Average Cost to own a Private Jet

Nigeria's private jet owners are spending N 30 billion a year on maintenance work.

As the number of private jet users in Nigeria declines further due to the economical downturn, the other 50 percent who still own the luxuries now spends about N 30 billion per year on servicing, LEARDERSHIP check have shown. According to the report, the 100 private jet operators left in the county are spending between $500,000 and $1 million to service their aircraft each year, which is equivalent to equivalent numbers in North America (N30).

As a result, the number of deluxe aircraft owner fell from 200 to 50 to 100, with most of them outside the division either having sold out their private aircraft or having returned them to their former foreign owner. Prior to the current regime coming to office, it was believed that Nigeria had about 200 private aircraft in individual ownership.

As President Muhammadu Buhari's regime has adopted an unshakeable stance during the anti-corruption campaign, the number is said to have been cut in half to around 100 private planes after orders from prospective property holders were cancelled before the new regime took over. Sam Adurugboye, General Manager, Public Affairs of the Nigerian Civil Aviation Authority (NCAA), was approached and was unable to determine the number of private aircraft currently in service in the state.

However, the President of the National Association of Aircraft Pilots and Engineers (NAAPE), Engr. Isaac Balami, confirmed that the costs for airplane servicing are very high, as the topic of security and technology is in the foreground. Mr Balami said that although today's airplanes have been able to perform part of the servicing through pure application technology, the cost of servicing an airplane still depends on the airplane model and the standard of the airframe manufacturer's specification.

He explained that the cost of servicing an aeroplane does not only end at the'C' control stage, but that pre-flight, post-flight and periodic inspection are also required, whether they are Boeing, Airbus, Bombadier or Gulfstream-based. Said he: "It matters how the producer states how to check the airplane routines.

Regular tests are performed, but there are also non-routine tests. "We have conditioned and unconditioned service inspections. You can have a birdy flying straight into your machine and it can cost tens and tens of thousands odds. "The average cost of maintaining private jets will be approximately $500,000 to $1 million per year, based on the airplane's overall area.

This is because it is the airplane's ageing feature. If the airplane is older, the costs for servicing are higher. Mr Balami, who described Nigeria as the third highest land for private jet possession, pointed out that private jet possession has declined recently, while there are still some.

Nigeria is the third largest private jet country in the whole globe after America and China. Since the last management we had over 200 private planes and so many other orders were placed. "Although some folks later canceled their orders due to the downturn, especially when everything is done in dollar terms, it grew.

France, Britain and other developed nations do not come close to Nigeria when it comes to owning private aircraft. In March 2014, Nigerians were said to have spend over $6.5 billion on private jet aircraft, making them one of the most rapidly expanding jet industry in the globe. A few celebrity Nigerians who are private jet holders are the Chief of the All Progressive Congress (APC), Ahmed Bola Tinubu, the former Abia State governor, Orji Uzor Kalu, the former Borno State governor, Senator Ali Modu Sherrif, the General Overseas of the Living Faith Church, Bishop David Oyedepo and the wealthiest Africans, Aliko Dangote.

Other are the second wealthiest man of Nigeria, Otunba Mike Adenuga; leader of the Redeemed Church of God, Pastor Enoch Adegboye; Lagos businesswoman, Folorunsho Alakija; former chairman of the Christian Association of Nigeria, Ayo Oritsejafor, among others.