Revealed: Nigerian Government to Acquire Repossessed Aircraft for Presidential Fleet

The Nigerian government is poised to purchase an Airbus A330 aircraft, which was repossessed from an unnamed Arab prince and businessman unable to repay a substantial loan from a German bank. The acquisition aims to bolster the presidential air fleet, a move necessitated by concerns over the airworthiness of existing aircraft.

The jet, valued at $600 million, is currently held by L & L International LLC, an aviation firm in Miami, Florida. However, the Nigerian government is negotiating to purchase it for “a little over $100 million.” Sources within the aviation sector have expressed optimism about the deal, noting the aircraft’s potential resale value and suitability for VIP transport.

AMAC Aerospace AG, a Swiss company with a long-standing maintenance contract with Nigeria’s Presidential Air Fleet (PAF), is facilitating the transaction. The company identified the aircraft and recommended its purchase, citing its affordability and reliability. Despite the Nigerian government scrambling to secure funds, part of the N180 billion contingency fund from the 2023 supplementary budget is earmarked for this purpose.

This procurement follows a House Committee on National Security and Intelligence report recommending immediate acquisition of new aircraft for President Bola Tinubu and Vice President Kashim Shettima. The recommendation has sparked debate amid Nigeria’s economic challenges, yet lawmakers emphasize the critical need to ensure the safety of top officials.

A senior aide to President Tinubu confirmed the government’s plan to acquire one aircraft instead of two, highlighting the favorable price and the urgency of maintaining a reliable presidential fleet.

The Office of the National Security Adviser (ONSA) has not commented on the transaction, pending further briefings from the Presidential Air Fleet.