considering purchasing an Airbus aircraft

The federal government plans to sell three aircraft from the presidential fleet to fund the purchase of a new jet for President Bola Ahmed Tinubu. This decision comes as the Presidency progresses towards acquiring a new presidential aircraft.

The National Assembly recently supported this move after the House of Representatives Committee on National Security and Intelligence recommended purchasing new aircraft for the president’s safety. In May, the House of Representatives directed the committee to investigate the state of the presidential air fleet following reports of the president using chartered flights due to a fault in the popular 001 jet.

In its report, the committee stated, “Considering the fragile structure of the Nigerian federation and recognizing the dire consequences of any potential mishap from the technical or operational inadequacy of the presidential air fleet, it is in the country’s best interest to procure two additional aircraft as recommended. This will also prove cost-efficient in the long run, apart from providing a suitable, comfortable, and safe carrier for the president and vice-president.”

Multiple sources within the Presidency revealed that the government decided to sell three aircraft to help fund the new purchase. Jet HQ, a global aircraft sales company, has been appointed as the agent to sell these jets.

The presidential fleet includes six aircraft and six helicopters. The aircraft comprises one Boeing Business Jet (BBJ), one Gulfstream G550, one Gulfstream GV, two Falcon 7Xs, and Challenger CL605. The three aircraft being put up for sale are the BBJ, one Gulfstream, and one Falcon 7X.

A used Boeing Business Jet is estimated to cost between $25 million to $41 million, depending on its flight hours and landings. A used Gulfstream is priced between $12 million to $15 million. An aviation expert suggested the government could raise at least $50 million from selling these three aircraft.

The Presidency is considering purchasing an Airbus aircraft. Discussions on this acquisition have reached an advanced stage. “The Presidency is planning to buy an Airbus aircraft, likely due to our renewed relationship with Airbus and its growing presence in Nigeria, competing with Boeing. Detailed plans for the new purchase will be available soon,” said a source who requested anonymity.

Following the China-Nigeria Business event held in Beijing on Friday, the Nigerian government, led by President Bola Tinubu, announced that over 200 Chinese businesses have expressed interest in investing in Nigeria.

This information comes from Nigeria’s Foreign Affairs Minister, Ambassador Yusuf Tuggar, who is on an official visit to China. The statement was communicated by his media aide, Alkasim Abdulkadir.

The event was co-organized by the Nigerian Embassy and Yingke Law Firm to promote bilateral trade and investment and facilitate business matchmaking, aiming to strengthen economic ties between Nigeria and China.

“Amb. Tuggar emphasised the importance of the longstanding relationship between Nigeria and China, highlighting mutual respect and shared developmental goals.”

According to the details communicated after the China-Nigeria business event jointly organised by the Nigerian Embassy and Yingke Law Firm, it was designed to ease increased bilateral trade and investment, and foster business matchmaking to deepen economic ties between Nigeria and China.

“Over 200 Chinese companies took part in the event, showing a strong interest in fostering economic collaboration between the two nations.”

As part of his working visit, Tuggar would take part in several high-level meetings and events, including the inaugural Plenary Session of the Nigeria-China Intergovernmental Committee in Beijing and the World Economic Forum Annual Meeting of the New Champions in Dalian.

“These engagements are expected to further solidify the strategic partnership between Nigeria and China. He is also expected to meet with ECOWAS Ambassadors as well as launch the 4D Cultural Diplomacy Programme of the Renewed Hope Agenda of President Bola Tinubu at the Embassy of Nigeria,” the statement said.

Amid persistent high prices, the Governor of Central bank of Nigeria (CBN), Mr. Olayemi Cardoso assured yesterday that inflation will subside in the months ahead.

At a meeting with leaders of organised private sector (OPS), the CBN governor said there were positive developments in the fight against the economic menace.

He told the OPS leaders at the meeting held at the bank’s Lagos office on Wednesday, June 19 that there is a deceleration in month-on-month inflation rates.

The meeting was designed to discuss the state of the economy, monetary policy direction and fostering of collaboration.

It also focused on exploring how broad-based monetary policy communication and guidance can positively influence the global investment community’s perception of Nigeria and on determining the right bundle of monetary policies and interventions to increase the productive sector’s growth.

The apex bank governor expressed expectations for continued moderation in the coming quarters.

A key focus of the meeting was the CBN’s commitment to improved communication and transparency.

Cardoso emphasised the bank’s intention to utilise forward guidance, a strategy that has to do with communicating future monetary policy actions to enhance investor confidence – both domestic and international.

According to the CBN Governor, building trust through transparency is critical to attracting investment and fostering a healthy business environment.

Addressing the recent interest rate hikes implemented by the CBN, he provided a detailed explanation on the rationale behind the decisions and the expected timeline for their impact on the economy.

The CBN Governor assured the OPS that the measures were designed to achieve price stability, a core function of the central bank, while also supporting economic growth.

Cardoso acknowledged the challenges faced by the private sector in accessing foreign exchange (FX) and emphasised the bank’s ongoing efforts to improve FX supply while ensuring a fair and balanced approach that protects the interests of all stakeholders.

The meeting reiterated CBN’s commitment to collaborating with the private sector as discussions focused on establishing a framework for ongoing communication and engagement with OPS leadership.

This collaboration is designed to harmonise economic policy and ensure the CBN’s effective support for private sector growth, potentially in partnership with the Nigerian Economic Summit Group (NESG).

Mr. Cardoso noted the importance of private sector input in shaping economic policy, saying: “The private sector is a critical engine of our economy.”

The inclusion of private sector perspectives is seen as crucial for creating a more robust and investor-friendly financial environment.

President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, raised concerns regarding the operation of the CBN’s price verification system.

He, however, proposed a collaborative approach which was agreed upon, with the OPS providing specific details and suggestions for improvement.

Other private sector leaders also addressed the need for development finance support.

While acknowledging that such measures may not directly increase cash flow, the private sector leaders emphasised their value in enhancing the productive sector’s capacity to manage risks like exchange rate volatility.

The CBN’s role in facilitating trade finance and development finance through traditional institutions was also highlighted.

The apex bank presented a detailed explanation of the economy’s trajectory, the reasons behind the recent aggressive monetary policy rate hikes, and the expected transmission timeline into the economy.

The Federal High Court sitting in Lagos has permanently forfeited to the Federal Government properties valued at N11,140,000,000.00 (billion) and N1.04 billion linked to the embattled former Central Bank of Nigeria (CBN) governor, Godwin Emefiele.

Justice Chukwujekwu Aneke made the order of final forfeiture after hearing a motion filed and argued by the Economic and Financial Crimes Commission (EFCC), through its counsel Chineye Okezie.

The judge had on June 5, 2024, upheld the anti-graft agency’s motion filed an argued by its counsel, Rotimi Oyedepo (SAN), for an interim forfeiture of the property.

Oyedepo informed the court that Emefiele was suspected to have bought the choice properties by proxy, with the proceeds of fraud.

The EFCC named two current and one former CBN staff as Emefiele’s accomplices in the alleged fraud.

The trio, according to the affidavit filed in support of the application, are Obayemi Oluwaseun Teben and Akomolafe Adebayo working with Olubunmi Makinde a former CBN staff and others.

The properties are mostly located in highbrow parts of the Federal Capital Territory (FCT), Abuja.

Justice Aneke ordered the EFCC to publish the order in a national newspaper for any interested party to show cause why the final order of forfeiture should not be made.

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The judge adjourned for hearing of the motion for final forfeiture.

Upon resumption on Friday, June 21, no party appeared in court to contest the judge’s interim order and Okezie moved her motion for permanent forfeiture.

Justice Aneke, after reading a 41-paragraph affidavit deposed to by an EFCC Investigating Officer, Michael John Idoko, the 19 exhibits attached, a Written Address signed by Okezie, and after hearing Okezie’s motion, granted the application.

The properties were listed by the EFCC in two schedules, A and B.

The judge said: “Having carefully considered the application and submission of counsel, it is hereby ordered as follows: – that a final forfeiture order of this honourable court is hereby made forfeiting to the Federal Government of Nigeria, properties contained in Schedule A herein which were traced and reasonably suspected to have been acquired with proceeds of unlawful activities.”

They Include shops and apartments at Cadastral Zone Maitama and Wuse.

For Schedule B, Justice Aneke added: “That a final forfeiture order of this Honourable Court is hereby made forfeiting to the Federal Government of Nigeria, properties contained in Schedule B herein which properties were traced to have been acquired with proceeds of unlawful activities.”

The properties include lands and apartments which were paid for on behalf of Oluwaseun at a total value of N1.04billion.

According to the affidavit, Obayemi Oluwaseun Teben and Akomolafe Adebayo working with Olubunmi Makinde “used their positions and Influence as CBN staff to secure retail and Special allocation of Foreign Exchange to different companies in exchange for kickbacks.

“That Olubunmi Makinde is the link between Obayemi Oluwaseun Teben and Akomolafe Adebayo and the various companies applying for the purchase of foreign exchange.

“That Obayemi Oluwaseun Teben

and Akomolafe Adebayo as staffs of the Central Bank of Nigeria has access to the bidding processes and bidding Data of companies who has applied for the approval of form Ms to the CBN through their various commercial banks.”

The Kano police command says it will not comply with the directive of the state government on the eviction of Aminu Bayero, the deposed 15th Emir of Kano.

Speaking in an interview with Punch on Friday, Usaini Gumel, Kano commissioner of police, said the state government is “jumping the gun” with the eviction directive.

“The police will not evict the deposed Emir because the same government has filed a case at the state high court on the eviction order, which would come up on Monday, 24th June 2024,” Gumel was quoted as saying.

“The government is jumping the gun because the same government has filed a case on the eviction order, which is coming up on the 24th of June, 2024.

“So, if we carry out the order, it is like we are pre-empting the court because we don’t know what will happen at the court.”

On Thursday, the federal high court in Kano nullified all actions by the state government repealing the Kano Emirates Council Law of 2019 on May 23.

Muhammed Liman, the presiding judge, held that the defendants were aware of an interim order previously granted by the court but ignored it and implemented the Kano Emirates Council Law 2024.

The judge, however, ruled that his order did not affect the validity of the emirate law passed by the state house of assembly.

On May 23, Abba Yusuf, the Kano governor, announced the reinstatement of Muhammadu Sanusi as Emir of Kano.

The governor also ordered the dethronement of Bayero as Emir of Kano.

Speaking after the court verdict, Haruna Dederi, Kano attorney-general and commissioner for justice, said the state has acknowledged the judgment, noting that the ruling affirmed the validity of the emirate law.

Dederi said the government has ordered the demolition of a section of the palace of Bayero.

He added that the police have been directed to take over the Emir’s palace in Nassarawa LGA.

Grammy award-winning Nigerian singer, Temilade Openiyi popularly known as Tems has expressed her desire to start a women’s football team.

The ‘Essence‘ coroner shared her passion for sports during a recent episode of her YouTube podcast, expressing a keen interest in football.

According to the singer, her team will compete in regional competitions to support the Nigerian women’s football league.

She said, “I love sports. I love sports, but if I could play football, I would. I’m like a football fan.

“I want to start a female football team. I think it is something that is needed. Like, why can’t we just have something like a local tournament with the girls? I feel like it would be fun.”

Former Manchester United defender Patrice Evra has faulted the decision of the Video Assistant Referee (VAR) to disallow the Netherlands’ goal against France in the 2024 Euro Championship.

Recall that Xavi Simons’s goal was disallowed in the second half by the VAR for offside.

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However, Evra insisted that there was nothing wrong with the goal scored by the Netherlands.

“It’s a shocking decision; that should be a goal. Someone should tell me about this rule.

“The Dutch player was not blocking Maignan’s view. Maybe the person sitting in the VAR room tonight was Stevie Wonder.

“It’s a clear goal. As a Frenchman, I should be finding an excuse, but I can’t; it’s a goal,” Evra said.

Celeste Arantes, the mother of Brazilian football legend, Edson Arantes do Nascimento, popularly known as Pele, has died.

The family announced the sad development in a statement on Friday, noting that Arantes passed away at the age of 101.

“Rest in peace, grandma,” Pele’s eldest son, Edinho mourned Arantes via his social media page on Friday, attaching a photograph of him and his grandmother.

Naija News reports that the bereaved family has not made public further details regarding Arantes’ burial at the time of filing this report.

Arantes was said to be 17 years of age when she gave birth to her first child (Pele) on October 23, 1940.

Reports had it that at the time of her son’s death, Arantes had cognitive difficulties and was unaware her world-famous son had died.

Recall that Pele, who is considered by many as the greatest footballer of all time, died on 29 December 2022, at 82 years old.

Arantes, who married Pele’s father, Joao Ramos do Nascimento, at the age of 16, also had another son, Jair, who died in 2020 of cancer, the same illness that claimed Pele’s life.

“From a young age, she taught me the value of love and peace,” Pele wrote on Instagram on his mother’s 100th birthday, along with three pictures of them together at different stages in life.

Days after celebrating his mother, Pele was admitted to a hospital in Sao Paulo, where he later died of cancer.

His funeral procession included an emotional stop at his mother’s house.

Pele was the only player in history to win three World Cups (1958, 1962 and 1970).

The naira depreciated to N1,495 per dollar at the parallel section of the foreign exchange (FX) market on Friday.

The current rate represents a drop of 0.33 percent from the N1,490/$ traded on June 19.

Speaking to TheCable in Lagos, currency traders, also known as bureau de change (BDC) operators, quoted the buying rate of the greenback at N1,460 and the selling price at N1,495 — leaving a profit margin of N35.

At the official window, the local currency depreciated marginally to N1,485.53/$ on Friday — from N1,485.36/$ on June 20.

According to FMDQ Exchange, a platform that oversees the official FX trading in Nigeria, the dollar exchanged for as high as N1,505 and as low as N1,401, during trading hours.

The daily FX market turnover stood at $193.50 million.

On June 14, 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the FX market.

Owing to the devaluation of the naira, there have been consistent fluctuations in the FX market.

The FX situation, according to Timi Bomodi, comptroller of Seme command, Nigeria Customs Service (NCS), on June 9, has made Nigerian goods affordable for African countries.

However, Mojisola Adeyeye, director-general, National Agency for Food and Drug Administration and Control (NAFDAC), on May 29, said the devaluation of the naira accounted largely for the high cost of local medicine production.

Flynas, a Saudi Arabian airline, says arrangements have been concluded to airlift the first batch of Nigerian pilgrims back home on Saturday.

In April, the airline signed an agreement with the National Hajj Commission of Nigeria (NAHCON) to airlift pilgrims in the 2024 hajj exercise.

Yasser Ajlan, Flynas director for business development, had said the airline airlifted pilgrims from Borno, Lagos, Osun, Ogun, Niger, Sokoto, Kebbi, Yobe, and Zamfara states to the Kingdom of Saudi Arabia. 

In a statement on Friday, Umar Kaila, general sales agent (GSA) of Flynas, said pilgrims from Kebbi state would be airlifted from King Abdulaziz International Airport in Jeddah to Sir Ahmadu Bello International Airport (SABIA) in Birnin Kebbi, the state capital.

“We are happy to announce that Flynas is fully set to begin Phase Two of the airlift operation of Nigerian pilgrims from Saudi Arabia to Nigeria from Saturday, June 22, 2024, with pilgrims from Kebbi State,” the statement reads.

“Like we had a seamless airlift operation from Nigeria to Saudi Arabia during Phase One without any delay, we have made adequate arrangements to transport our pilgrims back to Nigeria seamlessly and efficiently.” 

Kaila said the airline has provided a smooth and seamless return airlift operation from Saudi Arabia to Nigeria.

He said the airline will conduct the return operation in 49 flights with five aircraft which will include pilgrims returning to Kebbi, Lagos, Sokoto, Zamfara, Yobe, Borno, Osun, Ogun, and Niger state.