously urged the government to procure two new planes for President Bola Tinubu and Vice President Kashim Shettima, emphasizing national security and the safety of top officials.
This recommendation sparked controversy, given Nigeria’s current economic challenges. Nonetheless, the Senate Committee on National Security and Intelligence backed the proposal, citing the recent air mishaps in Iran and Malawi as reasons to prioritize the safety of Nigerian leaders.
Committee Chairman Shehu Buba defended the call for new aircraft, highlighting the importance of national security and the safety of top officials, despite economic difficulties. He assured that concerns about workers’ wages are also being addressed by the government.
A senior aide to President Tinubu acknowledged the government’s inability to heed the National Assembly’s call for two new aircraft but expressed optimism about securing the Airbus A330 at a favorable price. The spokesperson for the Office of the National Security Adviser (ONSA), Zakari Minjiyawa, declined to comment on the ongoing transaction.
As the government races to finalize this acquisition, the debate over balancing national security and economic prudence continues to stir public opinion.
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