METRO

$1 billion operational costs push private jet owners into bankruptcy

The economic hardships that ordinary Nigerians are facing may have caught up with the wealthiest and nouveau riche, forcing many to declare bankruptcy.

Private jet services, a pre-pandemic fad among Nigeria’s wealthy and well-to-do, have seen a sharp decline. According to The Guardian, the majority of the costly “celebrity birds” are now an albatross on their owners’ wallets.

Private jet owners are groaning under the weight of such costs, which have risen to around $4 million depending on the nature of the exercise and the size of the aircraft since the onset of the COVID-19 pandemic, resulting in rising maintenance costs of about $4 million depending on the nature of the exercise and the size of the aircraft.

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Operators are also employing innovative strategies to deal with the difficult times and protracted debt difficulties, albeit in flagrant violation of civil aviation regulations.

In addition to avoiding duties owed to the federal government, more business owners are ignoring municipal regulations in order to keep their foreign registration numbers.
The unauthorized use of private aircraft for commercial and chartered operations is particularly concerning for the industry, as it represents an incursion on the territory of licensed air transport carriers.

The Nigerian Civil Aviation Authority (NCAA), the country’s top regulator, acknowledged some of the flaws that certain operators had repeatedly exploited, but assured that regulatory efforts were underway to close loopholes and prevent illicit activity.

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