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
Oil Rises As US Rejects Iran Proposal
Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.
Brent crude climbed above $106 per barrel on Monday, recovering losses from the previous session after President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, raising concerns that the restoration of oil flows through the critical waterway could face further delays.
Trump also said Tehran had overplayed its hand and expects negotiations to resume this week.
Meanwhile, Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.
Elsewhere in the Middle East, tensions remain high as Saudi Arabia intercepted Houthi drones heading toward Riyadh, along with a missile targeting Khamis Mushait in the south.
Alerts were also issued in Abha and Jazan, where Aramco operates energy facilities.
In the US, Trump is considering a ban on diesel exports as part of efforts to address elevated fuel prices.
Business
NGX Debuts Invest WhatsApp Channel
The channel provides investors with an additional, convenient way to participate in public offers.
Nigerian Exchange Group (NGX Group) has expanded access to its NGX Invest platform with the launch of a WhatsApp subscription channel.
The channel provides investors with an additional, convenient way to participate in public offers.
Investors can begin the subscription process by sending “Invest” to NGX Invest on WhatsApp at +234 812 731 9521.
They can then follow the prompts to view eligible offers and complete the required subscription steps without downloading a separate application.
As part of the process, investors will select a stockbroker through whom their application will be processed, ensuring that brokers remain an integral part of the investment journey.
(VANGUARD)
Business
SEC Highlights Focus of National Capital Market Conference 2026
The conference will be declared open by the Vice-President of the Federal Republic of Nigeria, Senator Kashim Shettima.
The Securities and Exchange Commission (SEC) says that its forthcoming National Capital Market Conference 2026 will be used to officially launch the Nigerian Capital Market Master Plan 2.0 (NCMMP), and the National Savings Scheme, among other activities.
The conference will be declared open by the Vice-President of the Federal Republic of Nigeria, Senator Kashim Shettima, and hosted by the Honourable Minister of Finance and Coordinating Minister of the Economy, Professor Taiwo Oyedele.
In a statement , SEC Director -General, Dr. Emomotimi Agama, disclosed that the conference scheduled for 19 October, in Abuja, will bring together key stakeholders from the public and private sectors to discuss strategic initiatives aimed at further deepening the Nigerian capital market, enhancing domestic resource mobilization, strengthening investor participation, and supporting sustainable economic growth and national development.
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