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
NRS Enforces Unified Tax ID system for all taxable persons in Nigeria
In addition, NRS said that the Tax ID framework would harmonise taxpayer information across all levels of government.
Nigeria Revenue Service (NRS), in collaboration with the Joint Revenue Board (JRB) commences the implementation of a new Taxpayer Identification (Tax ID) system for all taxable persons in Nigeria.
The agency announced this via a public notice issued on Monday.
NRS said that the initiative is in line with Sections 6, 7 and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in the country to obtain a Tax ID.
The agency explains that taxpayers will now operate with a single tax identity for all tax-related transactions and engagements across the country.
The NRS added that the initiative would simplify tax compliance processes, including registration, tax filing, and payment procedures.
It also noted that the system would improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection.
In addition, NRS said that the Tax ID framework would harmonise taxpayer information across all levels of government.
Business
BOI Secures $200m fresh Loan from AfDB
Dr. Olasupo Olusi, MD/CEO Bank of Industry, said: “BOI is pleased to deepen its long-standing partnership with the African Development Bank through this landmark facility, building on the successful collaboration under the bank’s previous $100 million line to BOI, which was fully repaid in 2025.
The Bank of Industry (BOI) has secured a $200 million sovereign-guaranteed thematic financing facility from the African Development Bank Group for onward lending to enterprises in the industrial sector of the economy including infrastructure and transport, agro-food processing and health.
The facility will also support climate-resilient and low-carbon investments, including renewable energy, energy-efficient industrial processes, climate-smart agriculture, and sustainable infrastructure solutions.
These investments are expected to improve productivity, promote local manufacturing, strengthen healthcare and pharmaceutical value chains, and reduce dependence on imports.
The package is strengthened by a $650,000 technical assistance grant from the Fund for African Private Sector Assistance (FAPA) to boost SME capacity, improve environmental, social, and governance (ESG) practices, support climate-smart initiatives, and enhance BOI’s impact measurement systems.
Dr. Abdul Kamara, Director General of the African Development Bank Group Nigeria Country Department, said the approval demonstrates the Bank’s continued commitment to supporting Nigeria’s private sector and industrial growth ambitions.
Reacting, Dr. Olasupo Olusi, Managing Director/Chief Executive Officer of the Bank of Industry, said: “BOI is pleased to deepen its long-standing partnership with the African Development Bank through this landmark facility, building on the successful collaboration under the bank’s previous $100 million line to BOI, which was fully repaid in 2025.
This new facility will further strengthen our capacity to provide long-term financing to enterprises operating in sectors critical to Nigeria’s economic transformation.
Business
Dangote expands Investment in Ethiopia to $4bn
The expanded scope includes critical infrastructure such as a 110-kilometre pipeline, a 120MW power plant, a polypropylene packaging facility, and a two-million-tonne NPK blending plant, among other new components.
•Aliko Dangote
President of Dangote Group, Alhaji Aliko Dangote has announced a significant increase in the Group’s investment in Ethiopia, rising from $2.5 billion to over $4 billion.
“This makes Ethiopia the second-largest recipient of our investments in Africa, accounting for nearly nine percent of our continental outlay between now and 2030,” said Dangote, describing Ethiopia as a key strategic destination for Dangote Group’s long-term investments.
The expanded scope includes critical infrastructure such as a 110-kilometre pipeline, a 120MW power plant, a polypropylene packaging facility, and a two-million-tonne NPK blending plant, among other new components.
Dangote stated this while addressing journalists in Gode, Ethiopia’s Somali region, during a high-profile visit hosted by Prime Minister Abiy Ahmed, a statement by Dangote Group said.
According to the statement, the prime minister personally received Dangote and accompanied him to inspect the site of the proposed fertiliser plant, where construction activities are already underway.
Speaking on the strategic importance of fertiliser in agricultural productivity, Dangote noted that Africa’s food insecurity challenges were largely due to limited access to key inputs.
“Africa holds immense agricultural potential, yet continues to grapple with food insecurity due to limited access to fertiliser.
Through our investments, we are committed to reversing this trend by boosting productivity, empowering farmers, and advancing a sustainable path to food self-sufficiency”, he said.
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