Business

NIGCOMSAT Partners Eutelsat To Enhance Connectivity

Published

9 months ago

January 16, 2025

Nigerian Communications Satellite ,NIGCOMSAT, has partnered with Eutelsat, a global satellite communications leader, to deliver Low Earth Orbit ,LEO, satellite services in the country.

This was revealed in a statement by Aisha Bantam, Head of Corporate Affairs at NIGCOMSAT in Abuja.The partnership positions NIGCOMSAT as Nigeria’s leading satellite service provider, utilising the OneWeb LEO network to deliver high-speed, low-latency connectivity.It will benefit government, businesses, and rural communities, supporting remote communication, mobile connectivity, and offshore operations.

Mrs Jane Egerton-Idehen, Managing Director of NIGCOMSAT, described the partnership as a step in strengthening satellite communication technology in the country.

“This partnership marks a major milestone for NIGCOMSAT, allowing us to bridge Nigeria’s digital divide with OneWeb’s advanced LEO satellite technology.

“Together, we will deliver scalable and reliable connectivity solutions to drive growth across government services, businesses, and communities nationwide”, she said.

Egerton-Idehen said the partnership reflects the strong relationship between Nigeria and France in advancing satellite and space technologies.She emphasised that by combining resources, Eutelsat and NIGCOMSAT aim to foster innovation, accelerate digital transformation, and expand connectivity opportunities within Nigeria and beyond.

“NIGCOMSAT is Nigeria’s leading satellite communications provider, dedicated to delivering top-tier satellite services to empower industries and communities.“Its flagship NigComSat-1R satellite supports critical sectors such as communication, education, health, and security”, she added.Eutelsat Group, a global leader in satellite communications, merged with OneWeb in 2023 to become the first fully integrated GEO-LEO satellite operator.

The group now operates a fleet of 35 geostationary satellites and a constellation of over 600 LEO satellites.It serves customers in video, where it broadcasts over 6,500 TV channels, mobile connectivity, fixed connectivity, and government services.

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Business

NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit

Published

3 days ago

October 2, 2025

The Gleamer

By Joel Ajayi

The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.

For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.

Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).

The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.

According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.

Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.

Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.

With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.

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