The Federal Government has announced plans to establish an aircraft manufacturing company in Nigeria, a significant step towards advancing the country’s aviation sector and supporting local operators.

Festus Keyamo, the Minister of Aviation and Aerospace Development, shared this vision during the unveiling of XeJet’s Maintenance, Repair, and Overhaul (MRO) facility and flight support center in Abuja.

This new facility, developed through a partnership between XeJet and indigenous banks, aims to position Nigeria as a leading aviation hub in West Africa.

Keyamo highlighted the government’s efforts to attract MRO facilities to Nigeria, saying:
“Since assuming office, we’ve prioritized integrating MRO facilities into our aviation ecosystem, similar to other parts of the world. After searching globally for investors, we realized the solution was right here, with local operators and banks. This partnership is a testament to our nation’s potential.”

He further emphasized the significance of the project, including plans to establish additional facilities such as a training center, calling it a “monumental achievement.” Keyamo added:
“This facility will not only cater to Nigeria’s aviation needs but will also attract operators from across the West African sub-region, transforming it into a regional center of excellence.”

Emmanuel Iza, Chief Executive Officer of XeJet, revealed broader plans to place Nigeria on the global map of aircraft manufacturing, repair, and operations.
“The vision is ambitious,” Iza stated. “We aim to contribute to aircraft manufacturing, even if it’s for components like wings, landing gears, or tires. Nigeria has the talent and capability; all we need is the right environment and infrastructure.”

Iza also highlighted the economic impact of the multi-million-dollar project, noting that XeJet currently employs about 300 people, with the potential to quadruple this figure as the facility expands.

Outlining the project’s first phase, he detailed plans for site preparation, including leveling the ground and building a taxiway to connect the runway to the facility, with an estimated cost of $5 million. The facility’s construction will require an additional $5 million investment.

This milestone marks a significant stride in Nigeria’s ambition to boost its aviation sector and create regional and global opportunities.

The National Pension Commission (PenCom) has disclosed that the Federal Government has disbursed an additional N22 billion for the payment of accrued pension rights to retirees under the Contributory Pension Scheme.

In an update shared on its Instagram page Tuesday night, PenCom revealed that the funds, released through the Office of the Accountant General of the Federation, are intended to cover retirees from October 2023 to January 2024.

“These funds have been deposited into the Retirement Benefits Bond Redemption Fund Account at the Central Bank of Nigeria. They are designated to settle accrued pension rights for verified retirees of Treasury-funded Ministries, Departments, and Agencies (MDAs),” the statement said.

The disbursement also includes accrued rights for deceased employees, with funds already credited to their Retirement Savings Accounts (RSAs) through Pension Fund Administrators (PFAs).

With this release, the total amount paid from the 2024 budget for accrued pension rights now stands at N66 billion.

PenCom urged retirees covered in the October 2023 to January 2024 period to contact their PFAs and complete the necessary documentation to access their benefits. Additionally, PFAs have been instructed to expedite the payment process for all verified retirees.

This follows the Federal Government’s release of N44 billion in December 2023, which was allocated for accrued pension benefits of retirees who exited service between March and September 2023, along with some deceased employees.

The Centre for Pension Rights Advocacy previously criticized the government for its selective payment of accrued rights, arguing that such actions fall short of its legal obligations.

The World Bank Group has announced a 30-month debarment of two Nigerian companies, Viva Atlantic Limited and Technology House Limited, as well as their Managing Director and Chief Executive Officer, Mr. Norman Didam, due to fraudulent, collusive, and corrupt practices associated with the National Social Safety Nets Project in Nigeria.

In a statement issued on Monday, the World Bank explained that the project, which was intended to provide financial support to poor and vulnerable households, was compromised by unethical activities during a 2018 procurement process and the subsequent contract award.

The statement read, “The World Bank Group today announced the 30-month debarment of two Nigeria-based companies—Viva Atlantic Limited and Technology House Limited—and their Managing Director and Chief Executive Officer Mr. Norman Bwuruk Didam. The debarment is in connection with fraudulent, collusive, and corrupt practices as part of the National Social Safety Nets Project in Nigeria.”

The World Bank revealed that Viva Atlantic Limited, Technology House Limited, and Mr. Didam falsely disclosed a conflict of interest in their bids and gained access to confidential tender information from public officials. These actions were classified as fraudulent and collusive practices under the Bank’s Anti-corruption Framework.

Additionally, the World Bank highlighted that Viva Atlantic Limited and Mr. Didam falsified the company’s experience records, submitted forged manufacturer’s authorization letters, and offered bribes to project officials, which were deemed corrupt practices. These violations, according to the Bank, undermined the integrity of the social safety net initiative designed to assist Nigeria’s most vulnerable communities.

The statement noted, “According to the facts of the case and the general principles of the World Bank’s Anticorruption Framework, in connection with a 2018 procurement and subsequent contract, Viva Atlantic Limited, Technology House Limited, and Mr. Didam misrepresented a conflict of interest in the companies’ Letter of Bids and received confidential tender information from public officials, which constituted fraudulent and collusive practices, respectively. Further, Viva Atlantic Limited and Mr. Didam misrepresented Viva Atlantic Limited’s experience and submitted falsified manufacturer’s authorization letters, as well as offered and provided things of value to project public officials. These actions were fraudulent and corrupt practices, respectively.”

As a result of the debarment, both companies and Mr. Didam are prohibited from participating in World Bank-funded projects and operations for the duration of the 30-month period.

Under the terms of their settlement agreements, the involved parties acknowledged their wrongdoing and agreed to adhere to certain conditions, including enhanced compliance measures. These measures require Mr. Didam to undergo individual ethics training, while the companies must improve their internal integrity compliance policies and implement corporate ethics training in alignment with the Bank’s Integrity Compliance Guidelines.

The World Bank noted that the reduced debarment periods were granted in recognition of the parties’ cooperation during the investigation, their voluntary corrective actions, their self-imposed restraint from bidding for contracts, and the passage of time since the violations.

The statement further added, “The companies also commit to continue to fully cooperate with the Bank Group Integrity Vice Presidency. The settlement agreements feature reduced debarment periods due to the companies’ and Mr Didam’s cooperation with the Bank Group’s investigation, voluntary corrective actions, voluntary restraint from participating in Bank Group tenders, and the passage of time.”

The World Bank reaffirmed its commitment to ensuring transparency and accountability in its development projects, emphasizing that the sanctions reflect its zero-tolerance stance on corruption. The Bank also stated that the parties involved must fulfill the specified conditions during the debarment period to regain eligibility for future participation in World Bank-funded projects.

The National Association of Telecoms Subscribers (NATCOMS) has threatened legal action against the Nigerian Communications Commission (NCC) over its approval of a 50% tariff hike.

The NCC had granted telecommunications companies (telcos) permission to increase tariffs by 50% on January 20, following requests from the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and the Association of Telecommunications Companies of Nigeria (ATCON). These associations had previously urged the NCC to review and raise call tariffs.

While telcos initially demanded a 100% increase, the NCC capped the hike at 50%, significantly reducing their request. Speaking to journalists in Lagos, Deolu Ogunbanjo, President of NATCOMS, expressed dissatisfaction, stating that subscribers were not consulted in the decision-making process.

Ogunbanjo acknowledged the challenges faced by the telecom sector, noting that NATCOMS had proposed a modest 5% to 10% increase to support the industry. However, he emphasized that the 50% hike approved by the federal government was unacceptable.

“This increase will impact everyone, from large industries to small businesses, including Point of Service (POS) operators. It will drive up operational costs,” Ogunbanjo said.

He further highlighted the importance of the telecom sector, which contributes significantly to Nigeria’s GDP and supports vital activities such as banking, education, and virtual meetings.

Ogunbanjo suggested that telcos explore alternative financing options, such as raising funds through the Nigerian Exchange or Initial Public Offers (IPOs), instead of burdening subscribers with a substantial tariff increase.

“The approved 50% tariff hike is too high and unfair to subscribers. If necessary, we will challenge this decision in court,” he stated.

In a separate development, the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, recently warned against a 100% tariff increase, stating that it would harm Nigerians and hinder economic growth. Tijani confirmed that any tariff hike should not exceed 60%.

The NCC defended its decision, explaining in a statement signed by its Director of Public Affairs, Dr. Reuben Muoka, that the tariff adjustment was capped at 50% to address the rising operational costs faced by telcos while ensuring affordability for subscribers.