iDeemlawfulThe Federal Government has withdrawn its Boeing 737-700 Business Jet from an international sales platform after prospective buyers submitted “lowball” offers far below its assessed worth, according to senior presidency and security officials.
A presidency source familiar with the matter said the marketing company removed the aircraft from the listing because the quoted prices failed to meet government expectations.
Some offers reportedly hovered around $10m — significantly below what officials anticipated for the 20-year-old jet.
The official declined to reveal 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 observe that ageing VIP aircraft often attract a limited pool of buyers.
Private individuals capable of purchasing a large-cabin jet typically prefer newer models with manufacturer-backed maintenance programmes and customised interiors.
“It is like trying to sell a refurbished mansion to someone shopping for a brand-new penthouse,” another official said. “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 development aligns with an email earlier sent to our correspondent by the US brokerage that initially advertised the aircraft.
JetHQ’s Manager of Market Research, Laurie Barringer, stated, “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-reduction and fleet-streamlining initiative that began under former President Muhammadu Buhari.
Acquired in 2005 for $43m during ex-President Olusegun Obasanjo’s administration, the aircraft served several presidents until August 2024, when the government received a refurbished Airbus A330-200 (5N-FGA) as the latest addition to the Presidential Air Fleet.
Before the planned sale, the BBJ underwent C1–C2 inspections and partial interior upgrades at AMAC Aerospace in Basel, Switzerland, including new cabin carpeting and first-class seating enhancement.
In the months leading up to President Tinubu’s inauguration, senior officials confirmed the jet also completed a “D-Check”, the most extensive maintenance inspection for commercial aircraft. A D-Check involves comprehensive disassembly and inspection, occurs every six to ten years, costs millions of dollars and often lasts for weeks.
Despite these upgrades, the aircraft’s age reduced buyer interest, another official said.
It was also learned that the Obasanjo-era jet is not enrolled in any engine maintenance programme.
Its twin CFM56-7BE engines are maintained “on condition”, a factor that discourages buyers who prefer predictable maintenance covered by structured programmes.
Market data shows that newer, fully specified BBJs can sell for many multiples of $10m, but prices depend heavily on maintenance status, interior condition, avionics and overall configuration.
A security official, who spoke anonymously, said weak buyer interest and the limited number of functional aircraft in the fleet made removing the jet from the market a practical choice.
The Presidential Air Fleet — operated by the Nigerian Air Force and overseen by the Office of the National Security Adviser — consists of 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 disclosed that three fixed-wing aircraft are currently unserviceable, increasing pressure on the remaining jets and sometimes requiring 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 emphasised the diplomatic demands placed 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 in the fleet, the Airbus A330, was bought for about $100m from a repossessed European bank asset and delivered in August 2024. It was refitted and painted in Nigeria’s green-white-green colours in July — the same period the BBJ was put up for sale.
It now flies as Eagle One on long-range presidential missions. During its refurbishment, President Tinubu travelled on a San Marino-registered BBJ (T7-NAS) for several domestic and international trips.
According to presidency officials, the Airbus — with its extended range and improved fuel efficiency — will lower multi-stop fuel expenses and reduce heavy maintenance costs that burdened the older BBJ, which also experienced a mechanical incident during a Saudi trip in April 2024.
