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…gives 7days ultimatum for submission
…says you can’t spend Nigeria’s money without proper reconciliation
…ask NigComsat to submit all documents on insurance transactions
By
Emman Ovuakporie
The House of Representatives Committee on Insurance and Actuarial Matters on Tuesday asked A&G, Fasahal Insurance, others to submit documents on how N180,992,83635 was paid as premium on NigComsat satellite launch within the next seven days.
Speaking at the ongoing probe of illegalities in the insurance sector, Chairman of the committee, Hon Darlington Nwokocha gave the directive to the critical stakeholders.
The committee in session had raised a query on the proper identification of Marsh a United Kingdom based Insurance outfit and another Marsh based in Abuja as the lead insurers of NigComsat 11 launch in 2014.
Responding, the Managing Director of NigComsat, Mrs ,Abimbola Alale explained that any company can have a subsidiary but “in this case we dealt with Marsh that’s solely based in UK noy Marsh FJC in Abuja.
Apparently not satisfied with her explanation, Hon Nwokocha demanded for more clearer explanation from the MD of Fasahal, Mr Frederic Adejo.
Adejo in his explanation told the committee in session that”Marsh is not in anyway related to the Marsh in Nigeria and if not for the Covid-19 issue they would have been represented here in Nigeria at the investigative hearing.
Asked how much was paid as premium to the lead te-insurance I (Marsh), Adejo said”N180,992,836.35 was paid in 2014 and that he shopped for Marsh outside the Nigerian shore.
At this point, the MD of A&G Mr Abiola Ajibowu was asked to explain the role his company played in the whole insurance transaction.
He told the committee that”everything about the transaction was okay particularly the insurance policy which is the most important document.
The committee members frowned at his lackadaisical response to the issue of monies spent on the transaction by not giving any vivid financial breakdown.
Nwokocha had to reprimand him saying”you can’t spend Nigerian money without proper reconciliation and that’s what we demand of you.
A member of the committee, Hon Olumide Osoba at this point moved that a grace period should be given to all the stakeholders to furnish the Committee with all relevant documents.
The Chairman put the motion on a voice vote and the ays had it.
They are all expected to appear before the committee on August 28th and 31st with all relevant documents.
The investigation continues on Wednesday.