The House of Representatives Committee on Insurance and Actuarial Matters on has asked A&G, Fasahal Insurance and others to submit documents on how N180,992,83635 was paid as premium on NigComsat satellite launch within seven days.
Speaking at the ongoing probe of illegalities in the insurance sector, Chairman of the committee, Rep. Darlington Nwokocha gave the directive to 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 that the agency deals solely with the insurance company in the UK.
Disatisfied with her explanation, Rep. Nwokocha demanded for a more clearer explanation from the Managing Director of Fasahal, Mr. Frederic Adejo.
Adejo in his explanation told the committee that the UK company is not in anyway related to its namesake in Nigeria, adding that if not for the COVID-19 pandemic they would have been represented at the investigative hearing.
Asked how much was paid as premium to the lead insurance, Adejo said N180,992,836.35 was paid in 2014.
At this point, the House committee asked the Managing Director of A&G, Mr. Abiola Ajibowu 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.
However, he was reprimanded by Rep. Nwokocha reprimanded him, saying that public funds cannot be spent without proper reconciliation.
A member of the committee, Rep. Olumide Osoba thereafter moved that a grace period be given to all the stakeholders to furnish the committee with relevant documents relating to the insurance deal.
They are therefore, expected to appear before the committee on August 28 and 31 with all relevant documents.
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