NIGERIA – As the wave of bank reforms sweep through Nigeria, it has been revealed that some Bank executives used shareholders funds to acquire private jets. The aircrafts which are spotted at various airports across the country have become a cause for concern.
Stakeholders are asking the APEX body to sell off the jets instead of the sacking of staff.
Some of the private jets bought by the bank czars include the Hawker 900 XP and 800 XP, which costs $14.9 million and $13 million each; Challenger Global 5000 which costs about $51 million; Falcon 7X which goes for $49.5 million. Indeed, the value of the private jets purchased by the bank executives is put at billions.
About N1 billion is spent yearly on the maintenance of the private jets. This cost covers landing and parking fees, fuelling, crew members’ salaries (who are mostly expatriates), and other costs.
It is in the face of these that shareholders of many banks are at a loss on what to make of the new management insistence on sacking their workers.
Source –the guardian
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