Reps Investigate NigComSat’s N180.9m Satellite Insurance Premium

August 19, 2020
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The House of Representatives Committee on Insurance and Actuarial, yesterday commenced an investigation into the N180.9 million insurance premium allegedly paid for the failed Satellite 1 project which was launched in 2011 as well as Satellite 1-R for which Nigeria obtained $500 million Chinese loan.

To this end, the Committee issued a 7-days ultimatum to NigComsat, within which it must submit all documents on insurance transactions.

Chairman of the Committee, Hon Darlington Nwokocha, said the committee’s investigation was premised on about six petitions written by concerned Nigerians within the insurance industry and those working within some of the organisations invited.

He added that the investigation was aimed at unravelling issues bothering on infractions, impunity perpetrated by the operator who allegedly influenced the contract as well as financial recklessness entrenched in the multi-million dollar satellite contracts.

While responding to questions on the appointment of the Lead Insurance Company, NigComSat managing director/CEO, Abimbola Alale, argued that the Chinese company which manufactured the satellite unilaterally nominated the UK based insurance firm to insure NigComsat 2 which was launched in 2014.

On his part, the managing director of A & G Insurance Company, Mr Abiola Ajibowu argued that all relevant documents required by the Committee have been transmitted.

He disclosed 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, however, demanded bank statements on all the transactions, schedule insurance policy, just as he stressed that there is no classified information that should be hidden from the Parliament.

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