Beneath the oily faces and deep pockets of many oil marketers these days, now lies an excruciating pain that is threatening to conflagrate and run them under unless a miracle happens, and very fast too.
In fact, these are really troublous times for oil marketers, no thanks to, in recent times, the slide of the naira in the FOREX market, global economic recession that has affected the price of crude oil and most importantly, the high lending rate. In even more severe cases, banks are not giving oil marketers, majority of who are indebted to them, a respite at all. So bad as the situation degenerated that top marketers in the country are selling off their properties to offset bank loans and other such facilities.
While some are fighting tooth and nail to weather the present economic storms, other have smartly cutting corners with their private jets. Owners of these expensive toys of status symbol are flouting the aviation sector’s rules and regulations by deploying these jets for commercial purpose against exclusively private use for which they were originally acquired.
Many rich men have converted their jets to a commercial venture, trying to shore up their fast depleting oil fortunes, occasioned by the steep in global oil prices. Aside the distressing state of Nigerian economy which has humbled even the wealthiest, luxury goods like private jets incur more charges in form of taxes and they cost a fortune to maintain. Stay glued for the list of rich men who have turned the jets to commercial.
