Reps uncover loopholes in NIGCOMSAT accounts, say management incompetent

The House of Representatives has condemned the management of the Nigerian Communications Satellite Limited over irregularities uncovered in the accounts of the company, describing it as incompetent.

The Chairman of the House Committee on Finance, Mr James Falake, gave the verdict at an investigative hearing in Abuja on Monday, when the management of NIGCOMSAT, led by its Managing Director, Abimbola Alale, appeared before it.

The committee expressed its displeasure with the presentation by the management on the company’s finances, which it said was full of infractions.

It also expressed doubts over the professional competence of the accountants who audited NICOMSAT’s accounts.

The committee also criticised Alale and the General Manager of Finance, Mr Adamu Idris, for failing to provide satisfactory answers to most of the questions put to them.

Falake said based on the discrepancies in the company’s financial records, the probe, which examined records from 2014 to 2019, would be extended to 2012.

He said, “Things cannot continue like this. You are not competent; we have to rescue this agency from you. In fact, if I had my way, I would recommend your sack. We cannot continue with this exercise.”

Faleke, who later spoke to journalists, said that the company would be placed on status enquiry to determine its financial status.