Business
Private Jet owners grieve over maintenance cost, Turn expensive toys to commercial use + All the millions splashed on maintenance
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
PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.
UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.
In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.
Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.
We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.
Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.
Thank you.
Business
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”
Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.
The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.
This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.
Speaking on the collaboration, the Laffmattazz team stated:
“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”
As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.
With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.
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About Laffmattazz
Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.
About First Bank of Nigeria Limited
First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.
Business
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.
Now, FirstBank is making homeownership more attractive.
FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.
The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.
You are one quick decision away from being a landlord.
If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.
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