News

FG Lists Two Presidential Jet For Sale In Switzerland

Published

2 months ago

July 6, 2025

Editor

The Federal Government has place on sale about two-decade-old Boeing 737‑700 Business Jet (BBJ) with the listing hosted by AMAC Aerospace in Basel, Switzerland.

The Presidency source said with over 19 years in service, the BBJ has become increasingly expensive to maintain and subject to safety scrutiny, particularly after a mechanical incident during an official trip to Saudi Arabia in April 2024.

This disclosure for the sale of the Boeing 737‑700 Business Jet (BBJ) was made via a US-based aircraft listing site, The Controller: https://www.controller.com/listing/for-sale/244434099/2005-boeing-bbj-jet-aircraft

The aircraft, used during the administration of former President Olusegun Obasanjo, and acquired for $43m in 2005, is being sold months after President Bola Tinubu transitioned to a refurbished Airbus A330-200 last August amid economic concerns and public scrutiny.

The plane had undergone inspections and maintenance in preparation for sale, according to aviation marketplace Controller.com.

Nigeria’s presidential air fleet, overseen by the Nigerian Air Force and the Office of the National Security Adviser, has about 10 aircraft.

These include fixed wings such as a 13-year-old Gulfstream Aerospace G550, Gulfstream G500, two Falcon 7Xs, a Hawker 4000, and a Challenger 605.

Three of the seven fixed wings are reportedly unserviceable.

The rotor-wing fleet includes two Agusta 139s and two Agusta 101s, all operated by the Nigerian Air Force but supervised by the Office of the National Security Adviser.

Both the Muhammadu Buhari and Tinubu administrations had earlier pledged to streamline the PAF for cost-efficiency.

Until August 2024, the BBJ-737 with tail number 5N-FGT, ferried the President until the administration acquired the refurbished Airbus A330-200, registered 5N‑FGA.

The aircraft, acquired for roughly $100 million (approx. ₦150bn) from a repossessed German bank asset, arrived in France for initial maintenance and reconfiguration in mid-2024.

However, since February 2025, the President has been using a San Marino-registered BBJ (REG: T7-NAS).

Sources in early May 2025 confirmed that the new A330-200 had been flown to South Africa to change its livery to reflect the Nigerian colours and the office of the President.

“The last I heard is that they took it abroad, I think to South Africa, to change the body design. You know it doesn’t have the green white green,” one source had said, asking to remain anonymous.

“It’s not only the body paint. I learned they are doing some refurbishment on it,” a second official stated.

The Swiss private aviation firm which facilitated the acquisition of the Airbus A330, it was gathered is also preparing the BBJ-737 for sale.

With over 19 years in service, the Presidency said the BBJ became increasingly expensive to maintain and subject to safety scrutiny, particularly after a mechanical incident during an official trip to Saudi Arabia in April 2024.

Despite a partial refurbishment in July 2024, including upgrades to its first-class seating, new carpeting, and completion of C1-C2 inspections, the presidency is retiring the jet and listing it for sale.

Also, the aircraft is not enrolled in any engine maintenance programme, while both of its CFM56-7BE engines remain “on condition” that is, they are not subject to guaranteed performance coverage.

According to the listing, interested buyers may contact AMAC Aerospace for the asking price privately.

Configured to carry 33 passengers and 8 crew, the listing said the aircraft offers a 5-zone seating layout.

Zone 1 is dedicated to crew rest, including two crew rest seats and two cabin attendant seats. Zone 2 features a VIP stateroom equipped with a bed, a two-place divan, and a private lavatory. Zone 3 includes a VIP lounge configured as a four-seat conference room.

In Zone 4, passengers will find nine forward-facing first-class seats. Finally, Zone 5 offers eighteen forward-facing business-class seats.

The aircraft underwent a partial interior refurbishment in July 2024, including new carpeting through 90 per cent of the cabin and a full refurbishment of the first-class seating area.

Full-service galleys are located both forward and aft, featuring a steam oven, microwave, chilled compartments, storage areas, and warming drawers.

Other features include four enclosed lavatories—one for crew use, one within the VIP stateroom, one serving the first-class cabin, and another in the business-class section.

Connectivity is provided via Ka-Band Wi-Fi powered by the Honeywell MCS-7000 system.

Entertainment options include a 32-inch monitor in the master bedroom, another in the VIP lounge, one more in the first-class cabin, and two 21-inch monitors in the business-class cabin.

The BBJ is equipped with cutting-edge avionics systems. It includes three VHF communication radios by Gables Engineering, two VHF navigation radios by Rockwell Collins, and two HF transceivers. Safety and situational awareness are enhanced by an L3 Comms DFDR, a CVR, and Honeywell’s EGPWS.

The aircraft is fitted with two ATC transponders, a pair of DME units, and Rockwell Collins radio altimeters.

Additional avionics include three Thales ADC/ADM units, two Honeywell ADIRUs, and Rockwell Collins weather radar and TCAS systems.

Emergency equipment includes an Artex ELT with interface unit. The flight control and guidance systems comprise two Rockwell Collins FCCs, a Flight Dynamics HGS computer, and two Smith Industries FMS units.

Navigation aids include two ADFs and two Rockwell Collins MMR(GLU) units. Cabin pressurisation is managed by two Nord-Micro CPCs.

The aircraft also carries integrated flight and engine monitoring systems, with components by BAE Systems, Hamilton Sundstrand, Oeco, Honeywell, Teledyne Controls, Vibro-Meter, and Avtech.

Controller.com says the aircraft is fully compliant with ADS-B, CPDLC, FANS-1/A, and RVSM requirements.

The Boeing BBJ is powered by two CFM56-7BE engines, each with 3,821 hours since new and 1,881 cycles.

The engines are on-condition and not enrolled in a maintenance programme.

The auxiliary power unit, a Honeywell 131-9B, has logged 5,982 hours and 3,622 cycles.

It says the aircraft is capable of intercontinental range, thanks to eight auxiliary fuel tanks that boost total capacity to 70,000 pounds.

This includes standard tanks of 45,000 pounds, plus auxiliary tanks split between the left wing (8,500 lbs), right wing (8,500 lbs), center (28,000 lbs), forward aux (10,000 lbs), and aft aux (15,000 lbs).

Currently, the BBJ is undergoing B1-B2 inspections at AMAC Aerospace in Basel.

The C1-C2 inspections were completed in July 2024. Maintenance is tracked using the Veyron system.

On the outside, the aircraft retains its original 2005 exterior paint scheme, featuring a white base accented with green highlights to portray the Nigerian colours.
(VANGUARD)

News

Sanwo-Olu Unveils Leather Hub, Eyes 10,000 Jobs

Published

9 minutes ago

August 23, 2025

Editor

Lagos State Governor, Sanwo-Olu, on Saturday inaugurated a state-of-the-art leather processing and manufacturing hub in Mushin, projected to create 10,000 direct jobs and generate over $250 million in annual export turnover when fully operational.

In a press release sent to PUNCH Online, the governor said the facility was formally inaugurated on Saturday by the First Lady, Senator Oluremi Tinubu, during her three-day official visit to Lagos.

He added that the hub was named in her honour to recognise her grassroots initiatives in social investment and economic empowerment, with 70 per cent of its employment slots reserved for women and youths.

The hub is equipped with modern machinery to support Nano, Micro, Small, and Medium Enterprises (NMSMEs), enabling mass production of shoes, bags, belts, packaging materials, and other leather products.

It is designed to ease production bottlenecks, scale operations, and position Lagos as the leather logistics capital of West Africa.

Speaking at the inauguration, Tinubu described the hub as a “trailblazing project” aligned with President Bola Tinubu’s Renewed Hope Agenda to diversify Nigeria’s economy through industrialisation, manufacturing, and innovation.

The Lagos State Leather Hub in Mushin, formally commissioned by the First Lady of Nigeria, Senator Oluremi Tinubu, on Saturday, 23 August 2025.
“Leatherwork is a traditional craft that has stood the test of time. This facility will empower artisans, scale up leather goods production, and enable them to compete confidently in both local and international markets,” she said, urging entrepreneurs to dedicate themselves to excellence and continuous learning.

Sanwo-Olu said the project would provide training and start-up support to over 150,000 artisans, boost the local economy, attract investments, and strengthen trade links with fashion districts, e-commerce platforms, and future rail services.

“Hides and skins that once left our shores unprocessed will now be transformed here in Lagos into world-class footwear, garments, and accessories proudly stamped ‘Made in Lagos, Made in Nigeria’,” the governor said.

He pledged to expand the facility through transparent regulation and continuous infrastructure upgrades, adding: “True dividends of democracy are best felt when they reach the cobbler in Mushin, the tanner in Oko-Oba, and the young fashion designer in Yaba.”

Commissioner for Wealth Creation and Employment, Akinyemi Ajigbotafe, said the hub would lower production costs and raise quality standards, positioning Lagos-made leather products for dominance in both local and export markets.

News

Peter Obi’s Son, Oseloka, Speaks On Gay Allegations

Published

12 hours ago

August 23, 2025

Editor

Oseloka Obi, son of the 2023 Labour Party presidential candidate Peter Obi, has responded to viral allegations linking him to homosexuality after photographs of him with London-based British-Nigerian Kent Okwesa, circulated online this week.

The pictures, which emerged on Wednesday, showed Oseloka and Okwesa sitting closely at a restaurant in the United Kingdom, sparking a wave of online speculation and gossip.

In a detailed statement, Oseloka dismissed the rumours as malicious falsehoods driven by his father’s involvement in Nigerian politics.

He noted that while he rarely responds to such narratives, the persistence of gossip and unfounded claims made it necessary to address the matter.

“Because of my father’s involvement in Nigerian politics, there has been a persistent curiosity and, at times, malicious obsession with me.

“I have no social media presence and no interest in maintaining one, so I rarely correct these falsehoods. But perhaps it is time I address them,” he wrote.

Oseloka stressed that the photos of him in circulation were being misrepresented, insisting they were ordinary snapshots with friends and colleagues.

“The truth is simple: Peter Obi’s son appears in photos with his friends and colleagues, nothing more. If people wish to invent otherwise, I hope they sleep soundly knowing they are spreading lies,” he added.

He further emphasised that neither he nor his father is perfect, but attested to his father’s integrity and commitment to Nigeria’s future.

“My father has my vote, not because he is my father, but because he is the right man for the job. If others wish to go low, invent scandals, or attack me to wound him, they are free to do so. But we will go high, and we will continue to focus on the future of Nigeria.”

Concluding, Oseloka urged Nigerians to redirect their attention from idle gossip to the pressing socio-economic challenges facing the country.

Read the full statement below:

News

FULL LIST: PenCom Bars Seven Mortgage Banks From Processing Housing Loans

Published

12 hours ago

August 23, 2025

Editor

The National Pension Commission (PenCom) has barred seven Primary Mortgage Banks (PMBs) from processing applications under the pension-backed equity contribution scheme for residential mortgages, citing their non-compliance with housing loan guidelines.

In a letter published on PenCom’s website, addressed to Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs), the organisation instructed them to immediately stop accepting or processing equity contribution applications submitted through the affected institutions.

The blacklisted mortgage banks are:

• Jigawa Savings & Loans Limited

• FHA Mortgage Bank Limited

• Delta Trust Mortgage Bank Limited

• AG Mortgage Bank Limited

• Infinity Trust Mortgage Bank Pic

• First Trust Mortgage Bank Limited

• Mutual Alliance Mortgage Bank Limited

“Following the cited letter, the commission instructs that PFAs, including Closed Pension Fund Administrators and Pension Fund Custodians, immediately stop accepting or processing equity contribution applications submitted by the following Primary Mortgage Banks… Please be guided,” the circular read in part.

Explaining the decision, PenCom’s spokesman, Ibrahim Buwai, told The PUNCH that the sanction was imposed because the affected institutions failed to generate the mortgages for which funds had been approved.

“The whole purpose of giving access to RSA holders is to enable them to own houses through mortgages,” he said. “It was discovered that some of the primary mortgage institutions were not generating mortgages. If that is the case, it means they are not complying with the regulations. That is the reason for their blacklisting.”

PenCom introduced the equity contribution for residential mortgages in September 2022, allowing Retirement Savings Account (RSA) holders to withdraw up to 25 per cent of their balances to fund equity contributions for home ownership.

According to the commission, 24,582 RSA holders had accessed the scheme as of the first quarter of 2025, with disbursements totalling ₦149.84bn.

RSA holders who submitted applications through the barred mortgage banks are now advised to reapply with other eligible PMBs. Those who have made upfront payments were urged to contact the affected institutions for the next line of action.