Business
FCCPC insists on Air Peace investigation over violations
The Federal Competition and Consumer Protection Commission has insisted that it is investigating Air Peace for allegedly exploiting customers.
FCCPC disclosed this in a statement by its spokesperson, Ondaje Ijagwu, on Thursday.
The Commission was clarifying reports making the round that it is not investigating Air Peace.
However, the FCCPC told Nigerians to disregard the claim as it does not emanate from the Commission.
“The Federal Competition and Consumer Protection Commission (FCCPC) categorically refutes a story entitled “FG not investigating Air Peace—FCCPC” making the rounds on some media platforms, particularly online, which has been falsely attributed to the Commission.
The referenced story, which seems syndicated and sponsored, did not emanate from the FCCPC, and we advise the public to disregard it in its entirety.
The FCCPC stands firmly by its official release dated December 1, 2024, which announced enquiries into widespread consumer complaints in the banking, telecommunications, and aviation sectors.
As stated, Air Peace is one of the entities being engaged to address allegations of exploitative ticket pricing, including significant price hikes for advance bookings on specific domestic routes.
These enquiries, being conducted under the Federal Competition and Consumer Protection Act (FCCPA) 2018, are focused on addressing poor service delivery, exploitative practices, and potential consumer rights violations.
The enquiries are structured engagements aimed at ensuring compliance with regulatory standards, improving transparency, and protecting consumer interests.
“The FCCPC reaffirms that the enquiry into Air Peace commenced as scheduled on December 3, 2024, and remains ongoing.
The Commission is reviewing information and responses being provided by Air Peace and other entities under inquiry.
Appropriate determinations will be made, and necessary actions taken to address any identified violations.
“We urge the public to rely solely on verified communications from the FCCPC,” the Commission stated.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.
The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.
The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.
The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.
The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.
Current status
The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.
As the case is pending before the court, the allegations remain subject to judicial determination.
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Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
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