Business
Bank Aircraft stopped from flying as FG begins clampdown on private jets
The Federal Government through the Nigeria Customs Service has grounded a United States-registered Gulfstream G650ER jet belonging to a leading Nigerian bank, signalling the commencement of government clampdowns on private jet owners over unpaid import duty running into several billions of naira.
The development came barely two weeks after the NCS began a one-month verification exercise for private jet owners in the country. The exercise which began on June 19, 2024, is expected to end on July 19, 2024.
In a public notice by the Customs, the exercise aims to identify private jet operators that have illegally imported aircraft into the country without paying the necessary import duties.
The customs had recovered about N2bn into the government coffers when a similar exercise was carried out in 2019.
At least 80 private jet owners are expected to present their import documents and aircraft certificate of registration to the Customs in Abuja during the one-month exercise.
Although the grounding of private jets which fail to pay the necessary import duty is expected to begin after the one-month Customs verification exercise, findings showed that moves by some operators to export their aircraft might have forced the NCS to begin the clampdowns on some private jet operators.
The Nigeria Customs Service had last week said some operators of foreign registered private jets were temporarily flying their aircraft out of the country apparently in a bid to evade the exercise.
However, findings on Sunday disclosed that a luxury Gulfstream G650ER plane belonging to a tier-1 bank had been grounded at Lagos airport over unpaid import duties reportedly estimated at N1.9bn.
It was learnt that the NCS had written the Nigerian Civil Aviation Authority and the Nigerian Airspace Management Agency asking them to cancel the flight clearance approval given to the private aircraft.
Our correspondent gathered that the agencies had received the letters to distrain the US-registered Gulfstream G650ER with registration number N331AB and manufacturer’s serial number 6487.
The bank is reportedly owing about N1.9bn in unpaid import duties to the government on two formerly owned private jets (Gulfstream G450 and Gulfstream G550 aircraft), which according to sources have since been taken out of the country.
It was also understood that the assessment of N1.9bn was based on a verification exercise carried out by the NCS in 2021.
It was learnt that going by the current exchange rate, the N1.9bn might be raised to about N6bn. Aircraft import duties are computed based on prevailing exchange rate.
NCAA and NAMA officials said they had received the cancellation of the previously granted flight clearance approval for the Gulfstream G650ER aircraft.
According to the letter, the luxury aircraft which cost over $65m, was found to have contravened the Federal Government’s import duty regulations and as such denied the necessary Export Permit by the Customs Service Area Command at the Murtala Muhammed Airport, Lagos.
A copy of the letter written to the NCAA and NAMA, which was sighted by one of our correspondents, was titled “Re: cancellation of flight clearance approval for Gulfstream G650ER with registration N331AB and manufacturer’s serial number 6487.”
The letter read in part, “The above subject matter refers. The Nigeria Customs in its drive for enhanced revenue collection decided to do a verification exercise on private airlines operating in Nigeria.
“The verification aims to identify privately owned aircraft that were inappropriately imported into the country. This will enable the Service to perfect these Imports and collect revenue accruable to the Federal Government.
“The above-cited aircraft has been found to have contravened the Federal Government’s import duty regulations and as such denied Export Permit by the Customs Service (MMIA Command).
“In furtherance to the above, we are soliciting your kind co-operation and assistance to deny flight clearance approval”
The Comptroller General, NCS, Adewale Adeniyi, had two weeks ago said a good number of private jets were leaving the country as the verification began.
Adeniyi, who disclosed this while speaking in an interview with Arise Television, stated that since the exercise started, only a few owners have shown up.
“Very few of them (private jet operators) have showed up for verification and we gather intelligence that a good number of them are leaving Nigeria since the announcement was given because they would not want to be verified,” he said.
The CGC explained that the service introduced the private jet verification exercise because more private jets were operating outside the ambits of the law.
“We have seen so many of these aircraft flying and our record tends to show that only a few of them have shown up to pay duty and this is why we are bringing this verification up,” he said.
The CGC disclosed that data obtained from the Nigerian Civil Aviation Authority revealed that though many private jets were operating in the country, only a few had paid customs duties.
Adeniyi explained that when the exercise started sometime in 2019, the service realised N2bn.
“Recall this was not the first time we did it. We did something close to this in 2019 and the exercise fetched us as much as N2bn within the short time that we did it.
“We discovered that there are more private jets that are operating in Nigeria but have not been brought under the ambit of the law. So the data that we got from the NCAA shows that only very few of them paid customs duty to operate in Nigeria,” he stated.
According to the customs boss, the international aviation regulations show that private jets flying in the country are obliged to pay duty.
“If they are here for a brief period in the Nigerian airspace and return, they are not obliged to pay any duty; that is, if they are here on a temporary importation visit. But once they are here and are used within Nigeria, they are liable to pay duty,”
The CGC reiterated that the verification exercise was meant to confirm “aircraft operating within the ambit of the law and those that are operating outside the law.”
According to a Customs notice, private aircraft owners are expected to bring some documents for the verification exercise, namely aircraft Certificate of Registration, Nigerian Civil Aviation Authority’s Flight Operation Compliance Certificate, NCAA’s Maintenance Compliance Certificate, NCAA’s Permit for Non-Commercial Flights, and Temporary Import Permit (if applicable).
The latest clampdowns on operators of improperly imported private jets came more than one year after the Federal Government suspended the action.
In the past three years, the government had planned to recover import duty running into billions of naira from some private jet operators who had used certain technical loopholes to evade the payment of import duty.
A few private jet owners paid the mandatory import duty after the Hameed Ali-led NCS took some significant steps to recover the revenue. However, several owners and operators of private jets in the country have yet to pay the statutory duty.
Many private aircraft operators in the country have allegedly explored technical loopholes in the regulation to fraudulently obtain a Temporary Import Permit from the Nigeria Customs Service instead of paying the statutory import duty on their imported aircraft.
The TIP, which is valid for an initial period of 12 months, can be extended by six months twice, according to the regulations.
However, several operators of private jets in the country have continued to extend the TIP indefinitely, a development that prompted the Customs to effect past clampdowns.
According to new findings, no fewer than 80 private jet operators are expected to present their aircraft import documents for verification during the one-month exercise.
Business
No Bad Blood Over New Cement Factories, But Our Mining Rights Run Till 2045 — Ibeto Tells Ebonyi Govt
ABAKALIKI, EBONYI STATE — Billionaire industrialist and Chairman of Ibeto Group, Dr. Cletus Ibeto, has clarified his position on plans by the Ebonyi State Government to establish a new cement manufacturing plant, saying he has no objection to fresh investment in the state provided his company’s existing mining rights are respected.
Ibeto, who is also a core investor in the Nigerian Cement Company (Nigercem), said the proposed development should not interfere with areas covered by valid mining leases held by his company.
“We are not against the establishment of new cement factories in Ebonyi State. However, such developments must not interfere with or overlap the specific areas where Ibeto Group holds valid Mining Lease Licences issued by the Federal Ministry,” Ibeto stated.
He said the company’s statutory mining leases covering limestone deposits in the Nkalagu axis remain valid until 2045.
Ibeto stressed the need for proper delineation and mapping of mining areas to prevent conflicts between existing title holders and new investors seeking to establish businesses in the state.
Under Nigeria’s legal framework, mineral resources are vested in the Federal Government, with mineral titles administered through the Federal Ministry of Solid Minerals Development and the Mining Cadastre Office.
Nigercem Ready to Resume Operations
Addressing concerns over the future of the historic Nigercem plant, Ibeto said Ibeto Group remains committed to reviving the facility and is ready to commence work once outstanding administrative issues with the state government are resolved.
He said the company’s position should not be interpreted as opposition to new investment in Ebonyi, stressing that his concern was the protection of legally acquired mining rights.
The development could pave the way for both the revival of Nigercem and the entry of new investors into Ebonyi’s cement industry, provided the respective mining areas are clearly mapped out and existing legal titles are respected.
Business
Patience Jonathan Hails Azikel Boss Eruani as ‘Small Boy’ She Mentored Into Billionaire League
She said her guidance was behind his bold entry into big business at a relatively young age.
The former First Lady spoke on Tuesday in a video which went viral on Thursday during an inspection tour of the Azikel Refinery in Obunagha, Bayelsa State, alongside other dignitaries.
She said she personally introduced Eruani to billionaire businessmen, Aliko Dangote and Aminu Dantata, and pushed him to aspire to their level despite being the youngest among them.
“He’s a boy that I brought up. We are always together. Although he’s the little one among us when we are friends — Dangote, Seyi, Dantata, Eruani — among us, he’s the smallest. But I made sure he followed the Dangotes, he followed Dantata.
“Because I’m a woman in their midst, I made sure I told this small boy, ‘Go and follow them, and stop the grammar.’ But when he told me that one day he would be like Dangote, I said, ‘You’re thinking too high.’ I prayed to God to grant him his heart’s desire,” she said.
The former First Lady also recalled how the immediate past APC administration under Muhammadu Buhari initially failed to grant Eruani a refinery licence before eventually approving three.
“During the Buhari administration, he and others came to me and told me they were going to apply for a refinery. I told him, ‘Eruani, your brother, the President, did not give you a refinery.
“Is it the APC government that will give you one?’ I prayed it would happen. But later, they came back and told me they had been given three refineries,” she said.
The 25,000 barrels-per-day plant is a private hydro-skimming refinery designed to process condensate into petrol, diesel, aviation fuel, kerosene and other products.
It is set to become Nigeria’s second-largest full-slate refinery and the first major privately owned refinery in the Niger Delta.
The Managing Director/Chief Executive Officer of the Niger Delta Development Commission, Samuel Ogbuku, who joined the inspection tour, commended Eruani for his perseverance, noting that he had attended the project’s groundbreaking ceremony eight years ago.
Ogbuku described the refinery as an inspiration and a potential catalyst for investment, job creation and economic growth in Bayelsa State, and urged residents, particularly youths, to key into the opportunities it would create.
He also praised the Bayelsa State Government for improving road infrastructure leading to the refinery site and called for continued support for the project.
Governor Douye Diri, who was represented at the inspection by his deputy, Peter Akpe, has consistently backed the project, which is expected to employ hundreds of workers and drive industrialisation in the state.
Other dignitaries at the event included the Chairman of the Bayelsa State Council of Traditional Rulers, King Bubaraye Dakolo; Vice President of Azikel Group, Presley Asemota; and Isaac Yalah, among others.
A market check on Tuesday showed that NNPCL outlets in Abuja and nearby areas adjusted their petrol price from N1,155 per litre to N1,270 per litre.
The latest adjustment represents an increase of N115 per litre by the state-owned oil company.
The new price change follows recent increases by depot owners and petroleum marketers, who have adjusted their rates twice within a week.
The latest development also comes days after Dangote Refinery resumed the sale of refined petroleum products in dollars, a move that has raised concerns among industry players over the direction of fuel pricing in the country.
The Federal Government has disclosed that 13 of the 50 oil and gas blocks offered in the 2025 Licensing Round will be returned to the licensing basket after failing to attract bids from prospective investors.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed this on Tuesday at the 2025 Commercial Bid Conference in Abuja.
Eyesan said that although 50 blocks were initially put up for bidding, prospective investors showed interest in only 37.
“At the end of the exercise, we had 50 blocks on offer, but we only had representation for 37 of those 50 blocks. Thirteen of those blocks will be returning back to the basket,” she said.
She further disclosed that 143 companies participated in the commercial bid process, submitting about 200 bids for the available oil and gas assets.
“We have a total of 143 companies showing interest for 200 bids. That, for us, was remarkable, and I must say thank you,” Eyesan stated.
According to her, nearly 300 companies initially expressed interest in the licensing round, which she described as a sign of renewed investor confidence in Nigeria’s upstream petroleum sector.
“When we started the journey, we got interest from almost 300 companies. I repeat, almost 300 companies. That, in my view, was an indication that the tide has turned for Nigeria,” she said.
She explained that the number of interested companies was reduced to 196 following the prequalification stage, before the process moved to the technical and commercial evaluation phases.
“From the almost 300 interests that we got, we moved to the pre-qualification stage, and that number was pruned down to 196,” she added.
The 2025 Licensing Round was launched on November 11, 2025, in accordance with the Petroleum Industry Act 2021, with 50 oil and gas blocks put up for bidding across seven sedimentary basins.
The assets comprise 16 Niger Delta onshore blocks, 18 shallow-water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.
The bid portal opened on December 1, 2025, while a pre-bid conference was held in Lagos on January 14, 2026, to provide prospective investors with guidance on the bidding requirements.
Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.
The NUPRC said winning bids are being determined through a weighted evaluation that considers signature bonus commitments, proposed work programmes and performance security. The process combines technical and commercial scores rather than relying solely on financial offers.
The framework is aimed at ensuring that Nigeria’s petroleum assets are awarded to investors with the financial capacity, technical expertise and operational strength required to accelerate exploration and production in the country’s upstream sector.
The new pricing template, which took effect on July 13, 2026, also pegs Automotive Gas Oil (diesel) at $1.087 per litre and Aviation Turbine Kerosene (ATK) at $0.942 per litre, while coastal deliveries of PMS have been fixed at $1,044.62 per metric tonne.
The development marks the end of naira payments for refined petroleum products, a policy introduced after the commencement of the Federal Government’s naira-for-crude initiative on October 1, 2024.
In a notice issued to petroleum marketers and customers, the refinery announced that all previously issued naira-denominated Proforma Invoices and Deal Recaps for both gantry and coastal transactions had become invalid.
The notice, signed by the refinery’s Group Commercial Operations, directed customers not to make payments against the cancelled invoices, stating that all transactions would now be conducted in United States dollars.
Under the revised pricing schedule, petrol supplied through the gantry will sell for $0.779 per litre, diesel for $1.087 per litre, aviation fuel for $0.942 per litre, while coastal PMS supplies will cost $1,044.62 per metric tonne.
The refinery, however, clarified that the transition does not affect Liquefied Petroleum Gas (LPG), which will continue under its existing payment arrangement.
Industry sources said the decision followed a growing imbalance between the currency used to procure crude oil and that used to sell refined products.
According to the sources, the refinery now receives a larger share of its crude oil from the Nigerian National Petroleum Company Limited (NNPCL) under dollar-denominated supply arrangements, while a significant volume of its refined products had continued to be sold locally in naira.
The resulting mismatch, coupled with exchange-rate volatility and fluctuations in global crude oil prices, reportedly increased the refinery’s foreign exchange exposure and prompted the adoption of a uniform dollar-based pricing framework.
A source familiar with the development explained that the shift became necessary as the volume of naira-denominated crude supplies declined relative to dollar-based crude cargoes.
“The refinery is receiving fewer naira-denominated crude cargoes while a larger proportion of its refined products has continued to be sold in naira. That imbalance, combined with foreign exchange volatility, made the transition to dollar pricing inevitable,” the source said.
The decision is expected to have significant implications for petroleum marketers who source products directly from the refinery for nationwide distribution. It could also influence retail pump prices, depending on movements in the exchange rate, international crude oil prices, logistics costs and marketers’ operating expenses.
The Federal Government had introduced the naira-for-crude policy to encourage domestic refining, reduce pressure on foreign exchange demand and stabilise fuel prices. However, industry stakeholders have recently reported implementation challenges, noting that a growing proportion of crude supplies to local refiners has reverted to dollar-based transactions.
Analysts believe the latest development underscores the continued foreign exchange challenges facing Nigeria’s downstream petroleum sector despite efforts to deepen local refining and reduce dependence on imported fuel.
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