FAMFA Oil Faces N8.85 Billion Customs Demand in Nigeria

FAMFA Oil Limited, linked to billionaire businesswoman Folorunsho Alakija, is confronting a customs demand of N8.85 billion (approximately $6.7 million) regarding the importation of one of its private aircraft. This aircraft is part of a three-jet Bombardier fleet valued at nearly $200 million.

The customs dispute arose during a Nigeria Customs Service enforcement exercise targeting private jets with improperly regularized import statuses. The verification process began in late 2021 and continued into 2024, focusing on ownership details and Temporary Importation Permits.

These permits allow aircraft to enter Nigeria without full import duty payment for a limited time, contingent on compliance with specific conditions. If the aircraft remains beyond the permitted period or lacks proper documentation, authorities can demand applicable duties.

FAMFA Oil's aircraft drew regulatory attention during this process, and the company has not publicly addressed the allegations. The situation highlights FAMFA Oil's significant role in Nigeria's business landscape, particularly following Alakija's successful ventures in the oil sector.