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Nigeria Air: Sirika opens up, accuses lawmaker of demanding 5% stake

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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.

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PoS agents, operators worrying over new CBN policy

Today, there are over 3 million PoS terminals in circulation, and about two million active agents. Many of these agents operate multiple terminals from different service providers to ensure efficiency and customer satisfaction. The new exclusivity rule will destroy that balance.”

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The National President of the Association of Mobile Money and Bank Agents of Nigeria, Fasasi Sharafadeen, says that the new policy of the Central Bank of Nigeria on agent banking will likely put 40 percent Point-of-Sale operators out of business.

The CBN released recently a new operational guidelines for agent banking, which pegged the daily cumulative transactions per PoS agent at N1.2 million.

The CBN warned that any agent found using non-designated accounts for operations would be in violation of the regulation and would face sanctions.

Agents involved in misconduct or fraud will be blacklisted or have their agreements terminated.

The framework further limits individual customer transactions to N100,000 daily, while agent devices must be geo-fenced to prevent unauthorised mobile use.

The CBN announced that implementation of the new agent location and exclusivity rules would begin on April 1, 2026.

Reacting, Sharafadeen, said that one of the most worrying aspects of the policy is the introduction of exclusivity, which restricts agents to operate under only one principal or service provider.

He explained that this move would not only reduce the income of PoS agents but also drive many out of business due to the loss of flexibility and customer trust that currently

He emphasised that the introduction of exclusivity, which restricts agents to operate under only one principal or service provider would not only reduce the income of PoS agents but also drive many out of business due to the loss of flexibility and customer trust that currently defines agency banking operations.

“Today, there are over 3 million PoS terminals in circulation, and about two million active agents. Many of these agents operate multiple terminals from different service providers to ensure efficiency and customer satisfaction. The new exclusivity rule will destroy that balance.”

He added that PoS operators usually relied on multiple platforms to ensure steady transactions when one network fails.

“Some agents choose a particular provider because of incentives like free bank transfers, while they use another provider that is faster in withdrawals,” he explained.

This mix guarantees customer experience because even when one service is down, they can still serve their customers through another provider.

”The association president noted that the CBN’s argument for introducing exclusivity to enable easier monitoring and sanctioning of providers in cases of fraud, overlooks the realities of informal sector operations.

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Forex Trading: Ventezo Winds Up, Blocks Nigerian Clients’ Withdrawals

Last year, many traders from the Philippines and Iran reported issues related to fund withdrawals and poor customer service.

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Cover image: Naira to Dollar

Seychelles-based Ventezo, a forex market trading broker, has ceased its operations, resulting in financial losses for Nigerian clients.

Last year, many traders from the Philippines and Iran reported issues related to fund withdrawals and poor customer service.

“My trading broker, Ventezo, folded up with $1,500 (about N3 million) with them over two months.

Now, we never hear from them.

“They keep promising that they will refund Nigerian clients, but till now, I have never seen anything,” lamented one of its dealers.

Background checks by this Reporter reveal that Ventezo is an electronic communication network (ECN) forex broker offering online trading services in currencies, oil, precious metals, stock indices, and cryptocurrencies.

Established in 2021, Ventezo is registered with the St. Vincent and the Grenadines Financial Services Authority (SVG FSA).

According to Wikibit, although Ventezo claims to have a team of experienced traders and financial professionals, there is a lack of transparency surrounding its ownership and management structure.

The company’s official website (currently offline), provides minimal information about its founders or key personnel, which is a common trait among potentially fraudulent brokers.

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“Nigeria Is Bigger Than PENGASSAN, Any Trade Union – Shettima

Shettima stated this in Abuja on Monday during the Nigerian Economic Summit (NES31), themed: “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030”.

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•Vice President Kashim Shettima

Vice President Kashim Shettima says that Nigeria is bigger than any trade union.

Shettima stated this in Abuja on Monday during the Nigerian Economic Summit (NES31), themed: “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030”.

Shettima’s comment comes on the heels of the industrial action by oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over a dispute with the 650,000 barrels per day Dangote Refinery.

While stating that Dangote Refinery must be protected at all costs, he added that the $20 billion facility is a national asset that must be supported to function.

He said, “Aliko Dangote is not an individual, he’s an institution, and he’s a leading light in Nigeria’s economic parliament.

And how we treat this gentleman will determine how outsiders will judge us. If he had invested $10 billion in Microsoft, Amazon, or Google, he probably might be worth $70 to $80 billion by now.

“But he opted to invest in his country, and we owe it to future generations to jealously protect, promote, preserve, and protect the interests of this great Nigeria.

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