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
AI’s Market Value Surging to $4.8 trillion by 2033- UNCTAD
Accordingly, the UN trade body urged: ” Countries should act now – by investing in digital infrastructure, building capabilities and strengthening AI governance – to harness the AI potential for sustainable development.

• A data center stores and processes data, the foundation on which AI systems learn, improve, and make decisions. © Shutterstock/Goodenough |
UN Trade and Development’s (UNCTAD) Technology and Innovation Report 2025 has projected that Artificial intelligence (AI) is expected to reach $4.8 trillion in market value by 2033.
Accordingly, the UN trade body urged: ” Countries should act now – by investing in digital infrastructure, building capabilities and strengthening AI governance – to harness the AI potential for sustainable development.”
In the report, UNCTAD Secretary-General Rebeca Grynspan underlined the importance of ensuring people are at the centre of AI development, calling for stronger international cooperation to “shift the focus from technology to people, enabling countries to co-create a global artificial intelligence framework”.
She said;” AI’s economic benefit is massive but must be shared, becoming a prominent force in digital transformation; noting that. however, access to AI infrastructure and expertise remains concentrated in a few economies.”
Just 100 firms, mainly in the US and China, account for 40% of global corporate research and development (R&D) spending. Leading tech giants, such as Apple, Nvidia and Microsoft, each have a market value of around $3 trillion, rivalling the gross domestic product of the whole African continent.
Market dominance, at both national and corporate levels, may widen technological divides, leaving many developing nations at risk of missing out on the benefits of AI.”
She emphasized that AI is reshaping jobs , and therefore, investment in skills is crucial”AI could impact 40% of jobs worldwide, offering productivity gains but also raising concerns about automation and job displacement.
The benefits of AI-driven automation often favour capital over labour, which could widen inequality and reduce the competitive advantage of low-cost labour in developing economies.
However, AI is not just about replacing jobs – it can also create new industries and empower workers.
Investing in reskilling, upskilling and workforce adaptation is essential to ensure AI enhances employment opportunities rather than eliminating them,” said Grynspan.
Business
Afreximbank disburses $50bn in Nigeria in 10 years
Over the last decade alone, total disbursements into Nigeria amounted to about 50 billion US dollars, spreading across vital sectors of energy, infrastructural, manufacturing, healthcare, transport and financial services.

The Africa Export-Import Bank (Afreximbank) has disbursed $50 billion for the execution of various projects in Nigeria in the last 19 years
The President of the bank, Prof. Benedict Oramah, made this known at the commissioning of the Afreximbank Africa Trade Centre, AATC, in Abuja, where he also reaffirmed the Bank’s vision to dismantle trade barriers and promote African market integration.
“Over the last decade alone, total disbursements into Nigeria amounted to about 50 billion US dollars, spreading across vital sectors of energy, infrastructural, manufacturing, healthcare, transport and financial services.
“Our support to the Nigerian financial services industry, amounting to 19 billion US dollars in the last decade, has helped to deepen and expand the sector and elevated their impact on the local economy,” he stated
Source: Sweetcrudereports
Business
$1.3b lithium factories set to take off Q2, 2025 — Alake
Alake stated this during the BusinessDay Solid Minerals Conference, with the theme: “Building a Resilient Mining Sector in Nigeria; Leveraging Diplomacy, International Partnership and Regulatory Coherence”.

Dele Alake, Minister of Solid Minerals, on Thursday, revealed that two Lithium factories are ready for take off, in the 2nd quarter of 2025.
Alake stated this during the BusinessDay Solid Minerals Conference, with the theme: “Building a Resilient Mining Sector in Nigeria; Leveraging Diplomacy, International Partnership and Regulatory Coherence”.
He spoke on successes recorded by the current administration in the mining sector:
“ The two Lithium factories will be commissioned this second quarter of 2025, with the first, located in Abuja, investing $700m and another one in Nasarawa, investing $600m”.
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