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Bank Private Jet Grounded as FG Clamps Down on Unpaid Import duty

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Bala Augie
Bala Augiehttps://moneycentral.com.ng
Bala is the Editor of MoneyCentral Media. Bala is a Fellow (FCA) of the Institute of Chartered Accountants in Nigeria (ICAN) and holds a Bsc in Accounting from the University of Abuja. Bala has over 12 years’ experience in the financial journalism landscape with specialization in the Insurance, markets and Finance sectors.
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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.

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.

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.



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