News
NigComSat Corporation Bill Rings Controversy
Industry experts have said that autonomy for Nigerian Communication Satellite Limited (NigComSat) was an invitation to failure and creation of another white elephant destined to go the way of the now moribund, Nitel, Nigeria’s beleaguered national carrier.
Failing to find justifiable reasons for the demands of autonomy by NigComSat, the experts said that the passage of the bill amounts to creation of a parallel space agency that will compromise the National Space Programme of the Federal Government.
The experts which gathered in Lagos tore the bill apart and insisted that the passage of the bill will also be a wasteful duplication as the functions of the proposed Corporation are being performed by the Nigerian Space Research and Development Agency.
Dr. Emmanuel Ekuwem, chairman Teledom Group fired the first salvo and cautioned that the bill, when passed, might give NigComSat the autonomy to operate as a business venture and as a regulator.
He noted that government has no business in doing business.
Ekuwem’s comment drew the ire of Timasaniyu Ahmed-Rufai, the chief executive officer of NigComSat who clarified that the bill, in contents, does not have anything to imply that the bill will grant NigComSat a regulatory status as it has no operator to compete against.
“Contrary to the thinking of the business community, government has a business in business,” He added
Ahmed-Rufai also stressed that the bill will build NigComSat into maturity before becoming players like the Intelsat and other global satellite companies owned by the governments.”
He had immediate support from Yele Okeremi , member, Executive Committee of Institute of Software Practitioners of Nigeria (Ispon).
He said: “We must perceive satellite communication as critical national infrastructure which requires everything to protect including legislation and we must sit down to see that we do everything to see that this bill become a law.”
He listed technology, social perception and legislation as the tripod that must be present before a revolution can happen.
Victor Nwakesi , representative of Olisa Agbakoba & Associates, the law firm responsible for the drafting of the NigComSat bill, also explained that the bill is much desired and that passage will aid Nigeria’s emerging development issue.
According to him, the contents of the NigComSat bill have been developed to align with what the laws allow. “NigComsat should be protected in the best interest of the citizens,” he said.
Eng. Lanre Ajayi, president, Association of Telecoms Companies of Nigeria and chairman of the occasion, noted that there was a need to guide the Senate, as citizens, to let them know the need for Satellite Company to be able to run businesses on its own with less government bureaucracy.
Ajayi noted that satellite technology is a very desirable technology in Nigeria, noting however, that this was not to say that other terrestrial technologies are not very relevant but they are complementary.
“The major advantage of satellite is its ubiquitousness. In a country like ours, where we have many rural communities, satellite becomes an option. If we must progress, we cannot run away from developing satellite technology and government must support this.” Ajayi
He, however, expressed the view that NigComSat might go the way of Nigerian Telecommunications Limited, “because with the Act, it appears we are now putting it in the hands of the law makers.”
However, Bayo Banjo, president, Nigeria Internet Group, affirmed that the bill will transform NigComSat to a fully-owned government company.
“I do not see a reason for this bill because the company is already a limited liability. The bill is not in the interest of Nigeria. It will not serve the purpose of Nigerians.” Banjo noted.
He submitted that rather than having the NigComSat bill passed, it should be jettisoned with the best option to have it privatised.
Ben Nwaroh, partner, Crimson Partners Barristers and Solicitors stood up to say that the proposed bill is contrary to the new national ICT policy approved by the federal executive council.
Ahmed-Rufai sharply shouted him down in a desperate move to starve off further attacks on the bill.
He disclosed that the bill seeks to establish an Act to establish the NigComSat Corporation empowered to engage in, purchase and otherwise acquire or take over the assets, business, company, firm or persons and act in furtherance of all and any business associated and or relating to the satellite industry.
The bill has already been passed by the lower legislative arm, the House of Representatives as at March 2012.
The bill is now set for deliberation at the Senate before it will eventually be sent to the president for assent and the bill becoming an Act.
Ahmed-Rufai, said the Bill, if passed into law, will allow NigComSat Limited to engage in international business partnership for the benefit of the whole country.
He urged stakeholders in the nation’s Information and Communication Technology to support the bill, “as a corporation, the satellite company in about three to four years, would have achieved global satellite coverage.”
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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