The President’s Lau Lau Spending

Premium Times and Punch reported that the presidential jet was purchased for over $100 million and that the deal was brokered by L & L International LLC, an aviation firm based in Miami, in the US. The Tinubu administration, however, did not reveal how much the plane cost. In fact, for a long time, the government was not forthcoming with information about the jet—that is, until it was seized by Chinese firm, Zhongshan Fucheng Industrial Investment Co. Ltd. Earlier in August, the Chinese firm seized the jet in France following a court order from a Paris judicial court after a bilateral agreement with Ogun State had gone sour. (In 2010, the Chinese company and the Ogun State government entered into a framework agreement on the establishment of Fucheng Industrial Park in Ogun State as a free trade but Ogun State terminated the agreement in 2016.) It was the seizure and subsequent release of the jet that revealed details of its $100 million price point.