"> Lawmakers to Probe Space firm, #NIGCOMSAT - Sahel Standard
October 19, 2020
Business News

Lawmakers to Probe Space firm, #NIGCOMSAT

The House of Representatives has resolved to investigate alleged sleaze, misappropriation and non-profitability of the Nigerian Communications Satellite Limited.

The house’s decision followed a motion moved by House Minority Leader, Ndudi Elumelu. .

He said It costs the Nigerian Government $340m of taxpayers money to build the NIGCOMSAT-l and a further N43.50bn from the Federal Allocation as running cost and another $127m as debt servicing to the Chinese Government, but there is little or nothing to show for these huge investment.

Therefore, the house mandated its Committees on Information Technology and Finance to carry out a forensic audit of the activities of the NIGCOMSAT Limited from inception to date and report back in four weeks.

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