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
Petrol hits N1,371 per litre in Abuja, consumers decry soaring prices
Fuel prices in the Federal Capital Territory have surged sharply, with petrol now selling for as high as N1,371 per litre at some stations, sparking frustration among consumers.
Reports showed NIPCO selling at N1,371 per litre and AYM Shafa at N1,370 per litre. NNPC Retail has also raised its pump price to N1,361 per litre, up from N1,261 per litre last week, while MRS, a Dangote partner station, now charges N1,367 per litre, up from N1,270.
The increases come after Dangote Refinery’s recent gantry price adjustments, marking roughly a 55 per cent rise in petrol prices over the past three weeks.
Earlier hikes included:
March 3: NNPC at N975/litre, AYM Shafa at N960/litre
March 6: NNPC at N1,068/litre, AYM Shafa at N1,098/litre
March 9: NNPC climbed from N1,161 to N1,267/litre; AYM Shafa rose from N1,230 to N1,300/litre
Minor dips two days later were short-lived, as prices surged again in subsequent days.
Business
Dangote Refinery Ship 456,000 tonnes of PMS to African countries in February
The exports arrive at a moment of acute disruption in global energy markets, with several African countries that have historically depended on large refineries in the Persian Gulf now looking to Dangote as an alternative source.
The Dangote Petroleum Refinery has completed the sale of 12 cargoes of refined petroleum products totalling 456,000 tonnes to neighbouring African countries in February.
In a statement, the Refinery said that the shipments, sold on a free-on-board basis to international traders, have been delivered to Côte d’Ivoire, Cameroon, Tanzania, Ghana, and Togo — a spread that signals the refinery’s ambitions extend well beyond its West African neighbourhood.
“This accomplishment underscores the Dangote Refinery’s capability to not only meet but exceed Nigeria’s domestic fuel demands.”
The exports arrive at a moment of acute disruption in global energy markets, with several African countries that have historically depended on large refineries in the Persian Gulf now looking to Dangote as an alternative source.
The refinery has framed its regional role in pointed terms, describing West Africa as a market long regarded as “a dumping ground for lower-quality fuels” and positioning its Euro 5-standard gasoline and diesel as a corrective to that history.
Business
Moniepoint buys Orda to capture Africa’s $50bn restaurant economy
Founded in 2020, Orda built software designed for small and independent restaurants that previously operated without digital systems.
Photo: Tosin Eniolorunda, Moniepoint co-founder and group CEO
Nigerian fintech company Moniepoint Inc. has acquired restaurant management startup Orda Africa in a move aimed at expanding its reach into Africa’s fast-growing food service industry, a sector estimated to be worth about $50 billion across the continent.
BusinessDay reports that the deal integrates Orda’s cloud-based restaurant software into Moniepoint’s business management platform, Moniebook, allowing food vendors and restaurants to manage orders, payments, inventory and accounting from a single system.
The acquisition highlights a wider shift among African fintech firms that are moving beyond payments to offer operational tools and credit to small businesses, especially those in the informal economy.
Tosin Eniolorunda, Moniepoint co-founder and group CEO, said that the food sector represents one of the most active but underserved parts of Africa’s economy.
“The food industry is a major source of jobs and daily survival for many Africans,” Eniolorunda said, adding that many businesses still rely on manual processes and disconnected tools.
The move reflects a growing competition among financial technology firms to control the digital infrastructure behind small businesses, particularly restaurants, which generate frequent transactions and require working capital.
Africa’s food service market is expanding quickly as urban populations grow and more consumers eat outside the home.
Nigeria alone is projected to see its restaurant market reach about $19.3 billion by 2030, growing at an annual rate of more than 11 percent.
Founded in 2020, Orda built software designed for small and independent restaurants that previously operated without digital systems.
The company’s tools help businesses track orders, manage kitchen workflows and monitor stock levels.
Guy Futi, Orda CEO, said joining Moniepoint would allow the company to connect operational data from restaurants with financial services such as payments and credit.
“To truly transform the industry, we needed to connect that expertise with comprehensive financial infrastructure,” Futi said, adding that customers would continue to use the platform while gaining access to new services.
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