The Nigerian Federal Government plans to buy a repossessed Airbus A330 aircraft previously owned by an Arab prince and businessman.

It was learnt that the aircraft which has an elaborate VIP configuration was seized by a German bank after the owner failed to pay off a loan.

The plane was previously owned by a troubled oil sheikh who used it as collateral to secure a loan from a German bank. As is common practice, the aircraft was pledged as collateral when the loan was taken out to purchase it.

The government has identified the aircraft and is working to secure funding for the purchase. However, officials have remained tight-lipped about the plans.

The aircraft, currently in the possession of L & L International LLC, an American aviation firm, is valued at $600 million. Nigeria has offered to pay “a little over $100 million” for the plane.

According to sources, the government is scrambling to find funds to complete the transaction. An official revealed that some of the money to purchase the plane would come from the N180 billion contingency fund provided for a service-wide vote in the 2023 supplementary budget.

It should be recalled that the National Assembly has approved an extension of the 2023 supplementary budget to December 31.

“If L & L International accepts the amount offered, it will be an excellent deal for Nigeria,” an aviation expert, said.

The purchase is seen as a good deal for Nigeria, as the aircraft can be resold for twice or triple the offered amount. However, it remains unclear if L & L International LLC will accept Nigeria’s offer.

AMAC Aerospace AG, a Swiss aviation company, is coordinating the purchase on behalf of the Nigerian government. The company has a long-standing contract with Nigeria’s Presidential Air Fleet and has recommended the aircraft due to its affordability and reliability.

The government’s decision to purchase a new aircraft comes as some of the planes in the presidential fleet are facing airworthiness issues.

“The government did not envisage the purchase of aircraft this year, so there is no provision for it in the 2024 budget,” one official said. “But with the airworthiness of some aircraft in the presidential air fleet now suspect, at least one aircraft will have to be replaced to resolve that emergency.”

Recall that in a June 4 report, the House Committee on National Security and Intelligence recommended that the federal government urgently acquire two aircraft for President Tinubu and Vice President Shettima to ensure the safe transportation of top government officials.

However, a senior aide to President Tinubu has revealed that the government is unable to fulfil this request and purchase two new aircraft as advised by the National Assembly.

He said, “The best the government can do is to go for one at the moment, and it is gladdening that we are getting a good second-hand aircraft at a good price.”