Major Banks Settle Aircraft Duties Amid Customs Crackdown

Three major banks have recently settled their outstanding duties on aircraft, with one bank making a payment of about N3 billion. This development is part of intensified efforts by the Nigeria Customs Service to recover unpaid obligations related to aircraft financing.

Sources from the aviation ministry in Abuja confirmed that a major bank has completed its payment, while others are expected to follow suit. The recovery initiative has already resulted in over N30 billion being recovered from private aircraft owners.

This exercise involved collaboration between the Nigeria Customs Service and the Economic and Financial Crimes Commission (EFCC), which previously provided a list of privately owned aircraft for duty verification. The Customs Service has warned of continued enforcement against aircraft owners with unpaid duties, including securing court orders for the impoundment of about 10 aircraft pending forfeiture.

The recovery efforts have prompted several aircraft owners to regularize their obligations, contributing significant revenue to the Federal Government.