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NASRDA Expresses Commitment to Developing Indigenous Technology
The National Space Research and Development Agency (NASRDA) over the weekend says it is committed to developing the country’s indigenous technology in basic space technology.
The Director-General of the agency, Prof. Seidu Mohammed, said this at the Space Centre Week and Exhibition of the agency’s Centre for Basic Space Science (CBSS) in Nsukka, Enugu State, with the theme “Basic Space Science for Development”.
Represented by Dr Spencer Onu, the Director, Centre for Satellite Technology Development (CSTD), Mohammed said that the agency was taking steps to ensure that projects and actions were in line with Federal Government’s effort to make Nigeria a knowledge-based economy.
The director-general said that the agency was into production of scientific tools like a telescope to aid sustainable scientific research in the country.
A telescope is an optical instrument designed to make distant objects appear closer which also contains an arrangement of lenses, curved mirrors and lenses.
Telescope also collects rays of light and magnifies focused objects.
Mohammed said that although the cost of funding the production of the telescope was high, the centre would deploy available resources to develop the tool.
He added that “we believe that the telescope proposed by CBSS is very useful and functional to our requirement.
“It has been under construction for four years now but we have to intervene now because two years ago, money was allocated for it but was not approved by the National Assembly.
“Without a telescope, we cannot meet up in terms of research with high impact factor in the global space.
“With the telescope, a lot of high impact researches can be done in Nigeria and other parts of the world.”
The NASRDA boss said that Nigeria needed to leverage on its location on the planet which is close to the equator and utilise the telescope for astronomy.
He further said that basic space science was the first principle in space science “and anything you are doing on the first principle, you are indigenising it.”
Prof. Pius Okeke, the pioneer Director of CBSS, said that the centre was moving in the right direction toward advancing basic space science in spite of minimal funds.
According to him, basic space science is the study and research on the fundamental science of space which leads to the ability to unfold hidden treasures in space.
Okeke said that basic space science required will, motivation and determination to diversify into areas of research yet to be tapped for discoveries.
Similarly, Okeke said the government needed to be willing to properly fund basic space science projects.
He said “it is no longer necessary to educate government about the importance of fundamental research for any developing nation.
“No one builds a house from the air without foundation. Fundamental research in space science should be the starting point for successful development of space technology.
“The temptation to pursue after only application for immediate benefit should be discouraged.”
The former director added that there should be capacity building of scientists in the sector to underscore the country’s dynamics of space science “because no country would disclose the secret of its space science and technology.”
He added that efforts to explain behaviours of several astronomical objects with current physics like neutron stars, climate changes, ionospheric phenomena, cosmic rays, among other objects, was no longer effective.
He called on scientists to be at the front burner of initiating new laws of physics because most revolutionary discoveries of the future come from basic space science.
Highlights of the event included award of recognition to some outstanding staff of CBSS.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
PalmPay Group (“PalmPay”), a multinational fintech company providing digital financial services across high-growth emerging markets, is pleased to appoint Samuel Oluyemi as Chief Operating Officer (“COO”) of its Nigeria practice, effective immediately.
The appointment comes at a pivotal moment for PalmPay as it looks to reach more underserved communities and continuously strengthen the reliability and security of its services. It also comes as Nigeria’s broader financial services sector continues to modernize, bring millions more Nigerians into the formal financial system, and strengthen the cybersecurity and fraud-prevention standards that underpin public confidence in digital payments.
As COO of PalmPay Nigeria, Mr. Oluyemi will oversee PalmPay’s Nigerian operations — where the company provides a full suite of digital financial services to individuals and businesses — and communicate with regulators to ensure the company’s growth happens harmoniously with the country’s financial, digital, and social inclusion goals.
Mr. Oluyemi brings more than two decades of experience at the Nigeria Inter-Bank Settlement System (“NIBSS”). During his tenure as the Business Development Lead, he championed the development of key national payment services — including the Digital Validation of Nigerian International Passport (e-Passport Validation), Electronic Dividend Mandate Management System (“e-DMMS”), and the Electronic Pensions Contribution Collection System (“EPCCOS”) — and played a pivotal role in introducing and driving early adoption of NIBSS Instant Payment (“NIP”), Nigeria’s first online, real-time, inter-bank transfer system in 2011 and its subsequent extension to the Other Financial Institutions (“OFI”) segment of the Nigeria Payments System.
He holds an MSc in Monetary Economics from the University of Ibadan with extensive local and international professional training.
“Samuel joins PalmPay at an important stage in our journey to strengthen the foundations that will support our long-term goal of driving financial inclusion,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “His extensive experience makes him well positioned to help us scale sustainably while maintaining the operational discipline, governance and customer-first culture that define PalmPay.”
“PalmPay has established itself as one of the most impactful fintech companies in emerging markets by making financial services more accessible and affordable for millions of people,” said Mr. Oluyemi.
“I am excited to join the company and look forward to working alongside an exceptional team to strengthen operational excellence and support PalmPay’s vision of building a leading digital financial services platform. Together, we will continue delivering secure, reliable, and customer-focused financial solutions while contributing to the continued evolution of Nigeria’s digital financial ecosystem.”
As Nigeria’s digital financial services sector continues to mature, this appointment reflects a broader commitment guiding PalmPay across all markets it serves: building financial services that are secure, reliable, and effective enough to earn a permanent place in people’s everyday lives.
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