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
CBN Revokes Operating Licences of Aso Savings and Loans, Union Homes Savings and Loans
The Central Bank of Nigeria (CBN) has revoked the operating licences of two primary mortgage institutions, Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory violations and severe financial weaknesses.In a statement released on Tuesday by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said the revocation was carried out under powers conferred by Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria.

The CBN stated that the affected institutions breached multiple provisions, including failure to meet the minimum paid-up share capital requirements for their licence categories, having insufficient assets to cover liabilities, critical undercapitalisation with capital adequacy ratios below prudential minima, and non-compliance with several regulatory directives.
“This action is part of ongoing efforts to reposition the mortgage sub-sector, promote a culture of compliance with relevant laws and regulations, and ensure the stability of Nigeria’s financial system,” the statement read.
The revocation comes amid long-standing challenges for both institutions, which were delisted from the Nigerian Exchange (NGX) in 2024 for failing to submit audited financial statements for over six years.
Reports have also highlighted customer complaints over trapped deposits and governance issues.
Following the licence revocation, the institutions are no longer authorised to operate as licensed financial entities.
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation process and begun payments of insured deposits up to ₦2 million per depositor.
The CBN reaffirmed its commitment to safeguarding depositors’ interests and maintaining financial system stability, adding that it will continue enforcing strict regulatory standards across the sector.
Depositors have been urged to await further guidance from the NDIC on claim settlements.
Business
Reps summon Dangote and NMDPRA over fuel imports feud
The lawmakers have formally invited both parties to provide detailed explanations, stressing that only a full understanding of the issues will allow the National Assembly to broker lasting solutions.
The House of Representatives Joint Committee on Petroleum Resources (Downstream and Midstream) has intervened to halt rising tensions between the Dangote Refinery group and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The joint committee on Monday summoned Alhaji Aliko Dangote and the NMDPRA leadership to present their grievances before the committee, while both sides are ordered to cease all media hostilities pending a swift investigation.
The committees, jointly led by Hon. Ikenga Imo Ugochinyere and Hon. Henry Okogie, convened an emergency meeting to address what they described as “growing tension” threatening the stability of the downstream petroleum sector.
Ugochinyere said that the intervention was necessary to prevent further escalation at a critical time when government and industry stakeholders are working to stabilise supply, pricing, and regulation in the post-subsidy era.
“The renewed tension in the downstream sector, stemming from allegations by Alhaji Aliko Dangote against the NMDPRA, demanded urgent attention,” he said.
“The committee is committed to protecting the stability achieved in the sector.”
The lawmakers have formally invited both parties to provide detailed explanations, stressing that only a full understanding of the issues will allow the National Assembly to broker lasting solutions.
Business
Dangote appoints ex-CBN director Mahmud Hassan, as chief economist
In his new role, Hassan will serve as the Group’s top adviser on economic strategy, market trends, and policy implications, reporting directly to the President of the Group, Aliko Dangote.
The Dangote Group has appointed renowned economist and former Central Bank of Nigeria Director, Dr Mahmud Hassan, as its Group Chief Economist.
In a statement released on Monday, the Group said the appointment would strengthen its economic advisory capacity at a time of heightened global and domestic market volatility.
In his new role, Hassan will serve as the Group’s top adviser on economic strategy, market trends, and policy implications, reporting directly to the President of the Group, Aliko Dangote.
Dangote Group said Hassan brings more than 30 years of experience in economic policy formulation, financial sector regulation, and central banking to his new role.
During his long career at the CBN, he held several senior positions, including Director of the Trade and Exchange Department and Director of the Monetary Policy Department.
He also served as Secretary to the Monetary Policy Committee and as Special Assistant on Economic Policy and Research to the CBN Governor
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