· Why very few billionaires can maintain their airplanes
Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, said private jets belonging to chronic loan defaulters would be seized. According to him, “The central bank will not allow you to borrow money and not pay again. The era has gone. Now, when you take a loan, you will pay. If you don’t pay, we will take your money wherever you keep it.”
“If you are flying private jets, we will seize the private jets so that you can begin to ride on bicycles. Then we will know you are truly a liquidated person. You cannot owe banks and be flying jets all over the place. We’ll come after you. You must pay those loans.”
Emefiele, said this at the end of an assessment tour of the Dangote Refinery and Petrochemical Company situated at Ibeju-Lekki, Lagos.
Interestingly, however, there is a huge gulf between the affluent and pretenders to wealth. The latter depict everything that is wrong with aristocracy. This is because they project noise over matter. The former however, epitomise the best of nobility and affluence.
Like ageless oaks, they loom sturdily and unbending before the ravages of nature and unforgiving fate. Indeed, the silence of old money runs deeper and farther than the din of sudden and newfound wealth; for instance, billionaires whose fortune were diligently amassed by cautious, honest toil are able to stay solvent amid the ongoing recession unlike too many others who came by sudden and often unsustainable wealth.
Despite the hard times, these men and women are able to sustain their fortunes and standard of living. They aren’t selling off their property or leasing it in order to retain their wealth and affluent status. For instance, while Nigeria’s sudden billionaires are selling off their private jets, the likes of Mike Adenuga has two jets, Aliko Dangote has two, Tony Elumelu, Samad Rabiu, Herbert Wigwe, Segun Agbaje, Tunde Folawiyo, Folorunso Alakija, Akanimo Udofia, Kashim Buka and few others are able to maintain theirs.
The situation billionaires are however, unable to stay afloat. With their arrogant manner, they made 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 aircrafts that glistened with their wantonness and lust for counterfeit status. Fastforward 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.
