News
Nigcomsat, Main One Launch Teleport

Nigerian Communications Satellite (Nigcomsat) Limited in partnership with Main One Cable Company has launched Teleport to boost access to bandwidth by last mile Internet users.
The hub, which is located within the premises of Main One Cable in Lekki, Lagos will significantly reduce the dearth of bandwidth in rural areas especially, thereby providing services to the underserved or not served areas in West Africa and African nations, where NigComSat-1R has footprints.
Prof. Turner Isoun, chairman, Nigcomsat Board of Directors who led a delegation of some board members said this is a breakthrough for the country as the relationship will greatly enhance access to the internet via broadband and create dividends of democracy for the people.
Isoun, a former Science and Technology minister, said “the two indigenous companies decided on this cooperation for the benefit of our people.”
Besides this, the partnership will augment capacity building in the information and communications technology (ICT) industry. Above all, it will lead to a major crash in the cost of bandwidth which has been on the high side.
Main One Cable and Nigcomsat will serve their customers seamlessly. Nigcomsat will carry traffic from the Teleport to far flung places where cable cannot get, via satellite.
Isoun said this is a win-win situation for both companies, the end-users and the country.
Funke Opeke, chief executive officer of Main One Cable said this relationship will lead to a significant price crash “to the benefit of our end-users especially those in the last mile domain which cable can hardly reach.”
The hub consists of two satellite dishes, a major 6.3 metre hub able to transmit information to locations across Nigeria and another smaller dish, which serves as a tracking antenna to keep the hub aligned with the satellite.
The Nigcomsat hub at Main One brings together Main One’s submarine cable network and IP next generation network with Nigcomsat’s satellite technology.
It is based on the agreement signed between the two companies in late 2011 whereby Main One will provide bulk Internet connectivity while Nigcomsat will provide last mile connectivity to distribute such services around the country.
Both projects are home grown out of Nigeria and designed to broaden internet access and reduce the cost of accessing the Internet across all parts of Nigeria.
Nigcomsat’s role in this regard is particularly important because the country lacks a national backbone network and is thus, overtly reliant on networks controlled by the GSM providers for Internet access.
Nigcomsat’s satellite provides an alternate distribution platform that is as accessible in rural parts of the country as it is in metro areas and is quick to deploy without having to undertake hundreds or thousands of kilometers of civil works that the deployment of fiber optic networks require.
By partnering with Main One, Nigcomsat is now positioned to start having a major impact on deploying broadband services to all parts of Nigeria, especially rural areas or areas not as well connected.
It is expected that with this partnership, we will start to see a lot of government agencies and academic institutions spread around the diverse areas of the country start to come online.
These developments are poised to continue to drive growth in the ICT sector and further economic development of Nigeria.
News
CAC Flags Three Companies, Warns Nigerians

Corporate Affairs Commission (CAC) has warned Nigerians against transacting with three fake Nigerian firms, citing fraudulent incorporation documents and registration numbers not issued by the commission.
According to the CAC, these companies are using fake certificates of incorporation with two different RC numbers each, none of which exist in the commission’s official records.
The affected companies are SPEF Cooperative Society Ltd with RC Numbers 1265884 and 512862, UPIL Staff Cooperative Society Ltd with RC Numbers 1265837 and 553220, and PREM Staff Cooperative Society Ltd with RC Numbers 1265844 and 545901.
The CAC warns that any Nigerian conducting business with these entities does so at their own risk.
“Anyone that transacts any business with the above-mentioned companies does so at their own risk,” the commission warned.
The commission further advised potential partners and investors to verify registration details directly through its official portal before signing contracts or making payments.
Similarly, the CAC, in a bid to enhance its services, introduced an AI-powered business registration platform on July 3, designed to streamline incorporations.
This new system offers instant name reservations, automated business-name suggestions, and same-day registration using a National Identification Number (NIN).
Additionally, the commission plans to review its service fees starting August 1, aiming to make its services more efficient and cost-effective.
News
AfDB to Introduce Systems Reforms to Prioritize Investing in Africa’s Youth

The African Development Bank, in partnership with the International Labour Organization, has launched a transformative system to mainstream youth employment, skills development, and entrepreneurship across its investments.
The approach, called the Youth, Jobs and Skills Marker System, is aligned with the Bank’s latest Ten-Year Strategy, which places Africa’s young people at the center of development efforts to maximize the impact of every dollar invested, turning demographics into a dividend.
The Marker System ensures that Bank projects spanning diverse sectors, such as agriculture, transport, energy, water, and education, systematically incorporate components that enhance youth employability, foster entrepreneurship, and build market-relevant skills.
“The Youth, Jobs and Skills Marker System is about ensuring Africa’s young people have a real say and active role in building sustainable economies and creating jobs – not as passive recipients of youth programs,” said Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development. “This transformation of Bank practices and systems is a step toward making sure our investments have a positive impact on Africa’s young women and men.”
The integrated system has three focus areas:
Youth: Supporting youth-led micro, small, and medium-sized enterprises through targeted investments and operational integration.
Skills: Expanding access to practical, market-driven training and apprenticeships to enhance career prospects.
Jobs: Ensuring Bank-funded projects create sustainable job opportunities, particularly by developing youth skills for employability and the promotion of youth-led businesses in priority value chains.
Each year, around 10 to 12 million young Africans enter the labor market, which offers only three million formal jobs annually. The Bank will prioritize youth entrepreneurship and mobilize private sector partnerships to strengthen industry-oriented skills training as well as job creation over the coming decade.
“[This initiative] is very important because it allows us to significantly contribute to the United Nations Sustainable Development Goal #8 that includes decent work for all,” said Peter van Rooij, Director of Multilateral Partnerships and Development Cooperation at the International Labour Organization. “It also allows the International Labour Organization to influence the Bank’s work, to support their lending that is more geared toward more job creation and better jobs in a sustainable way.”
The Youth, Jobs and Skills Marker System is modeled on the success of the Bank’s Gender Marker System and its online dashboard, which categorize Bank projects based on their contribution to gender equality and women’s empowerment.
Similarly, the new system will feature an online platform enabling Bank staff and consultants to access real-time data for preparing country strategy papers, mid-term reviews, annual reports, project supervision, and reporting on youth-related skills, businesses and jobs outcomes.
The Bank has just launched a pilot version of the Youth, Jobs and Skills Marker System in readiness for the full implementation in 2026. This system will enhance data tracking, improve estimates of youth skills attainment and employment, strengthen labor market information systems, and support policymakers in making evidence-based decisions that drive meaningful change.
The International Labour Organization provided technical support for the system’s development with financial support from the Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund. The Youth, Jobs and Skills Marker System is the first deliberate action of its kind developed by a development finance institution worldwide.
News
SEC Probes Ponzi Scheme Linked to FF Tiffany

The Securities and Exchange Commission has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by the SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
“These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
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