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

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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.

 

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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.

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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.

 

 

 

 

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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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Prophet Fasola launches inspirational book, ‘Knowing Your Position in Christ’ on Amazon

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Prophet Fasola launches inspirational book, ‘Knowing Your Position in Christ’ on Amazon

 

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Upwardly mobile Evangelist, Prophet Idowu Fasola, otherwise known as Broda Woli has launched his inspirational book, ‘Knowing Your Position in Christ’ on Amazon.

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‘Knowing Your Position in Christ’ is an exciting book that uncovers the reader’s identity and purpose as a Christian.

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According to the author, in the book, readers will “learn that, through your faith in Jesus, you’re welcomed into God’s family with open arms. You gain salvation, righteousness, and an incredible inheritance. This book will help you grasp your new identity in Christ and inspire you to live in a way that truly honors God.”

 

Prophet Fasola (Broda Woli) is the Shepherd-in-Charge of Celestial Church of Christ Hirahjahman Parish. He has a deep understanding of the teachings of Christ and a passion for sharing them with others.

In addition to his spiritual gifts, Prophet Fasola is also versatile in many other areas, including Writing, Songwriting, Content
Creation, Video editing, Graphics Design, and using social media to spread the gospel of Jesus Christ.

Through his book, Prophet Fasola aims to inspire and guide others to better understand their position in Christ and to live out their faith in meaningful ways. With his passion for sharing the message of hope and love found in Jesus Christ, Prophet Fasola is dedicated to helping others grow in their relationship with God and to live a life of purpose and fulfillment.

 

Read book here:

 

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

 

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Abayomi Segun Oluwasesan who confessed to have committed the heinous crime of defrauding the leading global crypto space known as Afriq Arbitrage System to the tune of $87m has been remanded at the Nigerian correctional service, Suleja Custodian center.

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

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The suspect along side his wife, Tijani Anjolaoluwa were unable to perfect the stringent bail conditions given them by the high court. Thus, they were remanded at the Suleja prison till the next hearing.

 

 

 

Meanwhile, two of the major suspects fingered in the allegation of cyber bullying and cyber stalking of the Chief Executive Officer of Afriq Arbiritage System, Prince Humble Eteng and Engineer Fimienye Awajioma have been arrested by the police.

 

 

It would be recalled that the board of directors of Afriq Arbitrage Systems after an emergency meeting last week condemned in strong terms the attitudes of Prince Humble Otu Eteng, Michael Okoh, Okoi Daniels, Engineer Awajioma and others about their nefarious activities to injure the longstanding reputation the organisation has maintained and in a final resolution, resolved that the above parties be sued for defamation and has slammed a ten million dollar lawsuit with a suit number w/2011/2024 against them at the High court of the Federal capital territory in the Abuja judicial division on Monday, April 15th, 2024 on charges bothering on cyber bullying, attempt to life and property, lies and unlawful incitement and instigation against him, his family and organisation.

 

 

 

After due diligence in their investigation, we reliably gathered that the police were able to track the two suspects and are currently being interrogated at the IGP special investigation unit.

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Milan Industries claims N850 billion damages against AMCON

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Milan Industries claims N850 billion damages against AMCON

Milan Industries claims N850 billion damages against AMCON

 

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…Over wrongful sale of Intercontinental Hotels

 

 

 

 

 

 

 

 

Sahara Weekly Reports That The Milan Industries Ltd, owners of Intercontinental Hotels, Lagos has filed Eight Hundred and Fifty Billion Naira (N850,000,000,000.00) damages claim against Assets Management Corporation of Nigeria (AMCON) over wrongful sale of Intercontinental Hotels Lagos.

 

 

 

 

 

Milan Industries claims N850 billion damages against AMCON

 

 

 

 

 

 

The firm had earlier filed a suit against AMCON and Polaris Bank challenging the sale of the hotel over Milan’s alleged indebtedness to Polaris, following a banking relationship between them. AMCON allegedly acquired Milan’s alleged indebtedness from Polaris, and in a bid to recover the alleged debt, purportedly sold Intercontinental Hotels – the security for the loan, to a third party. However, in December 2022, the Court of Appeal, Lagos Division, set aside the sale of Intercontinental Hotels Limited, by AMCON as being unlawful.

 

 

 

 

 

 

 

 

 

 

 

 

The claim is contained in a suit against AMCON at the Federal High Court Lagos in which Milan Industries is claiming that as a result of the unlawful sale and takeover of its hotel, it has suffered an estimated loss of more than Eight Hundred and Fifty Billion Naira (N850,000,000,000.00 ), which sum, it is now seeking from AMCON as damages in court.

 

 

 

 

 

 

 

 

 

 

 

 

The firm in its statement of claim, said “despite lodging an appeal against the judgment of the Court of Appeal, AMCON in clear abuse of court process, is also attempting to recover the unsecured part of the debt, which it estimates to be Forty Billion Two Naira (N42,000,000,000.00 ). Remarkably, at the time the hotel was sold to the third party, it was valued at Eighty-five Billion Naira (N85,000,000,000.00) whereas Milan’s indebtedness stood at Fifteen Billion Naira (N15,000,000,000.00) only, at most.”

 

 

 

 

 

 

 

 

 

 

 

 

 

According Milan Industries, “To date, AMCON and Polaris have not informed Milan how much the hotel was purportedly sold for, and whether as a result, the debt is fully liquidated or not. The directors of Milan Industries Limited are vigorously contesting the bankruptcy proceeding commenced against them by AMCON.”

 

 

 

 

 

 

 

 

 

 

 

 

 

As a result, the directors of Milan Industries have already instructed the law firms of Prof A. B. Kasunmu L.P, Ahmed Raji & Co., and A. B. Sulu Gambari & Co. to represent them in court.

 

 

 

 

 

 

 

 

 

 

“The bankruptcy proceeding is a grand design by AMCON to divert attention from the monumental damages they have inflicted on Milan Industries Limited which they, along with Polaris, must surely pay for”, the firm stated in its statement.

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