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FG puts up presidential jet for sale, as market value drops from $22.91m to $4.03m after 9years

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By Oluwakemi Ishola 

Federal government of Nigeria has announced the sale of a jet in its presidential fleet, Hawker 4000 aircraft with registration number, 5N-FGX/: RC 066.

The business-sized jet which was bought at $22.91 million is currently estimated at $4.03 million, according to a global aviation resource.

The advert which was published in several national dailies revealed that the aircraft has a range of 3,190-nautical miles and had flown for 1,768 hours was entered into the service in 2011. It also has a capacity for nine passengers and three crew members.

“Please note that all bids must be submitted within one week of this publication. A background check is required as a pre-qualification for the bid. Prospective bidders who want to inspect the aircraft will be granted access within one week from this advertisement,” the advert read.

It said the aircraft could be inspected at the Presidential Air Fleet’s hangar located at the Nnamdi Azikiwe International Airport, Abuja as prospective buyers were directed to submit a refundable bank draft for $50,000 to the committee with the bid.

Interested buyers were requested to submit their closed bid to the Chairman, Committee for Sale of Aircraft, Office of the National Security Adviser, care of Special Services Office, Office of the Secretary to the Government of the Federation.

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Findings by The ICIR show that 73 units of Hawker 4000 aircraft were manufactured by Hawker Beechcraft Corporation between 2001 and 2013 until they ceased production and they were sold for $22.91 million each as of 2012.

However, Hawker 4000 aircraft currently sells for 17.62 per cent of its original price which is $4.03 million and the price is expected to fall further according to jet sales websites.

This indicates that the current market value, when compared to its initial listing price, had fallen by 82.41 per cent.

The drop in the value of Hawker 4000 aircraft is attributed to bankruptcy faced by Hawker Beechcraft Corporation as it ceased further production which had led to an inability to complete subsequent upgrades and enhancement programme on the Hawker 4000.

In 2016, President Muhammadu Buhari had put up for sale two presidential aircraft, a Falcon 7X executive jet and Hawker 4000 arguing that aircraft in the Presidential Air Fleet should be reduced to cut down on waste.

It was also announced that some aircraft in the fleet would be handed over to the Nigeria Air Force for its operations. It could not be confirmed if this had been done.

According to the Presidency, the PAF has 10 aircraft and they include Boeing Business Jet (Boeing 737-800 or Air Force One), one Gulfstream 550, one Gulfstream V (Gulfstream 500), two Falcons 7X, one Hawker Sidley 4000, two AgustaWestland AW 139 helicopters and two AgustaWestland AW 101 helicopters.

Reports said each of the two Falcon 7X jets was purchased in 2010 for $51.1 million, while the Gulfstream 550 costs $53.3 million.

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