Business
FG approves two additional satellites as Nigeria pushes deeper into space economy
President Bola Tinubu has approved two additional communication satellites, NIGCOMSAT 2A and 2B, for Nigeria’s space programme, the Managing Director of Nigerian Communications Satellite Limited (NIGCOMSAT), Jane Nkechi Egerton-Idehen, announced on Monday.
She disclosed this during her welcoming address at the opening of the 2026 Nigerian Satellite Week in Abuja, themed “Harnessing Space Technology for an Extraordinary Nigeria.”
“This approval by President Bola Ahmed Tinubu is a clear demonstration of Nigeria’s recognition of space as a driver of national development and sovereignty,” Mrs Egerton-Idehen said.
Reflecting on the agency’s journey, Mrs Egerton-Idehen said NIGCOMSAT has grown from a single-satellite operator into a multi-service provider offering broadband, broadcasting, and connectivity services across Nigeria and parts of Africa.
“Twenty years ago, Nigeria declared its readiness to participate and shape one of the most consequential industries of this century. That declaration was not abstract; it was a commitment to build capacity, institutions, and credibility in the global space economy,” she said.
The MD also spoke about NIGCOMSAT’s strengthened global and regional presence, adding that the agency recently secured a Low Earth Orbit connectivity partnership with Eutelsat and initiated cooperation with the Kenya Space Agency. It now holds the Vice Chairmanship of the Global Satellite Operators Association, giving Nigeria influence in international satellite policy and spectrum governance.
Empowering innovators
Mrs Egerton-Idehen highlighted initiatives aimed at nurturing the next generation of space-focused companies. She said the NIGCOMSAT Accelerator Programme, launched this year, will become a permanent feature to support startups working in satellite applications and digital connectivity.
Complementing the accelerator programme is Project 774, designed to extend satellite-enabled connectivity to all local government areas across Nigeria, supporting healthcare, education, and economic activity in underserved communities.
“Today, the work of building Nigeria’s space future is being done here, by the institutions, innovators, investors, policymakers, and stakeholders gathered in this room,” Mrs Egerton-Idehen noted.
Kennedy Osemwegie, representing the Chief of Army Staff, said satellites now support intelligence gathering, surveillance, communications, and disaster response.
He added that collaboration between the military, government agencies, and private sector actors has enhanced Nigeria’s capacity for satellite-enabled operations, which are critical for addressing terrorism, insurgency, and cross-border crimes.
On his part, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, emphasised the role of satellites in expanding Nigeria’s digital infrastructure. Satellite technology, he said, is central to improving connectivity, service quality, and access across sectors, including education, healthcare, and emergency response.
He stressed the need for collaboration between the government, the private sector, and innovators to develop practical solutions that strengthen Nigeria’s space and digital ecosystem.
Speaking on the first day’s theme, “The Space Race: The Convergence of Technology, Government, and Opportunities,” the Minister of Communications, Innovation and Digital Economy, Bosun Tijjani, reaffirmed the government’s commitment to expanding satellite infrastructure and praised President Tinubu’s approval of the new satellites.
“When a community gains the opportunity to connect, it transforms how businesses operate and how people live. Satellite technology allows us to extend connectivity to places where other infrastructure cannot reach. It also provides resilience, innovation, and strengthens our digital economy,” the minister said.
He added that fostering innovation through research, partnerships, and startup engagement is essential to developing solutions for agriculture, education, commerce, and security.
READ ALSO: Nigerias Space Council meets, discusses funding, ambition
Mr Tijjani emphasised that Nigeria’s space leadership carries a continental responsibility.
“Nigeria’s leadership in satellite technology is not just for Nigeria. It is for Africa. We must build talent that understands both the technology and its applications. We must create room for businesses to grow in this space. And we must collaborate more across the continent,” he added.
The event brought together policymakers, government agencies, technology innovators, investors, academics, and other experts, providing a platform for dialogue, partnerships, and practical solutions to advance Nigeria’s space and digital economy.
BY NKECHI NAECHE-ESEZOBOR—AIICO Insurance Plc has reinforced its position as a leading player in Nigeria’s insurance and financial services sector, following a successful Annual General Meeting (AGM) held on June 5, 2026.
During the meeting, shareholders commended the company’s strong financial performance and approved all resolutions presented.
In a robust show of confidence in the company’s growth trajectory and strategic direction, shareholders approved the payment of a dividend of 12 kobo per share, amounting to a total payout of ₦4,392,633,121.44.
The meeting also marked a significant evolution in the company’s governance structure with the appointment of three accomplished professionals to the Board as Non-Executive Directors.
Tunde Mabawonku joins as a Non-Executive Director, bringing over two decades of experience across banking, finance, strategy, and corporate services, with a strong background in digital and retail financial services.
Rolake Akinkugbe-Filani, HCIB, also appointed as a Non-Executive Director, contributes deep expertise in capital markets, energy finance, and risk governance, with extensive experience operating across multi-jurisdictional environments.
Sadiq Mohammed joins as an Independent Non-Executive Director, offering over three decades of leadership across asset management, pensions, infrastructure, and investment advisory, alongside significant boardroom experience.
Collectively, these appointments further strengthen the depth, diversity, and strategic capability of AIICO’s Board, positioning the company for sustained growth and enhanced governance.
In addition, Mr. Olalekan Akinyanmi was announced as the new Chairman of the Board, succeeding Mr. Kundan Sainani. Mr. Akinyanmi is the Founder and Chief Executive Officer of LEKOIL Nigeria Limited, an Africa-focused oil exploration and production company.
With over 30 years of experience in the global energy sector, he has led significant capital raises and landmark projects, bringing strong leadership and strategic insight to his new role as Chairman.
Commenting on the outcomes of the AGM, the MD/CEO, Mr. Babatunde Fajemirokun, stated that the company is deeply grateful to its shareholders and investors for their continued confidence and support.
He noted that their trust remains a strong validation of AIICO’s strategic direction and business progress.
He emphasized that strengthening the Board reflects a deliberate commitment to robust governance, disciplined oversight, and long-term value creation.
With the depth of experience and diversity now represented at the Board level, the company is well-positioned to enhance its decision-making and sustain its market leadership.
He added that as the company continues to evolve as a financial services group, the focus remains on building a resilient, forward-looking institution that consistently delivers sustainable value to all stakeholders.
AIICO Insurance is a leading composite insurer in Nigeria, with a 63-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.
The post AIICO Insurance Shareholders Approve ₦4.39bn Dividend, Welcome New Board appeared first on Business Today NG.
The Federal Capital Territory (FCT) Police Command has commenced a fresh operation targeting vehicles with illegal tinted windows, concealed number plates and improper registration across Abuja.
FCT Commissioner of Police Ahmed Muhammed Sanusi disclosed the development during a media briefing on Friday.
He said security reports indicated that criminal suspects often use such vehicles to avoid identification and carry out unlawful activities.
According to the police chief, cases of kidnapping and the notorious “one-chance” robberies have been linked to vehicles operating with hidden identities.
Sanusi noted that tinted windows and covered registration plates make it difficult for security agencies to track offenders and investigate crimes.
He stated that enforcement teams have already been deployed across the territory to ensure compliance with existing regulations.
The commissioner clarified that the exercise is aimed at motorists violating the law and not those with valid approvals for tinted glass.
He revealed that more than 30 vehicles have so far been impounded for breaching the regulations and that offenders would face prosecution.
Sanusi urged residents to report suspicious persons, vehicles and activities, stressing that the operation is part of broader efforts to improve security and curb crime in the nation’s capital.
The post FCT Police Launch Crackdown on Illegal Tinted Vehicles appeared first on Business Today NG.
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