General News
Reps Probe NigComSat’s Failed $500m Satellite 1-R

The House of Representatives Committee on Insurance and Actuarial Matters, has began its investigation into the failed $500 million launch of the Satellite 1-R, as well the N180.9 million insurance premium allegedly paid for the failed Satellite 1 project which was launched in 2011.

The Committee has given 7days ultimatum to Nig-Comsat for the submission of all documents on insurance transactions and details on the expenditure of the contract sum.
Darlington Nwokocha, chairman of the Committee, also quizzed two Managing Directors of Fasahal Insurance and A & G engaged by NigComSat management over alleged irregularities surrounding the unilateral appointment of the insurance brokers without recorded to due process.
Vanguard reported that he declared that the panel’s enquiry was based on about 6 petitions written by “concerned Nigerians” within the insurance industry and those working within some of the organisations invited.
He added that the investigative hearing was to expose breaches by the operator who allegedly influenced the contract as well as financial infractions that have held down the multi-million dollar satellite contract(s)
After exhaustive deliberation on the issues, the Chairman issued a 7-day ultimatum for all the parties to provide relevant documents relating to the transactions.
While responding to questions on the appointment of the Lead insurance company, Abimbola Alale, NigComSat managing director/CEO, argued that the Chinese company which manufactured the satellite unilaterally nominated the UK based insurance firm to insure NigComsat 2 which was launched in 2014.
On her part, Mrs. Alina Okpalefe, NigComSat legal adviser, who affirmed that she was the Secretary of the Project Committee disclosed that no legal official accompanied the delegation to China where the contract was sealed in year 2011.
Mr. Frederic Adejo, managing director of Fasahal Insurance company, affirmed that he is not a chattered Broker, disclosed that NigComSat introduced him to the Lead Insurance firm.
While responding on the actual premium paid for the satellite project, Mr. Adejo who disclosed that the sum of N180,992,836.35 was paid in 2014 argued that he shopped for Marsh outside the Nigerian shore.
in a double-speak, he denied knowledge of the relationship between Marsh – Nigeria with the Lead Insurance company.
On his part, Mr. Abiola Ajibowu, managing director of A & G Insurance company, informed the Committee argued that all relevant documents required by the Committee have been transmitted.
He disclosed that the only evidence of the contract is the policy document which contained the value of the asset, premium paid and the period of the insurance policy.
To this end, the Committee Chairman demanded for bank statements on all the transactions, schedule insurance policy, just as he stressed that there is no classified information that should be hidden from the Parliament.
General News
MultiChoice Secures 12 Warner Bros. Discovery Channels in New Multi-Year Deal

MultiChoice, a CANAL+ company, has retained the distribution rights to 12 Warner Bros. Discovery thematic channels following the signing of a new multi-year, multi-territory agreement between CANAL+ Group and Warner Bros. Discovery, marking a significant expansion of their long-standing partnership.

MultiChoice
The new deal, which spans several regions across Africa and Europe, covers the distribution of HBO Max as well as the renewal of selected Warner Bros. Discovery thematic channels. It represents a major milestone in the companies’ international collaboration and strengthens content offerings across MultiChoice Group territories.
MultiChoice disclosed that this agreement builds on earlier partnerships concluded in Europe. “It builds on the landmark agreements concluded in France in 2024,including the renewal of the exclusive pay-TV window for Warner Bros. Pictures films just six months after their theatrical release in France and the integration of HBO Max within select CANAL+ group offers – as well as in Poland in 2025, with the renewal of the distribution agreement for 22 thematic channels (including TVN 24 and Eurosport) and 4 free-to-air channels (including TVN).”
Under the renewed arrangement, MultiChoice Group will continue to distribute 12 Warner Bros. Discovery thematic channels across its territories, with some channels offered on an exclusive basis. CNN International and Cartoon Network will remain exclusive to South Africa while being distributed non-exclusively in other markets. Cartoon Network Porto will be exclusive in Angola and Mozambique and non-exclusive elsewhere. Other channels such as Discovery Channel, TLC, HGTV, Food Network, TNT Africa, Travel, ID and Cartoonito will be offered on a non-exclusive basis.
According to the partners, the deal reinforces CANAL+ Group’s channel portfolio on the continent. “This agreement enables CANAL+ Group to strengthen its entertainment, kids, news, and documentary channel offerings in African markets.”
The agreement is also expected to improve access for CANAL+ Group subscribers to Warner Bros. Discovery’s premium content through HBO Max and selected channels, including globally recognised series and films, further extending the studio’s international reach while consolidating MultiChoice’s content offering in key markets.
General News
Nigeria Police suspends tinted glass permit enforcement over court injunction

Nigeria Police Force has suspended nationwide enforcement of its tinted glass permit policy, hours before its scheduled rollout, in compliance with a Delta State High Court order.

Tinted glass permit
The policy, set for January 2, 2026, aimed to curb vehicle-related crimes but faced legal challenge from a private citizen against the Inspector-General of Police, the force, and Delta Police Commissioner.
An ex parte injunction issued in December 2025 restrained enforcement pending suit determination, prompting the hold announced by spokesperson Benjamin Hundeyin on January 1.
Police entered appearance, filed preliminary objections, and sought injunction vacation; hearing adjourned to January 20, 2026.
The Nigerian Bar Association condemned initial police plans as “executive recklessness,” accusing disregard for rule of law, while police insisted no permanent bar existed on statutory duties.
IGP Kayode Egbetokun reiterated adherence to law while prioritising public safety via intelligence-led strategies during proceedings.
General News
NDIC Reinforces Full Oversight Compliance to Safeguard Depositors

Mr. Thompson Sunday, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), has reaffirmed the Corporation’s strict compliance with fiscal and financial regulations, including the provisions of the Fiscal Responsibility Act (FRA) 2007, noting that the NDIC has consistently remitted the required percentage of its earnings to the Federal Government.

Mr. Sunday made this known during a courtesy visit to the Managing Director/Chief Executive of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, as part of NDIC’s ongoing engagement with key stakeholders following his formal assumption of office in July 2025.
According to him, NDIC takes financial accountability and transparency seriously, stressing that the Corporation complies fully with statutory remittance obligations, including the payment of 20 per cent of gross earnings or 80 per cent of net surplus to the Federal Government, as applicable. He added that NDIC also submits its financial statements ahead of statutory deadlines.
The NDIC MD/CE explained that this culture of compliance aligns with the Corporation’s role as a key institution within Nigeria’s financial safety-net, charged with protecting depositors and promoting confidence in the banking system. He emphasized that adherence to fiscal discipline remains central to NDIC’s credibility and effectiveness.
Mr. Sunday further disclosed that NDIC also complies with the Federal Government’s 50 per cent cost-to-income ratio policy, although he noted that the policy poses operational constraints. He explained that the deductions affect NDIC’s ability to build a strong Deposit Insurance Fund, which is needed to respond effectively to bank failures.
He stressed that international best practices under the Core Principles for Effective Deposit Insurance issued by the International Association of Deposit Insurers (IADI) require deposit insurers to maintain adequate funds to reimburse depositors when banks fail without recourse to government, adding that the NDIC is seeking an exemption to strengthen its capacity in this regard.
Mr. Sunday described MOFI as a critical stakeholder, noting that the Federal Government, through MOFI, holds a 40 per cent equity stake in NDIC. He said sustained collaboration with MOFI is essential to ensuring that NDIC continues to meet its obligations to government while effectively safeguarding depositors’ funds.
In his remarks, Dr. Takang commended the NDIC for its exemplary collaborative spirit and acknowledged the Corporation’s compliance with fiscal regulations. He assured that MOFI would continue to engage the Federal Ministry of Finance on NDIC’s behalf, noting that a strong NDIC is vital to sustaining confidence in Nigeria’s financial system.
Both institutions reaffirmed their commitment to continued cooperation, transparency and accountability, with Mr. Sunday reiterating that NDIC remains focused on balancing regulatory compliance with its overriding mandate of depositor protection and financial system stability.
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