The Nigerian Federal Government plans to acquire a repossessed Airbus A330 aircraft, previously owned by an Arab prince and businessman. The aircraft, with a luxurious VIP configuration, was seized by a German bank after the owner defaulted on a loan.
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This aircraft, once collateral for a troubled oil sheikh’s loan, is now in the possession of L & L International LLC, an American aviation firm. It is valued at $600 million, but Nigeria has offered to pay “a little over $100 million” for it. The government is actively seeking funding for this purchase, and officials have remained discreet about the details.
Sources indicate that part of the funding will come from the N180 billion contingency fund included in the 2023 supplementary budget, which the National Assembly has extended to December 31.
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An aviation expert mentioned that if L & L International accepts the offered amount, it would be an excellent deal for Nigeria, as the aircraft could be resold for two or three times the offered price.
AMAC Aerospace AG, a Swiss aviation company with a longstanding contract with Nigeria’s Presidential Air Fleet, is coordinating the purchase.
The company has recommended the aircraft due to its affordability and reliability. The government’s decision to purchase a new aircraft comes as some planes in the presidential fleet face airworthiness issues.
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An official stated that the 2024 budget does not account for this aircraft purchase, as it was unforeseen. However, the deteriorating condition of the current presidential fleet necessitates at least one replacement to resolve this emergency. The House Committee on National Security and Intelligence recommended acquiring two aircraft for President Tinubu and Vice President Shettima to ensure the safe transportation of top government officials.
Nonetheless, a senior aide to President Tinubu revealed that the government could only manage to purchase one aircraft at this time, emphasizing that they are securing a good second-hand aircraft at a favorable price.
