News
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.
National Orientation Agency (NOA) has revealed that an investigation by its Community Orientation and Mobilisation Officers (COMO) uncovered unethical practices by some tertiary institutions, in collaboration with certain banks, that are depriving students of their rightful access to the Federal Government Student Loan Fund.
Paul Odenyi, deputy director of Communications and Media, in a statement Sunday, disclosed that several universities and financial institutions have been found engaging in fraudulent activities that prevent students from receiving the loans allocated to them.
Mallam Lanre Issa-Onilu, director general, NOA, shared these troubling findings following a high-level meeting with Mr. Akintunde Sawyerr, managing director, Nigeria Education Loan Fund (NELFUND), over the weekend.
According to NOA, preliminary reports led to an urgent intervention from NELFUND after it was discovered that some university officials had deliberately withheld critical details about student loan disbursements.
Further feedback from NOA confirmed that certain institutions, in collusion with banks, have intentionally delayed payments to approved applicants for dubious financial gain.
Additionally, some universities do not acknowledge the disbursements made by NELFUND to students.
Sawyerr confirmed that certain institutions have withheld information about loan payments issued in students’ names while still demanding tuition fees from them.
He warned that NELFUND is ready to take legal action against institutions found guilty of engaging in fraudulent practices.
He stated, “Recent findings by NELFUND have shown that some institutions have received student loan disbursements directly into their accounts yet neglect to inform the affected students or record the payments in their financial records, leading to unnecessary confusion.
“Withholding critical financial information from students is not only unethical but also a breach of the principles on which NELFUND was founded.
“We are prepared to take legal action against any institution engaged in such deceptive practices.”
The investigation revealed that in some instances, universities continued to demand full tuition payments from students, despite having already received the loan funds intended to cover those fees.
According to the NOA, this constitutes a gross violation of student rights and a betrayal of public trust.
Issa-Onilu, therefore, issued a strong warning to the institutions and collaborating financial institutions, demanding an immediate end to these actions.
He also directed all NOA state directorates to intensify feedback collection from students nationwide to aid the Federal Government in identifying and penalising the erring parties.
The NOA emphasised its commitment to transparency, accountability, and ensuring that students benefit fully from the government’s intervention in education financing.
The statement added that the investigation remains ongoing, and further actions are expected in the coming weeks.
Central Bank of Nigeria (CBN) has announced a remarkable $6.83 billion balance of payments surplus for 2024, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
This achievement reflects the impact of sweeping macroeconomic reforms, stronger trade dynamics, and renewed investor confidence in the nation’s economic direction.
Speaking at the 36th Enugu International Trade Fair, Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, highlighted the CBN’s commitment to addressing economic challenges and fostering productivity, particularly for SMEs.
She emphasized the importance of robust financial systems, foreign exchange stability, and collaboration between monetary and fiscal authorities in achieving industrial development and global recognition.
The President of the Enugu Chamber of Commerce, Sir Odeiga Jideonwo, commended the CBN’s efforts but expressed concerns over the recent hike in interest rates, cautioning that it could hinder access to credit for businesses.
This surplus signals a positive trajectory for Nigeria’s economy, benefiting investors, businesses, and citizens alike.
News
Senate Committee Partners with Kuda Bank to Tackle Compliance Crisis as Nigeria Loses ₦3.4 Trillion
Over ₦3.4 trillion in financial infractions were uncovered across federal Ministries, Departments, and Agencies (MDAs) in 2021, according to the Auditor General’s report — a staggering figure that highlights Nigeria’s deepening compliance crisis and the urgent need for stronger oversight in public institutions.
In response, the Senate Committee on Legislative Compliance is hosting a high-level workshop to address the root causes of weak oversight and institutional gaps. The two-day event, with the theme ‘Consolidating Strategies for Strengthening Legislative Compliance by MDAs’, will take place on April 15 and 16, 2025 at NAF Suites, Abuja, bringing together lawmakers, regulators, and over two hundred representatives from federal MDAs.
Kuda Microfinance Bank is co-sponsoring the workshop as part of its commitment to supporting responsible innovation, governance, and regulatory alignment in Nigeria’s financial ecosystem.
Rasaq Kadri, Kuda’s Head of Compliance, will deliver a keynote address on the second day of the event, highlighting the efforts of Nigeria’s fintechs to promote inclusion and financial literacy without compromising on compliance best practices.
“When public funds go unaccounted for, it doesn’t just damage government credibility, it affects the entire financial ecosystem, including fintechs,” said Kadri. “We can’t build trust-driven products in a trust-deficient environment. Every time compliance is treated as a box-ticking exercise, we miss the chance to build something that lasts. Fintechs have the tools and perspective to support better governance, but more importantly, we have a responsibility to be part of the solution.”
As a sponsor, Kuda will take the workshop to engage directly with key stakeholders in Nigeria’s regulatory and public service ecosystem.
Plenary sessions will be chaired by the Honourable Attorney General of the Federation, Lateef Fagbemi SAN, and the Honourable Minister of Finance, Wale Edun. Conversations will focus on closing compliance gaps, strengthening institutional transparency, and promoting cross-sector collaboration.
The Senate Committee on Legislative Compliance Workshop is a unique platform for dialogue, knowledge-sharing, and collaborative action.
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