Business

Private Jet owners grieve over maintenance cost, Turn expensive toys to commercial use + All the millions splashed on maintenance

Published

10 years ago

February 29, 2016

This is definitely not the best of seasons for wealthy Nigerians who are owners of the expensive toys called private jets. We reliably gathered that private jet owners in Nigeria are currently groaning under the pain of exchange rate which has placed the naira on 316 against a dollar.

It would be recalled that as at 2015, reports confirmed that the 250 private jet owners in Nigeria splashed an average of N34.9 billion (the calculation then was an average of N166 against a dollar ) to maintain their expensive toys. Information available to Sahara Weekly revealed that due to the splurge in naira which placed it at N310 against a dollar, they would spend about N65.3 billion. Checks by us revealed that aside splashing over N1.8 trillion to acquire their jets, they spend an estimated $46million monthly (that’s about N7.6 billion altogether) as salary to their expatriate pilots, but now that a dollar is equal to N310, they would cough out about N14.2 billion. They splashed about $1 million monthly to the crew, which was equivalent to N166 million then but now N310 million, while a whopping N25 billion is splashed on general maintenance annually by them.

Two expatriates usually man these toys and their take-home monthly is $10,000 (which was equivalent to N1.6 million last year but is now N3.1m). That means an average of 500 pilots are in charge of the wheel of these jets. Thus, monthly, the 250 jet owners squander over N750 million, and that equals N9 billion annually.

Also, an average of three cabin crew members are usually on board, and their monthly take-home is averagely N100,000. Thus, an average of 750 crew members are on the payroll of these wealthy Nigerians and they splash an average of N75 million and their monthly salary and N900 million annually.

Furthermore, an estimated N100 million is expended on each jet annually for maintenance at home and abroad. This includes daily landing and parking fees at home and abroad, A and B checks, mostly in the USA, several millions on jet fuel, among others. Consequently, the naira issue has a negative effect on the jet owners and many are not finding it easy to maintain them under the present economic situation.

Nigerians who have taken the front seat in the business of private jet ownership, which is now a trend and competition among the rich in the country, are not finding it easy under the current administration as some of them have converted them to commercial purposes.

Industry sources revealed that most of them are battling with financial challenges, which necessitated them being converted to commercial purposes. In fact, we reliably gathered that some of them, like Bishop Oyedepo, have sold some of their spare jets. Out of the four jets he has, we learnt, he sold out three.

It was reported that the penchant for private jet acquisition has cost wealthy Nigerians over N1.8 trillion aside the several billions used to maintain them annually. Investigation The luxury trend actually rose by 700 per cent between 2007 and 2014 and this increased the rate of private jet acquisition from 20 in 2007 to over 250 in 2014, placing Nigeria and China as the fastest growing private jet markets in the world.

Aircraft manufacturers like Bombardier, Gulf Stream, Embraer, Hawker Siddley and Challenger have made Nigeria their huge market because of the demand for these aircraft types.

The common brands of private jets in Nigeria are Hawker Siddley 125-800 and 900XP, Gulfstream 450, 550 and 650; Bombardier Challenger 604, 605; Global Express; Embraer Legacy and Falcons.

Business

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Published

2 days ago

February 19, 2026

Sahara Weekly

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.

The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.

Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.

Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

Bank

Alpha Morgan to Host 19th Economic Review Webinar

Published

4 days ago

February 18, 2026

Sahara Weekly

Alpha Morgan to Host 19th Economic Review Webinar

In an economy shaped by constant shifts, the edge often belongs to those with the right information.

On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.

The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.

With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.

Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19

It is a bi-monthly platform that is open to the public and is held virtually.

Visit www.alphamorganbank to know more.

Business

GTBank Launches Quick Airtime Loan at 2.95%

Published

4 days ago

February 17, 2026

Sahara Weekly

GTCO increases GTBank’s Paid-Up Capital to ₦504 Billion

GTBank Launches Quick Airtime Loan at 2.95%

Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.

In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.

For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.

Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”

Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.

With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank

Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.

About HabariPay

HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:

GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com