Business
FG Set To Sell Off Nigeria Communications Satellite
The Federal Government
has indicated its intention of selling off the Nigerian Communications Satellite Limited (NICOMSAT).
This was revealed by the Director General of the Bureau of Public Enterprises (BPE) Mr. Benjamin Dikki when the Director-General of the National Space Research and Development Agency, Prof. Seidu Mohammed paid him a courtesy visit.
A statement signed by the Acting Head of Public Communications, BPE, Mr. Alex Okoh, and made available to The Tide, said it was necessary to inject entrepreneurial spirit into Nigcomsat in order to make the company commercially viable. He explained that in privatizing Nigconsat, the security of the nation would not be compromised.
According to him, the BPE would strategise and evaluate how much private sector participation would be required in the company to drive its growth.
Dikki stressed that the BPE would rely on informed guidance from key stakeholders to determine the model of privatisation to be recommended to the National Council on Privatisation for adoption in the privalisation of Nigcomsat.
He said that in executing the transaction the Joint Delivery Team, comprising the BPE, the Ministry of Communication Technology, NASRDA and other key stakeholders would be empanelled for the purpose.
According to him, information and communications technology that encompasses satellite systems and telecommunications is critical to the growth of any nation.
Mohammed said the purpose of the visit was to appraise the BPE of the activities of his agency and to seek more clarification on the planned privalisation of Nigcomsat.
The NASRDA boss explained that there was a need for communication satellite for all Nigerians as it was vital not only for telecommunications but also for earth characterization to support the agricultural sector of the country.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.