Business
Import duty: FG summons 80 private jets owners over operating papers
The Federal Government through the Nigerian Customs Service has begun a fresh move to clamp down on operators of improperly imported private jets into the country.
Consequently, no fewer than 80 operators of private jets are expected to appear at the headquarters of the NCS in Abuja with their aircraft import documents.
The special aircraft import verification exercise, which begins on Wednesday (tomorrow), is expected to last for 30 days, according to a public notice issued by Customs.
The notice, sighted by one of our correspondents, read in part, “The Nigeria Customs Service announces a verification exercise for privately owned aircraft operating in Nigeria. This exercise aims to identify improperly imported private aircraft without documentation, ensuring proper imports and maximum revenue collection.”
According to the notice, owners and operators of private jets in the country are to come with some relevant documents.
These include 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 plan to clamp down 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 by our correspondents, no fewer than 80 private jet operators are expected to present their aircraft import documents for verification during the one-month exercise.
“Based on the data we have, we are expecting no fewer than 80 private aircraft operators for the verification exercise. These include operators of about 20 private aircraft that have been imported since the last verification exercise,” a top official close to the verification exercise told The PUNCH on condition of anonymity because he was not authorised to speak on the matter
The exercise is expected to lead to the payment of the mandatory import duty, while aircraft operators who fail to pay may have their jets grounded.
The TIP has been described by some stakeholders as a fraudulent means of evading the mandatory import duty. Importers of private jets, especially foreign registered private jets, are expected to pay five per cent of the value of the private jet as import duty.
However, due to the high cost of private jets, some owners often prefer not to pay the import, according to Customs officials.
Instead, the operators prefer to obtain a TIP under the guise that the aircraft is coming into the country for a temporary period, quoting the International Civil Aviation Organisation Convention Article 24 which focuses on Customs waiver for commercial aircraft operating in a country temporarily.
But the new leadership of Customs appears poised to get all operators to pay the import duty.
Unconfirmed sources said the government might get close to N100bn in unpaid import duty on imported private aircraft due to the high exchange rate.
This analysis is however dependent on whether the Customs chooses to implement the 25 per cent penalty fee such aircraft owners are meant to pay for delayed payment. The 25 per cent penalty fee is in addition to the statutory five per cent import duty.
It is unclear If the private aircraft operators will be willing to cooperate with the government to pay the duty.
Some operators had in the past gone to court to stop the government from collecting the revenue.
Meanwhile, National Public Relations Officer, NCS, Abdullahi Maiwada, on Monday, confirmed the verification exercise, which is scheduled to begin on Wednesday.
In response to enquiries by The PUNCH on what actions the agency would take after the verification exercise, Maiwada simply said, “All we are doing is to ensure maximum revenue collection for the Federal Government. Relevant sections of our extant laws and regulations will guide our actions and inaction during and after the exercise.”
Sometime in 2021, about 17 owners of foreign-registered private jets, comprising top business moguls, leading commercial banks, and other rich Nigerians, dragged the Federal Government to court, seeking to stop the grounding of their planes over alleged import duty default.
This came after the Federal Government approved the decision of the Nigeria Customs Service to the ground about 91 private jets over their alleged refusal to pay import duties running to over N30bn.
The NCS had in a letter directed the Nigerian Civil Aviation Authority, the Federal Airports Authority of Nigeria, and the Nigerian Airspace Management Agency to ground the affected private jets with immediate effect.
However owing to issues bothering on inter-agency rivalry and disagreements, the relevant government agencies could not ground the private jets.
The jet owners who sued the government were seeking a judicial review as to whether it was lawful for them to pay the controversial import duty on their private jets or not.
They had sued the government using the foreign shell companies and trustees through which the foreign-registered jets were purchased.
Oftentimes, Nigerians and corporate bodies buy their foreign-registered private jets through foreign shell companies and trustees. Experts believe Nigerians prefer to register their jets in foreign countries like the United States, United Kingdom, and Isle of Man, among others, to preserve the value of the aircraft in the event they want to sell it. This also helps them to pay cheaper insurance premiums.
According to the court document, the 17 applicants, which are mostly foreign companies of the Nigerian jet owners are Aircraft Trust and Financing Corp Trustee, UAML Corp, Bank of Utah Trustee, Masterjet AVIACAO Executive SA, and Cloud Services Limited.
Others are MHS Aviation GmbH, Murano Trust Company Limited, Panther Jets, SAIB LLC, Empire Aviation Group, and Osa Aviation Limited.
The list also includes BUA Delaware Inc., Flying Bull Corporation Limited, Air Charter Inc., Sparfell Luftahrt GmbH, WAT Aviation Limited, and ATT Aviation Limited.
The NCAA and Customs were listed as respondents to the suit.
However, in a written address in support of the first respondent’s objector notice of preliminary objection, the court paper had read in part, “The brief facts of this case are that the first respondents, having discovered that some operators of aircraft imported them under the guise of Temporary Importation Permit, were permanently imported into Nigeria and given TIP status to evade payment of lawful customs.”
The NCS had in 2021 embarked on a review of import duties paid on private jets brought into the country since 2006.
Following the alleged discovery that several private jet owners, under the guise of Temporary Import Permit, had failed to pay the statutory import duty to the coffers of the government, the then CG of Customs, Hameed Ali, set up a verification panel to review all TIPs and the relevant aircraft import documents of all private jets in the country.
At the end of the 60-day exercise, 57 private jets, which had licences for commercial charter operations, were cleared and issued Aircraft Operators Certificates by the Customs.
However, 29 private jets, whose owners came for the verification, were found to be liable to pay the import duty.
The Customs also compiled a list of another 62 private jets whose owners failed to appear for the verification exercise but were found liable for import duty payment.
However, other private jet owners seeking to pay their import duty were given a 14-day ultimatum to clear the debts.
The number of jet owners who later paid the duty is still unclear. It is still unclear to what extent the new management of Customs is willing to get the powerful private jet owners to pay their import duty.
Source:The Punch
The Delta State Government says its recent investment mission to Brazil has unlocked fresh prospects for industrial expansion, agricultural development, renewable energy, and job creation in the state.
Briefing journalists in Asaba, the Commissioner for Works (Rural Roads) and Public Information, Mr. Charles Aniagwu, said Governor Sheriff Oborevwori’s administration has already recorded significant gains by opening up all 25 local government areas with vital infrastructure, thereby creating access to mineral resources, industrial corridors, and potential free trade zones.
Aniagwu explained that the Brazil engagement was aimed at showcasing Delta’s investment opportunities while also drawing lessons from Brazil’s agricultural model, especially in ranching.
He stressed that the establishment of ranches in the state would not only boost food production and jobs but also strengthen security by curbing the use of forests as criminal hideouts.
“We are pursuing both security and job creation by targeting ranching and other agro-industrial investments,” Aniagwu said. “Our discussions in Brazil are progressing very well, and we are optimistic about the outcomes.”
He disclosed that the state also held talks with renewable energy firms and other players in the power sector, building on earlier engagements with the Rural Electrification Agency in Abuja.
According to him, the goal is to light up the state, expand industries, and create employment opportunities that will improve living standards.
Aniagwu noted that the government’s focus on agriculture and industry was deliberate, given the rising number of graduates from tertiary institutions across the state.
“Our goal is to create a productive economy where our graduates and young women can secure meaningful jobs beyond the limited space in the civil service,” he added.
“This is how we can guarantee both social and fiscal security for our state while raising living standards.”
He reaffirmed that the Oborevwori administration remains committed to the MORE Agenda, with particular emphasis on infrastructure expansion, energy generation, agriculture, and industrial growth.
African Export-Import Bank (Afreximbank) and the Midstream and Downstream Gas Infrastructure Fund (MDGIF) have signed a Memorandum of Understanding (MoU) to establish a collaborative framework aimed at promoting, developing, and improving gas infrastructure in Nigeria, according to ChannelsTV.
It was signed on the sidelines of the just-ended fourth Intra-African Trade Fair (IATF2025) by Helen Brume, Director and Global Head – Project and Asset-Based Finance on behalf of Afreximbank, and Oluwole Adama, Executive Director on behalf of MDGIF.
The MoU emphasises private sector-led delivery models and aligns with both institutions’ mandates and strategic priorities.
Under the terms of the MoU, Afreximbank and MDGIF will work together with the overarching intention of mobilising up to $500 million over a four-year period to support midstream and downstream gas infrastructure projects. The investment is structured as a blend of senior debt and equity contributions, considered under both entities’ independent mandates, with a focus on accelerating the modernisation and expansion of Nigeria’s gas sector.
Project Highlights:
Targeted Gas Infrastructure Investment: Joint identification and prioritisation of eligible projects, with annual pipeline targets to ensure investment goals are met.
Senior Debt Financing: Afreximbank will consider providing direct financing and credit risk guarantees to support project finance transactions, working alongside local financial institutions.
Project Preparatory Support: Establishment of a dedicated support, either through funding or a support framework, for feasibility studies, legal structuring, environmental assessments, and other preparatory activities for bankable gas projects.
Equity Financing: MDGIF will consider equity contributions to complement Afreximbank’s senior debt, enabling full capital structuring for eligible projects.
Promotion and Advocacy: MDGIF will leverage Afreximbank’s platforms, including the Intra-African Trade Fair, to promote its initiatives and engage stakeholders.
Capacity Building: Development of a structured programme to enhance MDGIF’s institutional capabilities in project structuring, risk management, and innovative financing.
With respect to the collaboration between both parties, Mrs Kanayo Awani, Executive Vice President – Intra-African Trade and Export Development at Afreximbank, noted that:
“This MoU marks a significant milestone in our shared commitment to accelerating Africa’s economic transformation. By combining Afreximbank’s deep expertise in trade and project finance with MDGIF’s national investment reach, we are poised to unlock new opportunities for inclusive growth and sustainable development across Nigeria and, potentially, across the West Africa sub-region.”
She added: “We stand ready to work with the MDGIF in advancing the development of gas infrastructure projects in Nigeria, which will add value to the country’s natural resources. This intervention is also important as it aligns with Afreximbank’s Industrialisation and Export Development Agenda.”
Senator Oluremi Tinubu, the First Lady of the Federal Republic of Nigeria, has called for unwavering support for the Niger Delta Power Holding Company (NDPHC) to accelerate growth in the nation’s power sector.
The appeal came during a courtesy visit by the managing director and chief executive officer of NDPHC, Engr. Jennifer Adighije, to the First Lady over the weekend in Abuja.
Speaking passionately about the critical role of NDPHC, Senator Tinubu said, “It is essential that all stakeholders rally behind NDPHC’s leadership to ensure the company fulfills its mandate of advancing Nigeria’s power infrastructure. I urge the entire Management and staff of NDPHC to continue supporting Engr. Adighije’s vision with dedication and teamwork.”
The First Lady also commended Adighije’s commitment and leadership qualities. “Your diligence, passion, and deep sense of responsibility stand as a shining example of leadership in Nigeria’s power sector,” she stated. “Young women like you, who demonstrate rare leadership virtues, inspire a new generation of leaders and bring hope to our nation’s development.”
Senator Tinubu expressed joy and pride in seeing young Nigerians excel in positions of high responsibility. “I sincerely commend your efforts towards leading NDPHC with every sense of diligence and commitment,” she emphasised. “Your leadership is not only about managing the company but also about inspiring others to step up and contribute meaningfully.”
She further urged continuous teamwork within NDPHC to ensure the attainment of critical milestones in power generation and distribution. “For Nigeria to achieve steady power growth, the success of companies like NDPHC is vital. Let us all work together to support this leadership and push forward the sustainable energy agenda for our people,” she concluded.
Engr. Jennifer Adighije expressed gratitude for the warm reception and the commendations. She assured that NDPHC would remain resolute in transforming Nigeria’s power landscape through innovative projects and effective management.
The visit underscores a renewed focus on the power sector’s growth, with strong endorsements from key national figures encouraging collaboration and dedication toward a brighter energy future for Nigeria.
When Oluwatosin Ajibade, popularly known as Mr Eazi, tied the knot with Temi Otedola, daughter of billionaire businessman Femi Otedola, many in Nigeria’s elite circles questioned why one of the nation’s most prominent families would give their daughter’s hand to a musician.
But at the couple’s white wedding in Iceland, Africa’s richest man, Aliko Dangote, provided an answer that silenced critics by confirming Mr Eazi as an entrepreneur with businesses across 18 countries on the continent.
Below is a list of Mr Eazi’s businesses, not known to many Nigerians.
1- emPawa Africa – Founded in 2018, emPawa is a talent incubation and music distribution platform that has helped launch stars like Joeboy. It provides mentorship, funding, and resources for up-and-coming artists across Africa.
2- Zagadat Capital – Mr Eazi’s venture capital firm invests in startups in tech, media, and entertainment. Notable investments include:
3- pawaPay – A pan-African mobile payments company.
4- Thrive Agric – an agri-tech startup connecting farmers to investors.
5- BetPawa – A popular online betting platform.
6- Street Banker – A financial inclusion project for underserved communities.
7- Choplife Gaming & Choplife SoundSystem – Expanding beyond music, Eazi launched Choplife Gaming in 2022, a pan-African lottery and gaming company. His Choplife SoundSystem blends music, events, and lifestyle branding into a cultural business model.
Although less publicised, the singer has confirmed investments in real estate projects across Nigeria and Ghana, as well as hospitality ventures linked to his Choplife brand.
Through Zagadat Capital, Eazi also holds stakes in several fintech firms driving financial inclusion across Africa.
Now married into one of Nigeria’s most influential families, Mr Eazi embodies a hybrid lifestyle — blending music, global entrepreneurship, and elite family life.
For him, business has never been secondary.
As Dangote hinted, music may be just the tip of the iceberg. With ventures spread across at least 18 African countries, Eazi is positioning himself not just as a musician, but as one of the continent’s most ambitious entrepreneurs.
And with his marriage to Temi Otedola, many say the couple may just become Africa’s new symbol of power, wealth, and influence.
The Dangote Group has announced that its Dangote Petroleum Refinery will begin supplying petrol (PMS) directly to 11 states starting Monday, September 15, 2025. This information was shared in a press release on the Group’s official X account on Thursday.
The retail pump prices for petrol in the initial states will be set at N841 per litre for Lagos, Ogun, Oyo, Ondo, Osun, and Ekiti. For Abuja, Delta, Rivers, Edo, and Kwara, the price will be N851 per litre.
Additionally, the gantry price for petrol is established at N820 per litre.
“Dangote Petroleum Refinery begins direct supply of PMS with free delivery effective Monday September 15, 2025
“New Gantry Price is set at N820,” the statement read in part.
To support petrol station operators, the refinery will provide free delivery of PMS to registered stations in the 12 states, with plans to gradually expand distribution nationwide. All station owners are invited to register to access these benefits. The move is expected to improve petrol distribution and supply consistency across the covered states.
Dangote Petroleum Refinery, Africa’s largest with a 650,000 barrels-per-day capacity, opened in 2024 to reduce Nigeria’s reliance on imported petrol and strengthen energy security.
In July 2025, it received 4,000 CNG trucks under a N720 billion investment programme, aimed at distributing 65 million litres of refined petroleum products daily, creating over 15,000 jobs, and saving Nigerians more than N1.7 trillion annually in energy costs. The initiative also seeks to improve efficiency in the downstream sector and revive dormant petrol stations.
The refinery’s planned expansion into nationwide petrol distribution was initially scheduled for August 15, 2025, but is now set to begin on Monday, September 15, 2025. Preparatory challenges in early September included a three-day notice from the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), starting Tuesday, September 9, to suspend lifting and dispensing of petrol over concerns about fair competition.
Simultaneously, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) went on a two-day strike, which was later suspended following a DSS-convened meeting attended by the Minister of Finance, Wale Edun, and representatives of the Nigeria Labour Congress (NLC).
A Memorandum of Understanding (MoU) was signed to resolve the dispute, mandating unionisation of willing employees from 9th to 22nd September 2025, prohibiting the creation of any other union, and ensuring no worker would be victimised due to the strike.
Signatories included Sayyu Dantata (Dangote Group), O.K. Ukoha (NMDPRA), Ojimba Jibrin (Dangote Group), Benson Upah (NLC), N.A. Toro (TUC), NUPENG President Akporeha Williams, General Secretary Afolabi Olawale, and Amos Falonipe representing the Federal Ministry of Labour.
Wema Bank has successfully surpassed the Central Bank of Nigeria’s (CBN) capital requirement for commercial banks with national authorization, a significant milestone achieved through the completion of a substantial N150 billion rights issue.
This important financial strategy positions the bank firmly ahead of the upcoming deadline of March 2026, as outlined in the CBN’s latest recapitalization framework.
In an official statement released on Thursday, Wema Bank proudly announced that its total qualifying capital has now reached an impressive N214.7 billion, comfortably exceeding the regulatory threshold of N200 billion.
The rights issue, which opened its doors on April 14, 2025, and closed on May 21, 2025, was a strategic response to the CBN’s directive aimed at fortifying the Nigerian banking sector.
By embracing this initiative, Wema Bank has not only positioned itself as a leader in compliance but also as a robust player in the quest for sustainable development within the financial landscape of Nigeria.
“This rights issue was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the N200 billion minimum capital requirement applicable to commercial banks with national authorisation,” the bank’s statement stated.
In addition to the rights issue, Wema Bank has concluded a N50 billion special placement, which is currently awaiting regulatory approval. This additional capital injection further reinforces the bank’s commitment to maintaining a strong capital base and supporting its strategic expansion initiatives.
CEO Expresses Confidence
Commenting on the milestone, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence in the bank’s trajectory and the trust it enjoys from stakeholders.
“As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank, but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” Oseni said.
Earlier in May, Wema Bank had announced its intention to raise an additional N50 billion through a private placement as part of its broader strategy to meet and exceed the CBN’s capital requirements.
At its Annual General Meeting (AGM), held electronically on May 22, 2025, shareholders formally adopted a resolution to secure this additional capital, signaling strong support for the bank’s growth agenda.
Under the CBN’s recapitalization framework, commercial banks with international authorization are required to maintain a minimum capital base of N500 billion, while those with national authorization, such as Wema Bank, must meet a N200 billion threshold.
Wema Bank’s swift and strategic response to these requirements highlights its resilience and forward-thinking leadership in Nigeria’s evolving financial landscape.
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