Low offers halt sale of president’s jet

FILE: Nigeria's Presidential Boeing 737‑700 Business Jet.

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The Federal Government has withdrawn its Boeing 737-700 Business Jet from an international sales platform after prospective buyers presented “lowball” offers far below its valuation, senior presidency and security officials have told Sunday PUNCH.

A presidency official familiar with the development said the marketing company delisted the luxury aircraft because the prices quoted by buyers did not meet government expectations.

Some bids reportedly came in at around $10m — far below what the government anticipated for the 20-year-old jet.

The official did not disclose the reserve price.

“They removed it from the advertisement website because the prices being quoted were not what the government wants. They won’t get value for money that way. Some buyers were even pricing it at $10m. The reason could be its age,” the official said.

Aviation brokers note that ageing VIP aircraft typically attract a thin buyer pool.

Private buyers with the means to purchase a large-cabin jet generally prefer newer airframes, manufacturer-backed support programmes and bespoke interiors.

“It is like trying to sell a refurbished mansion to someone shopping for a brand-new penthouse,” another official explained. “Someone with the money to buy a private jet will hardly want an old or refurbished aircraft. So, a decision was reached to bring it back.”

The latest development aligns with an email sent to our correspondent by the US brokerage that first advertised the aircraft.

In the message, JetHQ’s Manager of Market Research, Laurie Barringer, said, “We no longer have the listing on the Boeing. You will need to reach out to the Nigerian Government for information as to what has become of the aircraft.”

The Tinubu administration listed the BBJ (tail number 5N-FGT) for sale in July 2025 as part of a cost-cutting and fleet rationalisation drive that began under former President Muhammadu Buhari.

Acquired in 2005 for $43m during ex-President Olusegun Obasanjo’s tenure, the jet served successive presidents until August 2024, when the government received a refurbished Airbus A330-200 (5N-FGA) as the newest addition to the Presidential Air Fleet.

Ahead of the planned sale, the BBJ underwent C1–C2 inspections and partial interior upgrades at AMAC Aerospace in Basel, Switzerland, including fresh cabin carpeting and a first-class seating makeover.

In the months leading to President Tinubu’s inauguration, senior officials confirmed that the aircraft had also undergone “D-Check”, the most comprehensive maintenance inspection for commercial jets. A D-Check — also called a Heavy Maintenance Visit — involves dismantling and examining virtually the entire aircraft, takes place every six to ten years, costs millions of dollars and can last several weeks.

Despite the upgrades, the jet’s age dampened buyer interest, another official said.

Sunday PUNCH gathered that the Obasanjo-era aircraft is not enrolled in an engine maintenance programme.

Its twin CFM56-7BE engines are maintained “on condition”, a red flag for buyers who prefer programme coverage guaranteeing predictable maintenance costs.

Market data show that younger, fully specified BBJs can sell for several multiples of $10m, but pricing is heavily influenced by condition, avionics, interior features and maintenance programme enrolments.

A security official, who spoke anonymously, said low market appetite and the limited number of operational aircraft in the fleet made delisting the prudent option.

The Presidential Air Fleet — operated by the Nigerian Air Force and supervised by the Office of the National Security Adviser — comprises about 10 aircraft, including a Gulfstream G550, G500, two Falcon 7Xs, a Hawker 4000, a Challenger 605 and Agusta 139 and Agusta 101 helicopters.

The official revealed that three fixed-wing jets are currently unserviceable, putting pressure on the remaining aircraft and occasionally forcing the Senate President and Speaker of the House to charter flights.

“Right now, we have only three to four operational aircraft aside from the Airbus,” he said. “The Airbus is dedicated solely to the President. The Vice President travels a lot in the Gulfstream. The remaining three have to be shuffled around… When you factor all these in, you see why the jet was recalled from sale.

“Sometimes the government has to hire or charter because the statutory aircraft may be engaged, and another need may arise. Even the Senate President and Speaker sometimes have to charter too.”

Another senior presidency official highlighted the diplomatic demands on the fleet.

“We use these jets to service regional diplomacy. During ECOWAS meetings, some countries are too poor to move around, so we send an aircraft to pick them,” he said. “Other issues also arise that require us to use these jets to maintain relations and as favours to neighbouring countries.”

The newest aircraft on the presidential fleet, the Airbus A330, was purchased for roughly $100m from a repossessed European bank asset and delivered in August 2024. It was refitted and painted in Nigeria’s green-white-green livery in July — the same month the BBJ was listed for sale.

It now carries the call sign Eagle One for long-range presidential trips. During its refurbishment downtime, President Tinubu used a San Marino-registered BBJ (T7-NAS) for several local and international journeys.

Presidency sources argue that the Airbus, with its longer range and more efficient fuel burn, will reduce multi-stop fuel costs and the heavy maintenance that plagued the older BBJ, which also suffered a mechanical scare during a Saudi trip in April 2024.

With three years of experience, Stephen, The PUNCH correspondent, has been covering Nigeria’s presidency, politics, security, immigration and trafficking in persons

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