Society Gists

These men are institutions on their own. Besides their intimidating wealth and flourishing business concerns, they jointly constitute a formidable force in any political clime. Having attained great wealth and eminence by dint of hard work, initiative and perseverance, they have become so entrenched in the socioeconomic and political systems that they have become systems on their own, with the capacity to exert considerable influence or pressure on virtually every sector in the country with interesting results.

However, there is a huge gulf between the affluent and pretenders to wealth. The latter depict everything that is wrong with the aristocracy. This is because they project noise over matter. With their arrogant manner, they pursue acquisitions far beyond their modest means. For instance, during former President Goodluck Jonathan’s administration, men and women that ought to patronise commercial airlines acquired or chartered expensive private jets, just to keep up appearances and their membership of the billionaires’ club. Thus they filled up the runways and airport hangers with aircraft that glistened with their wantonness and lust for counterfeit status. Fast-forward to Muhammadu Buhari’s era, and you see a radical downturn in the fortunes and status of these private jet aficionados.

Today, because of the steep exchange rates and the economic recession, many of the private jet owners have lost possession of their dazzling wings of steel. As you read, no fewer than 31 private jets have been de-registered with the aircraft either sold off or returned to their owners abroad. The development is allegedly connected with the economic downturn and the high cost of maintaining a private jet which is said to have doubled in recent times. An average sum of $5000 (about N2.5 million at N490/$) would be needed per hour to maintain a private jet.

Besides, the cost of fuelling the aircraft has also increased by over 150 per cent. A litre of Jet A1 was sold for between N105 to N115 early last year but the price has jumped to over N250 at the moment. Also, a private jet owner pays landing, parking and handling fees like any commercial airline – such person would pay over-flight charges for regional or international trips. But despite this harsh reality, we still have strong men and women who still maintain their private jets. The likes of Dr. Mike Ishola Adenuga and Alhaji Aliko Dangote who still maintain their top positions on Forbes list as Africa’s richest, have two jets each, Tony Elumelu, Daisy Danjuma, Samad Rabiu, Dapo Abiodun, Tunde Ayeni, Tunde Folawiyo, Folorunso Alakija and few others. These are strong men at this time of recession.