(Ecofin Agency) - The Nigerian House of Representatives Committee on Insurance and Actuarial has initiated an investigation into the financial deals related to the NigcomSat-1R television broadcasting satellite.
The equipment replaced the NigcomSat-1 satellite launched in May 2007 and later lost in space due to a malfunction. According to Vanguard, parliamentarians are mainly interested in knowing how the companies that provided the multimillion-dollar satellite were selected. Darlington Nwokocha, the chairman of the committee, who suspects irregularities in the selection process of these companies, has given NigcomSat seven days to provide all the documents on the insurance transactions and details of the expenses related to the NigcomSat-1R satellite.
The parliamentary inquiry was prompted by six petitions from “concerned Nigerians” in the insurance sector and individuals working for some of the invited organizations. The NigcomSat-1R satellite was launched into space in December 2011 by China Great Wall Industry Corporation (CGWC).