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.”
News
Verve Partners Ali Express On Seamless Cross-Border Shopping
Verve International, Africa’s domestic payments card scheme and token brand, has announced that its cards are now accepted on AliExpress, one of the world’s largest online retail platforms.
This landmark partnership expands Verve’s global reach, offering seamless and secure payment solutions and providing millions of Verve cardholders and merchants worldwide with easy access to AliExpress’ extensive range of products, including fashion, electronics, home goods, beauty, and more.
The collaboration empowers Verve cardholders, both locally and internationally, to engage in cross-border transactions.
It also reinforces Verve’s unwavering commitment to delivering inclusive, innovative, and secure digital payment solutions that empower individuals and businesses alike, while bridging the gap in global digital commerce.
Speaking on the partnership, Vincent Ogbunude, Managing Director, Verve International, remarked: “We are excited to announce that Verve is now accepted on AliExpress, a globally recognised e-commerce leader.
This marks a significant milestone in our global expansion journey, reflecting our commitment to providing cardholders with access to more possibilities in today’s digital economy.
The addition of AliExpress to our growing network is just the beginning, there’s much more to come as we continue to innovate, expand, and deliver value to millions of Verve cardholders in Nigeria and beyond.”
Verve’s expanding global network is bolstered by partnerships with renowned brands such as Google, YouTube, Netflix, Amazon Prime, Facebook, Uber, Spotify, among others, enabling cardholders to conveniently pay for subscriptions in naira.
These alliances solidify Verve’s position as a trusted leader in the digital payments space, ensuring that consumers can access top-notch services across diverse industries.
With AliExpress joining this network and Verve integrated into its payment options, Verve cardholders can easily shop and pay for a wide range of products.
To shop on AliExpress using a Verve card, simply sign in, select the items to buy, and click ‘Buy now.’ When prompted, add a new card and enter the Verve card details. Save the information for future use, confirm the details, and complete the payment seamlessly.
News
Stanbic IBTC Asset Management Unveils Anti-scam Measures to Protect Mutual Fund Holders
Stanbic IBTC Asset Management has introduced strong measures to safeguard its customers from scams targeting mutual fund holders.
In response to this trend, the company has launched a strategic campaign to educate customers on protecting their investments and understanding the correct procedures for mutual fund subscriptions.
The Company, in a statement disclosed that recently, enquiries about the authenticity of messages for mutual fund subscription have surged. It stated: “Many of these messages contain differing and potentially incorrect account numbers, leading to confusion and concern among investors.
“In response to these concerns, Stanbic IBTC Asset Management launched a campaign to educate customers by providing accurate information and security tips to reduce the likelihood of clients falling prey to scam attacks.
“The campaign has established three main objectives: first, to educate customers about the mutual fund subscription process by providing precise and accurate information that empowers them to make informed decisions.
Second, it aims to ensure that customers verify the payment accounts for any Stanbic IBTC mutual fund investments, encouraging due diligence in confirming the legitimacy of financial communications”.
The statement further stated that the campaign seeks to raise awareness of scam attempts that may mislead customers into using incorrect account details, highlighting the tactics used by scammers to keep customers informed and vigilant.
Busola Jejelowo, the Chief Executive of Stanbic IBTC Asset Management, recently addressed the importance of a new initiative to safeguard customers in an increasingly complex financial landscape.
“At Stanbic IBTC, our top priority is our customers’ financial safety, and we are fully committed to ensuring that our clients have the security they need while managing their investments”.
News
Amnesty International Condemns Police Actions During #EndBadGovernance Protests
Amnesty International has accused Nigerian police of using excessive force against demonstrators during the #EndBadGovernance protests, which took place from August 1 to 10 across the country in response to Nigeria’s harsh economic conditions.
According to the human rights organization, the police crackdown resulted in the deaths of at least 24 people, including 20 young adults, two children, and an older person.
Amnesty’s report claims that the victims were shot by police at close range, often in the head or torso, indicating an intent to kill. Two survivors sustained severe injuries, while others suffered from the indiscriminate use of tear gas. The organization condemned the actions of security personnel, describing the violence as “unbelievable lawlessness” and accusing authorities of covering up the atrocities to downplay the death toll.
Eyewitnesses from Kano, Katsina, Jigawa, and other states told Amnesty that the protests began peacefully but escalated into chaos when police opened fire with live ammunition and tear gas. In Kano, 12 people were killed, while Jigawa and Niger states reported three fatalities each. Kaduna and Maiduguri also recorded multiple deaths.
In addition to the killings, over 1,200 protesters, including minors, were detained, and more than 146 were charged with treasonable offenses. Some detainees reported being subjected to torture. One protester, Khalid Aminu, described being beaten with sticks and iron cables while in the custody of the Department of State Services (DSS). Another detainee, Michael Adaramoye, was held for two months for participating in a protest in Abuja.
Despite mounting evidence, including eyewitness accounts, medical records, and video footage, Nigerian authorities have denied involvement in the violence, attributing the deaths to “unknown gunmen” or dismissing reports as “fake news.” Amnesty International has called on President Bola Tinubu to establish an independent and impartial investigation into the violations and to hold those responsible accountable.
The protests, triggered by widespread corruption and economic hardship, have reignited concerns about the Nigerian government’s disregard for human rights. Amnesty International stressed that law enforcement’s use of firearms against peaceful protesters violates international standards, urging authorities to end impunity and ensure justice for the victims.
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