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FG Votes N1.56Bn for New Plane as Domestic Airlines Shrink

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Goodluck Ebele Azikiwe Jonathan, President of Nigeria
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The federal government has made provisions for a new plane in the presidential fleet bringing to 11 the number of planes at the becks and calls of the federal government, according to a report by The Nation.

The new plane is coming  at a time when the declining fortunes of the domestic airlines have made Presidential Air Fleet larger than the fleets of three domestic airlines combined.

Chanchangi, MedView, and FirstNation airlines, all have one aircraft; Medview Airlines, three; while FirstNation has  two.

IRS Airlines, with five aircraft in its fleet, has only one that is currently operational. The four others have been sent overseas for routine maintenance for a long time now.

But the new  Presidential  plane is a Gulfstream and is expected to cost about N8 billion, according to industry sources

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The Nation newspaper reported that  the plane is to attract a N1.52million deposit, going by the 2014 budget.

The aircraft is expected to cost about N8 billion, according to industry sources.

The rest of the payment will be spread over one, two or three years before the jet is built and delivered.

The expenditure is part of the projected spending contained in next year’s estimate, which was laid before the National Assembly last week by Dr. Ngozi Okonjo-Iweala, Finance Minister

These items include: the completion of a hanger, N405,500,000; Tyre bay tools and equipment N106,000,000; Towberless tow tractor for aircraft towing for N58,740,000; hanger sweeper N31,870,000; luggage conveyor belt truck N28,898,000; and Harlan tow tug for aircraft equipment towing N27,590,000.

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Others are CCTV and surveillance equipment for N18,000,000; aircraft tools and equipment N11,480,000; battery workshop equipment N5,050,000; complete tool box for general works and vehicles N360,000; heavy duty crocodile jacks N300,000; aluminum ladder N285,000; safety boots N52,500 and foldable ladder, N50,000.

The aircraft in the fleet of the PAF include two Falcon 7X jets, two Falcon 900 jets, a Gulfstream 550, one Boeing 737 BBJ (Nigerian Air Force 001 or Eagle One) being used exclusively by the President and a Gulfstream IVSP, one Gulfstream V, Cessna Citation 2 aircraft and Hawker Siddley 125-800 jet.

It is estimated that each of the Falcon 7X jets bought in 2010 cost $51.1 million. The Gulfstream 550 may have cost $53.3 million.

However, none of the aviation industry Bluebooks will give the simple calculation accuracy of how much an aircraft really costs. A number of issues are responsible for the difficulty in presenting a clear figure for a make/model/year, of an aircraft to help accurately determine how much it really worth.

Some of the issues include: lack of central reporting of aircraft sales for either tax or licence requirements, the complexity of individual aircraft value calculations, the timing of sales (long timeframes from offer to closing during which time the market can go up or down substantially), multiple synchronous closings for jet aircraft in particular, international currency sales, and non-disclosure-of-price terms included in many transaction documents.

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NIHSA Warns States of Possible Flood within Seven Days

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Nigeria Hydrological Service Agency (NIHSA) has warned of possible floods in parts of Adamawa, Bauchi, Edo, Imo, Enugu, Akwa Ibom, Cross River, Kaduna, Plateau, Niger, Benue, and Borno states within the next seven days.

NIHSA Warns States of Possible Flood within Seven Days

According to information posted on NIHSA X handle, the Agency announced medium flood advisory in force for the next 7 days across Adamawa, Bauchi, and 11 other States.

“Localised inundation is forecast along the main channel; named communities below sit on the projected footprint. Stations: Saminara on the Karam river, Waya Dam Site on the Waya river, Amber on the Amber river.

“Adamawa; Lemsa, Lamurde, Numan Exposure: 147 comm. 49 schis 40 hith 6 mkts17 relig. Bauchi-Bauchi, Ningi, Shira. Exposure: 4 comm. Kaduna; Chikun, Giwa, Igabi, Jaba, Jema’a, Kachia, Kaura, Kauru, +6 more. Exposure: 1 comm.

“Borno-Gubio, Mobbar. Exposure: 680 comm. 8 schls 6 hith 5 mkts 21 relig. Edo-Akoko-Ed, EtsakoEa, EtsakoWe, Ikpoba-Okha, Orhionmw, OviaNort, OviaSo.. Exposure: 3 comm.

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“Imo-Aboh-Mba, Oguta, Ohaji/Eg, Okigwe, Owerri North, Owerri West. Exposure: 3 comm. 7 more states affected and severity LGAs”.

NIHSA advised people in the affected areas to “do NOT cross flooded roads, bridges, or fast-moving water on foot or by vehicle.

“Clear drainage channels and river-mouth blockages; avoid building or living in the floodplain and move people, livestock and valuables from the floodplain to pre-identified higher ground,” NIHSA stated.

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First Trustees Advocates Estate Planning as an Essential Tool in Every Wealth Creation Strategy

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First Trustees Limited, a subsidiary of FirstHoldCo Plc., and a leading provider of fiduciary and trusteeship services in Nigeria, is encouraging individuals, professionals, entrepreneurs, and investors to view Estate Planning not as an end-of-life exercise, but as a strategic investment tool for protecting, preserving, and transferring wealth across generations.

As more Nigerians focus on wealth creation through businesses, real estate investments, and other income-generating assets, experts are emphasizing that building wealth is only one part of the equation.

Equally important is creating structures that ensure those assets remain protected, properly managed, and seamlessly transferred to succeeding generations in accordance with the asset owner’s wishes. Importantly, Estate Planning is not solely for the wealthy, it is a prudent step for anyone with assets, dependants, or a business to protect, regardless of age, profession, or net worth.

Speaking on the importance of Estate Planning, Ereifemi Akeredolu, Managing Director/CEO, First Trustees Limited, noted that Estate Planning should be considered a core pillar of every long-term financial strategy.

“Many people focus on creating wealth but give litle thought to preserving it. Estate Planning is a wealth protection strategy that helps individuals safeguard their assets, secure their family’s future, and ensure that the value they build today continues to benefit future generations.”

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Using tools such as Trusts, Wills, and advanced succession plans, individuals can build structures that support wealth preservation, business continuity, asset protection, and intergenerational wealth transfer.

For entrepreneurs and business owners, Estate Planning serves as a powerful tool for ensuring business sustainability, helping organizations remain stable and operational regardless of unforeseen circumstances.

First Trustees continues to emphasize and educate on the importance of Estate Planning as a comprehensive strategy for proactive planning. It remains one of the most important financial decisions an individual can make: it provides clarity, minimizes uncertainty, and protects assets from unnecessary erosion and disputes. It also creates financial security for loved ones, supports business succession and continuity, and facilitates long-term investment and legacy planning.

 

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Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory

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Nearpays, Nigerian fintech, has won the AI for Good Innovation Factory grand finale — the first African startup ever to take the global title in the competition, which runs as part of the United Nations’ AI for Good Global Summit.

Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory

The competition drew more than 500 startups worldwide, each pitching AI solutions aimed at social and economic challenges.

The summit itself is organised by the UN through the International Telecommunication Union (ITU) in partnership with several UN agencies, convening governments, researchers, startups, and technology companies around AI’s role in development.

Nearpays’ route to the title ran through Johannesburg, where it won the African regional competition, before advancing to the global finals in Geneva.

There, the company progressed through the semi-finals and claimed the grand finale — a first for the continent.

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The company describes the win as bigger than a corporate milestone, calling it a victory for African innovation and proof that technology built to solve local problems can compete, and win, on the world stage.

Nearpays was founded to close a stubborn gap in African payments: small and medium-sized businesses that can’t afford or access traditional point-of-sale terminals.

Cost, availability, and deployment hurdles have kept many merchants — particularly in rural and underserved communities — locked out of digital payments.

Its answer is SoftPOS: an AI-powered platform that turns compatible Android smartphones into payment acceptance devices, letting merchants take contactless card payments with nothing more than their phones. AI is embedded across the platform, supporting payment processing, compliance, fraud detection, and business operations.

Crucially, the platform was built for African infrastructure realities — it works both online and offline, so merchants can keep accepting payments even without internet connectivity.

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The company credited its team’s years of product development and customer engagement for the result, and thanked the UN, the ITU, and the AI for Good initiative for building a platform where innovators can apply AI to real-world problems.

It also said it hopes the win encourages more African founders to build technology that answers local needs while competing internationally.

For Nearpays, the title closes one chapter and opens another, as the company pushes on with expanding digital financial infrastructure across Afric

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