(L-R) Emeka Onwuka, MD, HRM Igwe Nnaemeka Achebe, Obi of Onitsha, chairman and Nkechi Nwosu, company secretary of Diamond Bank Plc at the 19th AGM of the bank held recently in Uyo, Akwa Ibom.

THE federal government may have lost about N26 billion this year due to the continued delay in the launching of the proposed Nigerian Communication Satellite (NigComSat-2). The loss is occasioned by the telecommunication traffic which the satellite would have generated for the African continent.
The initial plan of the federal government in investing in a national communication satellite was to provide an opportunity for Nigeria to generate about $440 million (N57 billion) per annum from other African countries that would benefit from the usage of the satellite in the carriage of their international telephone traffic.
BusinessWorld Intelligence can reveal that the plan to put another satellite in space by the federal government was shelved due to the political situation in the country that resulted in the appointment of President Goodluck Jonathan, reconstitution of the federal executive council, and the unwillingness on the part of the government to spend several million of dollars to build another satellite shortly after the loss of the first satellite (NigComSat-1) in space.
The fears stemmed from the fact that the huge investment sunk into the facility went down the drain.
The launch of NigComSat-2, which was to be built by the China Great Wall Industry Cooperation (CGWIC) that constructed the first Nigerian Communication Satellite, was meant to be completed and launched into space before the end of this year. “The change of power both at the presidency and ministerial levels has altered this plan considerably,” a source explained.
NigComSat-1 was said to have disappeared about a year ago in space due to lack of proper management by Nigcomsat Limited, the government agency responsible for the control of the satellite. 
The China Great Wall Industry, the firm that was commissioned to build the satellite, was said to be having problems fixing the solar panel of the lost satellite before Nigcomsat pressurised it for the launching of the second satellite.
The satellite built with four gateways located in South Africa, China, Italy and Nigeria has a lifespan of 15 years. It was being tracked in Abuja with a ground station in Kashgar, China.
The satellite built to digitalise the nation’s economy and promote technological advancement in the country in particular and Africa as a whole was expected to set in motion the nation’s dream of consolidating its profile as the technological hub of Africa.