Business
Aviation Fraud: NCAA Calls for EFCC Intervention
The Nigerian Civil Aviation Authority (NCAA) has urged the Economic and Financial Crimes Commission (EFCC) to escalate its fight against fraud and economic crimes plaguing the aviation industry.
NCAA Director General, Captain Chris Najomo, made the appeal during a courtesy visit to EFCC Chairman, Mr. Ola Olukoyede, at the commission’s Abuja headquarters on Tuesday, according to a statement released on the EFCC’s official X handle.
Najomo highlighted how fraudulent activities are severely undermining safety oversight and operational transparency within the sector. He specifically pointed to high-value transactions like aircraft purchases, leasing arrangements, foreign maintenance contracts, and safety infrastructure procurement as areas particularly vulnerable to abuse.
“Non-remittance weakens the NCAA’s ability to fund safety oversight and operational efficiency, and may require EFCC’s intervention to investigate cases where deliberate withholding, diversion, or misappropriation of these funds is suspected,” Najomo stated.
He further alleged that some aviation operators deliberately under-report revenues, manipulate ticketing systems, or divert funds, actions that cripple the NCAA’s regulatory capacity.
Najomo also raised concerns about illegal charter operations disguised as private flights, which involve unregulated financial flows, emphasizing the critical need for the EFCC’s financial intelligence expertise to uncover such practices.
To address these challenges, Najomo proposed collaborative initiatives, including training NCAA personnel to identify financial red flags, organizing joint sensitization workshops, and establishing robust intelligence-sharing mechanisms to enhance regulatory oversight.
Responding, EFCC Chairman Ola Olukoyede welcomed the partnership and announced that senior EFCC officers would collaborate with the NCAA to finalize a Memorandum of Understanding (MoU).
The agreement will focus on joint investigations, intelligence exchange, and compliance monitoring. “With the kind of work you do, when people see us beside you, they will take you seriously. Aviation is an area where we have seen money laundering, particularly through chartered services.
That is why we have been reaching out to you, and we will continue until we achieve the desired results,” Olukoyede affirmed.
Business
BUA Chairman Rabiu shares South Africa visa entry denial experience at Africa CEO Forum
Rabiu said the experience highlighted the difficulties Africans still face when travelling within the continent despite ongoing talks about African integration and economic cooperation.
The founder and Chairman of BUA Group, Abdul Samad Rabiu, has recounted how he was denied entry into South Africa after his visa expired a day before his trip, while European travellers were reportedly allowed into the country without visas.
Rabiu shared the experience on Thursday while speaking on “Africa at Scale: Capital, Policy and the Architecture of Growth” at the ongoing Africa CEO Forum in Kigali, Rwanda.
He said that the incident occurred in February 2025 when he travelled from Lagos to Cape Town for the Mining Indaba conference.
He said that immigration officials stopped him on arrival after discovering that his visa had expired the previous day.
Rabiu explained that he and his team spent about four hours at the airport before he was eventually returned to Lagos.
“I take full responsibility because my visa had expired and my crew failed to notice it before the trip,” he said.
However, the businessman said that he became concerned after noticing that passengers arriving on multiple flights from Europe were allowed into South Africa without visas while he, as an African, was denied entry.
“While we were waiting at the immigration desk, there were about three international flights from Europe. Most of the passengers were Europeans, and they all entered Cape Town without visas,” he said.
Rabiu said the experience highlighted the difficulties Africans still face when travelling within the continent despite ongoing talks about African integration and economic cooperation.
“I did not have a problem with being returned because I had no valid visa. My issue was being an African in Africa and being denied entry, while foreigners from other continents were allowed in freely without visas,” he said.
He called for reforms in visa and immigration policies across the continent, stressing that Africa cannot achieve meaningful economic integration while Africans continue to face barriers moving within African countries.
Business
At Africa CEO Forum, President Tinubu Highlights “Partnerships That Moves Africa Forward”
“With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.
President Bola Ahmed Tinubu during a panel session at the ongoing Africa CEO Forum, called for “Partnership that can move Africa forward.”
He advocated an “Africa First” approach to development, insisting that African resources should primarily benefit the continent through local processing and manufacturing.
“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” said President Tinubu.
He said that his administration’s policies were positioning Nigeria as an open and competitive destination for investment.
“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent, and open for business,” President Tinubu said.
President Tinubu attributed the inflow to reforms aimed at improving transparency, efficiency, and investor confidence in the country.
He said that Nigeria would no longer permit the export of raw minerals without local value addition, noting that the country possesses the capacity to manufacture products such as electric vehicle batteries from its mineral resources.
He said: “With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.
Business
Obi Meets UK Business Leaders, Advocates Stronger Support for MSMEs
Presidential hopeful of the National Democratic Congress (NDC), Mr. Peter Obi, has reiterated the critical role of micro, small, and medium-sized enterprises (MSMEs) in driving Nigeria’s economic growth and reducing unemployment.
Obi made the remarks on Tuesday following a series of meetings in London with stakeholders in British politics and the business community, including Jonathan Marland, Chairman of the Commonwealth Enterprise and Investment Council (CWEIC).
According to Obi, discussions with Lord Marland focused on prospective trade opportunities, economic advancement, and strategies for promoting small businesses across Nigeria.
Drawing comparisons with rapidly developing economies such as China, Indonesia, and Vietnam, Obi stressed that sustainable economic growth and job creation can only be achieved through deliberate support for MSMEs.
The former Anambra State governor maintained that small businesses remain the backbone of the economy and called for stronger policies aimed at boosting development and creating employment opportunities, particularly in the agriculture and manufacturing sectors.
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