…says we can’t sweep over $100m claims under the carpet
…insists only CEOs are expected at the panel
…those who failed to show up , we’ll use our legislative powers to compel them
Members of House of Representatives Committee on Insurance and Actuarial Matters on Monday gave the Nigeria National Petroleum Corporation, NNPC and other insurance companies an ultimatum of ten days to submit vital documents to fast track its investigative hearing.
The lawmakers in session also demanded that only Chief Executives are expected to appear before it as what is involved is over $100m insurance claims to non-existing assets overseas.
Speaking at the investigative hearing, Chairman of the Committee, Hon Darlington Nwokocha said:”We can’t sweep over $100m insurance claims under the carpet just like that hence we demand the presence of CEOs.
At this point, Rep Mark Gbillah, PDP, Benue moved a motion that since the CEOs are not present and their representatives cannot answer the required questions, the meeting should be rescheduled for another auspicious date.
But before hitting the gavel, Nwokocha explained to those present that”most of the organisations present have not submitted their documents except NNPC which submitted just today”.
I want to assert one thing before my colleague move the motion, let me talk to all of us particularly those of us sitting today, we have a 10-day investigative hearing that will be taking place everyday, it’s not a joke.
“The petitions we have already revolve around over 100 and something million dollars across board within the NNPC and its environs, on insurance related matters. And it’s not something we can sweep under the carpet, it’s not possible.
Before my colleague will move the motion to define finally the way to go today, there are one or two things I want to mention before today’s meeting with NNPC and insurance companies and brokers. We sent in 211 documents requesting for one document or the other and we have reasons why we have requested for each of those documents.
“For instance, we requested for comprehensive and complete schedule of all insured assets of NNPC and JVs on class basis 2014 only till date. The reason is this, to compare insurance certificate risk with premium paid and find out where premium was paid for non-existent assets.
“And we cannot do magic to get these information because already we have enough information from everywhere but we must compare what we have with you are bringing. What the insurance companies will bring, what the NNPC will bring and what the larger society has brought, so that we give everybody fair hearing.
“And this is not something we are talking and some people are taking it so lightly that they are doing some other businesses here and there. We cannot tolerate that. When we invite you for any reason you’re are not here, we will compel you to come; we have the mechanism, we have the instrumentality to drive the process to make sure that you will come.
“That is why when the President of this country comes to present his budget, he comes to present it and he bows and he leaves. Because the two principal things that function in every economy is income and expenditure. So when you come for an income which we always encourage you to make sure that the income you get it quite in, is not when you have spent it and we want to find out how you spent the money, you now begin to give us one reason or the other. It won’t work, we must summon you to come, definitely. And we don’t want to get to that level,” Hon. Nwokocha urged.
“I am requesting that all vital documents bordering on your operations from 2014 till date should be submitted in due time.
“We have hired consultants both here and overseas to help conduct the forensic audit and we will soon send them to you for the forensic audit.
“To get to the bottom of this, only CEOs can conveniently answer our questions but those who refused to show up we’ll use our legislative instrumentality to compel them.
“We expect all critical stakeholders involved to be here on the 31st of August for the hearing.
The hearing continues on Tuesday.