Barring any change in plans, the Nigerian government will purchase an Airbus A330 aircraft seized from an unnamed Arab prince and businessman who could not pay hundreds of millions of dollars he owed a German bank, PREMIUM TIMES reports.

Presidency officials have kept their lips shut about plans to buy a new presidential jet.

However, this newspaper has obtained information that the government has already identified an aircraft for purchase but is scrambling for funds to consummate the transaction.

The identified aircraft is said to be a repossessed one recovered from a troubled oil sheikh who used the aeroplane as collateral for a loan he obtained from an unidentified German bank to buy it. When a bank loan is taken to purchase an aircraft, the aircraft is usually pledged as collateral.

Our sources said the bank repossessed the aircraft from the debtor businessman but found it challenging to sell due to its executive customization.

The aircraft is now in the possession of L & L International LLC, an American aviation firm based in Miami, Florida. L & L International LLC is trying to help the German bank sell it to the Nigerian government.