House of Representatives is still conducting forensic audit of the activities of the Nigerian Communications Satellite (NigComSat), according to a source the lower chamber.
NigComSat Still Under Investigation over Alleged Sleaze- Reps
This is contrary to speculations that the house may have capitulated on the probe of NigComSat, from inception to dat.
Recall that the house had earlier this month adopted a motion on the ‘Need to investigate the alleged sleaze, misappropriation and non-profitability of the NigComSat Limited,’ sponsored by Ndudi Elumelu, minority leader.
The source who spoke to Nigeria CommunicationsWeek, said that the house committees on Information Technology (ICT) and Finance are currently looking at alleged “sleaze, misappropriation and non-profitability” of the company.
The establishment of NigComSat “was to develop the information and communications technology system in Nigeria, as well as to improve national security, broadcasting, internet access, e-governance, health and the educational sectors of the country.
Unfortunately, it has failed to achieve its objectives. Incorporated in 2006 and wholly owned by the Federal Government, NigComSat’s scorecard remains unsatisfactory,” said a statement.
The federal government sunk some $340 million of taxpayers money to build the NigComSat-l and a further N43.500 billion from the federal allocation as running cost and another $127 million as debt servicing to the Chinese Government, but there is little or nothing to show for these huge investments.
The House is concerned that while the fixed-satellite service business has proven lucrative in so many countries with a worth estimate of the global space as high as N126 trillion and 75 percent of this coming from commercial revenues, NigComSat is yet to get a slice of the pie and has generated zero revenue.”