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Nigeria Air N2.6b investigation: EFCC quizzes Ethiopian Airlines CEO

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As part of the ongoing probe of the N2.6 billion allegedly spent on Nigeria Air, the Economic and Financial Crimes Commission (EFCC) has debriefed top officials of Ethiopian Airlines on some of its findings on the botched project.

The Nation gathered yesterday that during the interface, the team led by  Group Chief Executive Officer of Ethiopian Airlines  Mesfin Tasew claimed that the Ministry of Aviation owed them $211,000.

The team also alleged  that the terms of the “pact” entered into with the   Aviation Ministry  during the tenure of  former Minister Hadi Sirika were “brazenly breached.”

Tasew was quoted by an EFCC  source as saying that “The Nigerian government lost interest in partnering with a foreign airline” because of the manner the project   was handled by the ministry.

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The EFCC official did not say when the Ethiopian Airlines officials visited Nigeria on the invitation of the anti-graft agency.

He, however, explained that the claim on  $211,000 debt was ‘’another dimension to the probe of Nigeria Air.’’

He said: “As part of our investigation, we want to find out how about  N2.6 billion was allegedly spent on the botched Air.

“So far,  we were able to uncover N1,326,731,470.97 allegedly spent on a Consultancy contract for Nigeria Air. This is already an issue before a court.

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“In the course of findings, our operatives also discovered that the Ministry of Aviation was indebted to Ethiopian Airlines.

‘’Some officials of Ethiopian Airlines were in the country for interaction. We debriefed them and they explained the details of the Nigeria Air project.

“They confirmed that the implementation of the agreement was faulty because the Ministry of Aviation did not keep to the terms.

“They also said the ministry owed the airlines about $211,000. We have been inviting some past and present officials on the nature of the debts.

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“Our operatives are digging deeper.”

Sirika, his daughter, son-in-law- inlaw and a firm, Al Buraq Global Investment Limited, are being prosecuted by the EFCC over corrupt practices involving about N2.7 billion.

The former minister  unveiled Nigeria Air on May 26, about 72 hours to the end former President Muhammadu Buhari’s tenure.

According to the agreement on Nigeria Air, Ethiopian Airlines  had a 49 percent equity stake;  Federal Government, five  percent; and a consortium of three Nigerian investors,   46 percent .

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The deal however collapsed leading to the withdrawal of Ethiopian Airlines from Nigeria Air.

EFCC investigation indicated that before the pact collapsed, about N2.6 billion was sunk into the project in  alleged “questionable circumstance.”

Aviation and Aerospace Development Minister  Festus Keyamo recently affirmed that Nigeria Air remained  suspended.

Keyamo  said:  “It remains suspended. It was never Nigeria Air. It was not Nigeria Air. That’s the truth. It was only painted Nigeria Air.

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“It was Ethiopian Airlines trying to fly our flag. If it is so, why not allow our local people to fly our flag? Why bring a foreigner to fly our flag? So nobody should dispute that it was Nigeria Air.

“Nigeria Air must be indigenous, must be wholly Nigerian, and must be for the full benefits of Nigeria, not that 50 percent of the profit is for another country.”

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FEC approves ₦47.9tn 2025 budget

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By Kayode Sanni-Arewa

The Federal Executive Council, FEC, has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Thursday while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu.

This was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.

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“And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded.

“The budget size that was approved for presentation to the National Assembly in the MTEP is ₦47.9 trillion, with new borrowings of ₦9.2 trillion to finance the budget deficit in 2025,” Bagudu said.

“We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to Federation.

“The Federal Executive Council approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly.

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“This is in addition to bills that are already at the National Assembly, the economic stabilization bills and tax reform bills, which we believe we will have a very, very strong growth in 2025.”

During the meeting, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.

The framework projected a gross domestic product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the naira, and oil production of 2.06 million barrels per day. [Channels TV]

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Nigeria to get 6,000 power generation by December-Power Minister vows

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By Kayode Sanni-Arewa

The Minister of Power, Adebayo Adelabu, has expressed his unwavering optimism that the government will successfully meet its ambitious target of generating 6,000 megawatts of electricity by December 2024, despite the numerous challenges currently affecting the power sector.

The Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, conveyed this assurance at the fourth edition of the Power Correspondents Association of Nigeria’s annual workshop, themed “Ending the Talk, Moving the Action,” held on Thursday in Abuja.

Nigeria’s power generation currently ranges between 3,500 and 4,000 MW for a population of approximately 200 million people. For instance, on Thursday, the country’s power generation was 3,556.38 MW as of 8 am.

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Earlier this year, Adelabu pledged that power generation in Nigeria would reach 6,000 MW by the end of the year, citing improvements in the sector over the past year.

However, the frequent collapse of the nation’s electricity grid and the vandalisation of towers have raised concerns about the stability of the Nigerian Electricity Supply Industry and its ability to achieve the target.

In his goodwill address, the Special Adviser emphasised that the minister’s primary focus remains on achieving the goal of increasing generation and ensuring its efficient distribution to consumers.

Tunji said, “The minister aims to achieve what seems to be an intractable goal—improving generation and ensuring that what is generated reaches the final consumers. There are challenges, but they are surmountable.

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“The minister has promised that by December this year, we will reach 6,000 megawatts; yes, we still hope to get there.

“We are confident that we will get there, but we are aware of the current issues with grid collapse. Efforts are being made to resolve these problems. Day and night, teams are being dispatched to address the various issues, and we remain hopeful that we will achieve the 6,000 MW target by December.”

The Director of Renewable Energy, Sunday Owolabi, also reiterated that the government is committed to ensuring 24-hour power supply for Nigerians.

Owolabi, another representative of the minister, stressed that the government’s policies are focused on resolving the challenges facing the country’s electricity transmission, distribution, and generation sub-sectors.

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“We are fully committed to transforming the country’s power sector. We are focused on ensuring that our policies are practical and sustainable. We are resolute in ensuring power supply for every Nigerian.

“The government remains fully committed to transforming Nigeria’s power sector through meaningful and actionable reforms.

“We are focused on ensuring that our policies are not only visionary but also practical, impactful, and sustainable. From the ongoing efforts to address infrastructure gaps, enhance power generation, and improve transmission networks, to vital reforms in distribution and the full implementation of the electricity market, we are resolute in our mission to improve power supply for every Nigerian.”

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Just in: Wike sends FCDA Executive Director on indefinite suspension

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By Kayode Sanni-Arewa

Minister of the Federal Capital Territory, Nyesom Wike has suspended the Executive Secretary, Federal Capital Development Authority (FCDA), Engr. Shehu Hadi Ahmad indefinitely.

According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), the suspension of Engr Hadi Ahmad is with immediate effect.

The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, in the FCDA.

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Meanwhile, Nyesom Wike has revealed that President Bola Tinubu ordered the construction of houses for judges in Abuja.

The former Rivers State governor said the project is part of the government’s plan to provide secure housing for judges and strengthen the judiciary’s independence.

Speaking during a media chat on Wednesday, the former Rivers Governor clarified that the housing project is not his personal initiative.

Wike explained that the housing scheme was included in the 2024 budget, approved by the National Assembly, and is not his personal decision.

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He added that judges currently live in rented homes, which could make them vulnerable.

He compared this to similar projects he carried out as Rivers State governor and expressed surprise at the criticism, especially from legal professionals.

Wike insisted the project is lawful and should be welcomed as a step in the right direction.

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