Banks Plan To Assist Corporate Organisations Acquire Private Jets...

Indications have emerged that commercial banks are extending finance offers to business moguls, influential politicians and companies interested in buying private jets.

Aviation industry sources say many banks are now unwilling to fund the operation of domestic airlines, including the purchase of aircraft, where they recorded huge bad debt in the past.

The Asset Management Corporation of Nigeria bought over N132bn bad loans from the domestic airlines to save them from dying.

Top players in the aviation sector told our correspondent that some banks had started approaching influential businessmen and corporate bodies with the offer to fund their acquisition of business jets.

According to them, the banks are looking at working out partnerships with foreign aircraft manufacturers in Europe, the United States and other countries to make the financing process a standard process.

Some foreign-based financial institutions, they noted, might also be involved in the planned financing partnership between Nigerian banks and the aircraft manufacturers.

The Managing Director of GTBank Plc, Mr. Segun Agbaje, had said most of the commercial banks in the country would prefer to finance private jets to regular commercial jet sector.