Nigerian billionaire Folorunsho Alakija’s private aircraft assets, valued at close to $200 million, have come under scrutiny as her oil company, FAMFA Oil, faces an alleged $6.7 million (N8.85 billion) customs demand over one of its jets.
The customs bill is equivalent to a significant portion of the value of the aircraft involved, highlighting the scale of the financial dispute now before the courts.
According to an investigation by Secrets Reporters cited by Billionaires.Africa, FAMFA Oil operated a fleet of three Bombardier private jets in Nigeria for more than a decade, with questions raised over the validity and status of their import documentation.
The three aircraft are reportedly worth close to $200 million at current list prices, although the precise market value of the individual jet at the centre of the customs claim was not disclosed.
The Nigerian Customs Service reportedly arrived at the demand of N8.85 billion, equivalent to about $6.7 million at an exchange rate of N1,321.68 to the dollar, following a nationwide verification exercise targeting privately owned aircraft operating in Nigeria.
The exercise was ordered by the Comptroller-General of Customs to establish whether private aircraft in the country had complied with import requirements.
Under Nigeria’s temporary importation regime, an aircraft can enter the country without immediately attracting full import duty, provided it leaves the country within the authorised period. Aircraft that remain beyond the permitted period or operate without valid documentation may become liable for the applicable customs duty.
The investigation reportedly found that FAMFA’s aircraft had been operating with import documents that were allegedly expired, backdated or missing.
FAMFA Oil has not publicly commented on the allegations, and the claims have not been established by a court.
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