FG Gives Private Jet Owners 30 Days to Verify Ownership, Combat Illicit Funds

Private Jet Owners Get More Time to Verify

“The Nigeria Customs Service wishes to inform the general public, particularly operators of privately-owned aircraft...”

Nigeria Customs Service Extends Private Jet Verification to Nov 14, 2024: avoid grounding, pay billions in unpaid duties.

The Nigerian government has given private jet owners a one-month reprieve to settle their outstanding import duties. Initially, the verification exercise was to end on October 14, 2024, but it's now been extended to November 14, 2024. This decision was made to accommodate operators who have shown a willingness to pay their dues.

The Nigeria Customs Service (NCS) had planned to ground over 60 private jets due to unpaid import duties amounting to billions of naira. To avoid this, some owners, including top bank chairmen and business moguls, have begun paying their import duties. For instance, operators of a US-registered Gulfstream G650ER jet paid N5.3 billion to avoid the clampdown.

The verification exercise, which started in June, aims to ensure private jet owners comply with import duty regulations. The NCS has discovered that many private jets operating in Nigeria haven't paid the required customs duties. The Comptroller General of the NCS emphasized that international aviation regulations require private jets used within Nigeria to pay import duty.

Pointers:

• Verification Exercise Extension: From October 14 to November 14, 2024
• Purpose: To allow willing operators to settle outstanding import duties
• Initial Consequences: Grounding of over 60 private jets due to unpaid duties
• Payment Examples: Some owners, including bank chairmen and moguls, have paid duties to avoid grounding
• Regulatory Compliance: Ensuring private jet owners comply with import duty regulations.

The Nigerian Customs Service has given private jet owners a second chance to comply with import duty regulations. Initially, the enforcement action was set to kick off on October 14, 2024, but now there's a 30-day extension, pushing the deadline to November 14, 2024. This reprieve is aimed at allowing owners who've shown willingness to settle their outstanding import duties to do so.

The move comes after the Federal Government threatened to ground over 60 private jets owned by prominent individuals due to unpaid import duties totaling several billions of naira. The verification exercise, which started in June, aims to ensure private jet owners comply with customs laws and regulations.

Implications:

• 30-Day Extension: Private jet owners now have until November 14, 2024, to comply
• Unpaid Import Duties: Over 60 private jets face grounding due to unpaid duties
• Verification Exercise: Started in June to ensure compliance with customs laws and regulations

This development provides a temporary relief for private jet owners, but it's essential for them to take advantage of this extension to avoid potential penalties and grounding of their aircraft.

The statement read, “The Nigeria Customs Service wishes to inform the general public, particularly operators of privately-owned aircraft, that the verification exercise for the recovery of import duties on illegally imported private aircraft has been extended by one month, from Monday, 14th October 2024, to Thursday, 14th November 2024.

“This extension aims to further engage operators who have expressed willingness to regularize their import duties, providing them with an additional window to comply with the necessary regulations.

“The NCS is committed to ensuring that all illegally imported aircraft meet the legal requirements, thereby promoting transparency and accountability in the aviation sector.”

The statement added, “In light of this extension, the NCS encourages aircraft operators to take full advantage of the extended period to fulfil their obligations, avoiding sanctions that may arise from non-compliance after the deadline.

“The Comptroller General of Customs, Bashir Adewale Adeniyi MFR, reiterates the Service's dedication to enforcing the laws governing import duties and maintaining the integrity of Nigeria's aviation sector. He further appreciates the cooperation and understanding of stakeholders in this ongoing exercise.”