Nigeria Seeks N59 billion Loan To Build New Satellites

The management of NigComSat Limited has appealed to the House of Representatives  Commi-ttee on Science and Technology to prevail on the Federal Executive Council (FEC) to approve the utilisation of $500 million (N59 billion) concessionary loan for the construction of NigComSat 2 and 3 advanced series.

The loan, according to the firm, would come from the China Exim Bank. The appeal follows the final confirmation of the loss of the N40 billion NigComSat-1.

The two proposed facilities will serve as back-ups to the construction of a NigComSat-1R meant to replace the lost satellite.   

Managing Director of the firm, Professor Ahmed Rufai, disclosed this recently while briefing members of the House Committee. Rufai, who said NigComSat-1 had become “irreparably damaged” and therefore flown out of orbit, added that given the importance of the facility, there was need for its urgent replacement and the construction of back-ups.

He also urged the House to assist the Federal Ministry of Science and Technology and NigComSat Limited in convincing FEC to approve the bulk purchase of bandwidth under a Back-Up Services Agreement with an alternative satellite operator who has a satellite as powerful as the collapsed NigComSat-1.

According to him, NigComSat remains optimistic on the future and potential of the project despite the temporary setback being experienced in the implementation of the nation's satellite project.  He said the current experience of the loss of the satellite was neither uncommon nor bizarre in the industry, adding that on the same day NigComSat-1 crashed, a private satellite operator recorded six failures on six satellites.

 
He debunked claims that the facility failed because of the use of inferior components and the speed at which it was installed during the twilight days of the Obasanjo regime.

The NigComSat boss also allayed fears on the status of the facility in terms of insurance, stressing that NigComSat-1 was fully insured to the tune of 112 million euros by renowned international underwriters with proven integrity and in accordance with industry standards.

 Giving some details on the failed satellite, Rufai said the problem was caused by what he described as "solar flare", an accidental occurrence which cut of the fuel supply linkage with the solar panels and the battery.

 Meanwhile, the Minister of Science and Technology Chief Grace Ekpiwhre, has held a meeting with senior officials of the Ministry to chart a way forward. In attendance at the crucial meeting were Rufai and the DG of National Space Research and Development Agency (NASRDA), Prof Robert Boroficce,

whats really happening?

http://www.y2kpublishing.com/site/view_news.php?id=874

Someone enlighten me. . . .for what purpose is this whole satellite project

This is the kind of news from Nigeria that spoils my day and turns my stomach each time i read them.  Instead of NigComSat and the rest involved should be held responsible for the lost of a 40 billion naira satelite as a result of their foolishness and lack of maintainance culture.They are bold enough to propose for another 59billion naira for a new satelite which everyone knows they would also not maintain.While an average Nigerians are suffering from poverty that has no end.
   This should tell every Nigerian that some group of people are taking us for fools.

    The NigComSat boss also allayed fears on the status of the facility in terms of insurance, stressing that NigComSat-1 was fully insured to the tune of 112 million euros by renowned international underwriters with proven integrity and in accordance with industry standards.

If the satelite was fully insured then i think they should have chanel their proposal to the insurance company and wait until they get a result from there.

Kai!!! make you just stop that nonsense!! When you don see monkey dey act like Nigerians? When you don see monkeys kill themselves like wetin happen for Jos this past few days? When you see Monkey dey complain about how every other monkey from other tribes wan kill im people? Make you mind yourself ooo?? Do dey insult monkeys like that,  roflmao!!

Nigeria and gbese

I know no which one go kill which!!!

it was expected.
no hard feelings,

*** cringe ***

Nigeria is a joke

bragging rights my man

The reality is that government "service" in Nigeria equates with an 007 licence to steal from the state treasury, so the biggest challenge faced by potential thieves in government has always been that of creating legitimate-sounding names for all proposed embezzlement schemes concocted in the corridors of power to feed the greed.

The selection of this "satellite" tag  to legitimize the latest rash of billion-dollar thefts by Nigerian government officials is a bold master-stroke of inspired criminal genius, given the infinite vastness of outer space, and the absolute impossibility of EVER finding any missing hardware out there, particularly since all Nigerian-claimed satellites will by definition only ever exist in the fertile imaginations of the kleptomaniac officials, and in the relevant fund requisition paperwork.

Now, if only I could find a way to get a piece of this action, and the subsequent guaranteed impunity.

Up till this moment i still don't believe a satellite was launched in the first place.
What i believe is that the ruthless Chinese just gave us a space on their own satellite.

You that was awake,were you at the launch site, gullible big fool.
Don't you know that any other launch could have been recorded for you to watch.
Or let me guess, u are one of the contractors.
If wind blow your nyash go show, 

LMFAO 

  lol

If you knew it was a failed project why did you watch it.
I knew it was a scam that was why i ddnt even bother myself to watch it.

Kai! 
That OGJ na Yahoo boy o

for you info that crooked rufai is igbira not Hausa.

  LMFAO

The comedy continues. . . sadly, somehow I am sure they will manage to get the money from the
government!  Maybe while they are at it, they can build roads and bridges in space for us since
they have given up on building them on earth for Nigerians.