By Tony Akowe, Abuja
The House of Representatives has commenced investigation into the Satellite 1-R project for which the country obtained $500 million Chinese loan and insurance premium paid for the failed project by Nigeria Communication Satellite (NigComSat).
The N180.9 million insurance premium was allegedly paid by the Federal Governmnet for the failed project launched in 2011.
Chairman of the Committee, Hon Darlington Nwokocha, who presided over the investigative hearing, questioned the Managing Directors of Fasahal Insurance and A & G Insurance engaged by NigComSat management over the alleged irregularities in the unilateral appointment of the insurance brokers without due process.
The lawmakers said the committee’s investigation was premised on about six petitions to the House by concerned Nigerians within the insurance industry and those working with some of the organisation invited, adding that the investigative hearing was aimed at unravelling issues bothering on infractions, impunity perpetuated by the operator who alleged influenced the contract as well as financial recklessness entrenched in the multi-million dollar satellite contract(s).
Other lawmakers who spoke during the exercise, frowned at the breach of regulatory laws and demanded relevant documents on various transactions on oil, among the parties.
The committee issued a seven-day ultimatum for the parties to provide relevant documents on the transactions.
NigComSat Managing Director, Abimbola Alale told the committee that the Chinese firm that manufactured the satellite unilaterally nominated the United Kingdom (U.K)-based insurance firm to insure NigComsat 2, launched in 2014.
Also, NigComSat Legal Adviser, Mrs. Alina Okpalefe, who said she was the Secretary of the Project Committee, disclosed that no legal official accompanied the delegation to China where the contract was sealed in 2011.
Managing Director of Fasahal Insurance, Frederic Adejo who said he was not a chartered broker, said NigComSat introduced him to the lead insurance firm.
On the actual premium paid for the satellite project, Adejo said N180,992,836.35 was paid in 2014, adding that he shopped for Marsh, the lead insurance company, outside the country.
He denied knowledge of the relationship between Marsh Nigeria and the lead insurance firm.
However, Managing Director, A & G Insurance Company, Mr. Abiola Ajibowu, told the Committee that relevant documents required by the committee had been transmitted, adding that the only evidence of the contract is the policy document which contained the value of the asset, premium paid and the period of the insurance policy.
The Committee Chairman demanded bank statements on the transactions, schedule insurance policy. He stressed that there was no classified information that should be hidden from the lawmakers.
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