This revealing Punch Article suggest banks are no longer interested in financing Airlines prefering to finance PJ’s (Private Jets). See excerpts below;

The Managing Director of GTBank Plc, Mr. Segun Agbaje, had said most of the commercial banks in the country would prefer to finance private jets to regular commercial jet sector.

He said, “Risks and problems associated with commercial aviation is one of the problems confronting the sector. However, most financial institutions will prefer to support business aviation (private jets) at the expense of commercial aviation. Business aviation has less risk when compared to commercial aviation.”

Agbaje, who spoke at the Nigerian Business Aviation Conference on the theme ‘The Emerging Market in Business Aviation,’ listed some of the popular jets among Nigerians billionaires in the country as Gulfstream, Bombardier, Global Express, Hawker Legacy and Dassault Falcon.

Agbaje put the total value of private jets in the country at $3.75bn, adding that each of the estimated total of 150 jets in the country cost $25m on the average.

Banks dump airlines for private jet owners