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NigComSat: FG Disclaims Autonomy, Commits to 100% Privatization

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Ministry of Communications Technology, the ministry supervising Nigeria Communications Satellite Limited, (NigComSat) at the weekend said it was not aware of any bill seeking to grant NigComSat autonomy.

The ministry said that its first intention was to privatize Nigeria Communications Satellite Limited for better performance.

The ministry was reacting to against the backdrop of the clamor for autonomy by the Company through NigComSat Corporation bill that seeks to free the company from government control.

Mr. Ola Ogunleye, special assistant on Information Technology to Minister of Communications Technology, told Nigeria CommunicationsWeek that the ministry is only interested in making NigComSat play its role in making internet truly ubiquitous, affordable and accessible in the country.

It would be recalled that NigComSat’s bill to make the state satellite operator an independent corporation has stirred mixed reactions with huge opposition.

Critics urged the national assembly to exercise caution to prevent the company from going the the way of Nitel.

But Timasaniyu Ahmed-Rufai, chief executive officer of the company said that the bill will allow NigComSat to raise additional financing and pursue strategic partnerships.

Nodding in agreement, Victor Nwakesi , representative of Olisa Agbakoba & Associates, the law firm responsible for the drafting of the NigComSat bill, 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.

Support has also come from Yele Okeremi , member, Executive Committee of Institute of Software Practitioners of Nigeria (Ispon) who said that: “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.

Bayo Banjo, president, Nigeria Internet Group, however argued 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.

Dr. Emmanuel Ekuwem, chairman Teledom Group 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, but to create enabling environment for businesses to thrive.

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 ubiquity. 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.”


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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

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Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

EFCC

The defendants, who are both top officials of FSDH Merchant Bank Limited, were arraigned on a 10-count charge bordering on alleged stealing and retention of stolen property to the tune of $306,667.81 and €50,250.
The petitioner, FSDH Merchant Bank Limited, alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads:
“That you, BAKARE OLADIMEJI SURAJUDEEN and JAMES OLUKAYODE IMOKWEDE, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), property of FSDH Merchant Bank Limited.”
Another count reads:
“That you BAKARE OLADIMEJI SURAJUDEEN AND JAMES Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took sum of $306,667. 81 (Three Hundred and Six Thousand, Six Hundred and Sixty Seven dollars, Eighty one cents) property of FSDH Merchant Bank Limited”.
The defendants pleaded “not guilty” to all the charges preferred against them.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and also prayed that the defendants be remanded in a Correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of the defendants and also urged the court to grant them bail on liberal terms.
They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum.
The court ordered that one of the sureties must be a relative, who is gainfully employed.
The sureties must provide evidence of tax payment in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court, and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25, 2026, for the commencement of trial.

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AfDB Supports Francophone Africa Start-ups with €6.5M

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The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.

This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.

Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.

The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.

The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.

In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.


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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

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Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.

Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.

The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.

SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.

The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.

Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.

Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.


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