Business
Nigeria Air: Sirika opens up, accuses lawmaker of demanding 5% stake
The Former minister of Aviation, Hadi Sirika has finally reacted to controversies surrounding the unveiling of the new national carrier, Nigeria Air, 48 hours before his exit.
The purported Nigeria Air was discovered to be a hired aircraft from Ethiopian Airline, repainted and rebranded in Nigeria colours.
The scam has put the country in bad light globally. However, Sirika has come out to say high powered individuals in the country also contributed in frustrating the good intention of former President Muhammadu Buhari towards the project.
He said that the Chairman of the House Committee on Aviation, Nnolim Nnaji requested for five percent share in the airline for him and his people which he turndown directing him to the stakeholders.
In an interview on AriseTV, Sirika while responding on the issue of Hon Nnaji who called Nigeria Air launch a fraud, he said: “I will respond now. I will say exactly what I told him in private when we spoke.
“Hon Nnaji asked me that I should give him 5 percent of Nigeria to carry him along with his people, and I said to him at that time, Honourable, a bidding process that has taken place, and some people won. So, I think you should go to those people and ask for the 5 percent.”
“Let’s be fair, Hon Nnaji didn’t say other members. He said he wants it for himself and his people. His people could his be his family, could be members and it could be leadership. I don’t know, but he insisted on 5 percent. I said that he should relax and approach the owners. That’s exactly what I told him.”
The former Minister also criticised Nnaji and the aviation committee for conducting what translated to a “predetermined hearing”.
‘I was a member of the House of Reps 20 years ago, and 10.”
Meanwhile, Chairman, House of Representatives Committee on Aviation, Honourable Nnolim Nnaji has denied asking for 5% equity in Nigeria Air, saying the ex-minister of Aviation, Senator Hadi Sirika, ‘is a drowning man struggling to grab anything on his way to survive the barrage of attacks he has been receiving since his controversial unveiling ceremony of the so called Nigeria Air.’
Nnaji in a statement on Sunday while responding to Sirika’s allegations, said the former Minister was not happy that he had demanded transparency and due process in all matters relating to aviation sector, especially Nigeria Air project.
He added that the House suspended further questions when the Airline Operators of Nigeria (AON) sued the Ministry and Nigeria Air to court and got injunction to stop it.
“Ordinarily l would not have bothered to reply to his allegations of my demand for 5 percent equity in Nigeria Air as he claimed during his interview on Arise Television but l believe l owe my constituents and indeed Nigerians a duty to put the records straight.
“It is on record that last year when the Minister announced Ethiopian Airlines as core investor in NigeriaAir, my committee which was also inundated with petitions from various stakeholders regarding that announcement invited the Minister and his team to furnish the committee with the details of the project.
“The committee requested for the evidence of the bid process that gave Ethiopian Airlines the award and, the full business case as prepared by the Nigerian Infrastructure Concession Regulatory Commission, (ICRC) which was supposed to spell out the details of all the investors and their equity contributions.
“Sirika at that meeting said Full Business Case was still being worked out by the ICRC and promised to make it available to the committee as soon it was ready which he failed to do before Airline Operators of Nigeria, (AON) took the Ministry to court and got injunction restraining it from going ahead with the project.”, Nnaji said.
The lawmaker, who said all enquires were suspended to avoid court contempt, added that he crossed Sirika’s path again, when issued a statement against threats of mass resignations by key personnel of the Nigeria Civil Aviation Authority, (NCAA) due to pressures from the Ministry to give waivers to Nigeria Air to enable it secure Air Operator’s Certificate, (AOC).
“Of course, we suspended our discussions and enquiries on the project the moment court got involved. Normally when a matter is before the court the parliament does not discuss it.
“However, on May 20th 2023, l received reports of threats of mass resignations by key personnel of the Nigeria Civil Aviation Authority, (NCAA) due to pressures from the Ministry to give waivers to Nigeria Air to enable it secure Air Operator’s Certificate, (AOC) so that it could take Off before the exit of the last administration of President Muhammadu Buhari.
“I quickly issued a statement warning the former Minister against subverting the authority of NCAA because of its severe consequences on the Nigeria’s air transport sector. It is also a common knowledge that the Nigerian institutional investors he mentioned as participants have all denied him.
“It is not strange that Sirika came up with this spurious allegations against my person because l remained consistent in demanding that he followed due process.
“He should not deviate from the subject matter. Let him tell Nigerians the truth about the contraption he sold to us as Nigeria Air. Nnolim Nnaji is not his problem.”, Nnaji added.
Business
Geregu power plant : Otedola sells majority shares to MA’AM Energy Limited for $750 million
Geregu Power is currently valued at N2.85 trillion, trading at N1,140 per share and remains one of the most capitalised and profitable firms on the Nigerian Exchange.
• Femi Otedola
Femi Otedola has sold out his majority shares in Geregu Power Plc to an indigenous firm, MA’AM Energy Limited, an Abuja-based integrated energy company engaged in electricity generation and supply, energy trading and marketing.
The deal is valued at $750 million deal.
The power plant uploaded the filing on the Nigerian Exchange (NGX) website.
According to the details cited, the transaction was consummated through the sale of Otedola’s 95 percent stake in Amperion Power Distribution Company Limited to MA’AM Energy Limited.
According to the NGX filing, Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power, has undergone a significant restructuring of its ownership.
The document confirms that “MA’AM Energy Ltd has acquired a 95 per cent equity interest” in Amperion Power, effectively making it the new controlling shareholder of Geregu Power Plc.Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Otedola “has been transferred to MA’AM Energy.”
The transaction, which closed yesterday, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers.
While the sale involved Otedola’s stake in Amperion, Geregu Power clarified that this “does not involve the direct sale or transfer of shares of Geregu Power Plc,” meaning the company’s public shareholding structure on the NGX remains unchanged.
Geregu Power is currently valued at N2.85 trillion, trading at N1,140 per share and remains one of the most capitalised and profitable firms on the Nigerian Exchange.
Business
2026: CPPE foresees stronger growth for Nigerian economy, people and businesses
Dr Muda Yusuf, the CEO of CPPE, stressed that the periodic marginal appreciation of the Naira, strengthened business confidence, eased imported inflation and restored predictability to pricing, contracting and investment planning.
• Dr Muda Yusuf, the CEO of CPPE
The Centre for the Promotion of Private Enterprise (CPPE), has described 2025 as “a year of macroeconomic stabilisation,” for Nigeria; projecting that the economy will in 2026, transition more decisively from stabilisation to growth.
CPPE, in its review of the outgoing year, noted : ” The year 2025 marked a significant turning point in Nigeria’s macroeconomic trajectory following the turbulence associated with the early phase of the government reforms.
“Exchange-rate stability emerged as the most visible achievement, with the naira largely trading within the ₦1,440–₦1,500/US$ band.”
Dr Muda Yusuf, the CEO of CPPE, stressed that the periodic marginal appreciation of the Naira, strengthened business confidence, eased imported inflation and restored predictability to pricing, contracting and investment planning.
“Inflation decelerated sharply from 24.48 percent in January to about 14.45 percent by November 2025.
The slowdown was supported by currency stability, easing logistics pressures and improving supply conditions.
Several food items and imported consumer goods recorded outright price declines, contributing to improved consumer sentiment and reduced price volatility.”
Given the above, Dr Yusuf said that overall, 2025 laid a solid foundation of macroeconomic stability.
He said : ” The outlook for 2026 is reassuring, with expectations of stronger growth, easing inflation, improving investor confidence and a gradual shift toward more inclusive expansion.
He emphasised that if reform momentum is sustained and security challenges are effectively addressed, 2026 could mark the beginning of a more robust growth phase with tangible improvements in living standards.
Business
Nigerians consume 1.236 million terabytes mobile data Nov’25– NCC
The NCC said that seasonal factors, including holiday promotions and increased online activity, likely boosted November’s marginal rise over October.
The Nigerian Communications Commission (NCC) says that Nigerians consumed 1.236 million terabytes (1.24 petabytes) of mobile data in November 2025, a slight increase from October’s estimated 1.235 million TB.
NCC, in the November data reports, said ” Data usage climbed progressively from lower levels earlier in the year, around 983,000 TB in April amid post-tariff adjustments, to crossing the 1 million TB threshold by mid-year. June saw 1.044 million TB, July surged to 1.131 million TB (then hailed as a record), and August reached 1.152 million TB,” said the NCC.
According to the records, month-on-month gains averaged 1.8 percent in the second half, driven by recovering subscriptions, expanded 4G coverage, and insatiable appetite for video streaming, social media, and fintech services. This all-time high reflects Nigeria’s deepening digital integration.
MTN and Airtel, controlling over 85 percent of the market, benefited most, with users averaging higher per-subscriber consumption – MTN at around 13 GB monthly and Airtel nearing 10 GB.
The NCC said that seasonal factors, including holiday promotions and increased online activity, likely boosted November’s marginal rise over October.
Broader metrics reinforce the boom: Internet subscriptions hit 144.8 million in November, while broadband penetration reached 50.58 percent (109.7 million high-speed connections), up sharply from 45.61 percent in January. Active telephony lines rebounded to 177.4 million, adding 2.1 million month-on-month, pushing teledensity to 81.8 percent.
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