House of Representatives said it will place Nigerian Communications Satellite Limited (NigComSat) on status enquiry to determine its financial state after the lower house uncovered some irregularities in the accounts of the company.
Mr James Falake, chairman, House Committee on Finance, at an investigative hearing in Abuja, described the company as incompetent.
The committee expressed its displeasure with the presentation by the management led by led by Abimbola Alale, managing director, on the company’s finances.
The committee said the account was full of infractions and expressed doubts over the professional competence of the accountants who audited NICOMSAT’s accounts.
The committee also criticised Alale and the Mr Adamu Idris, general manager of Finance, 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.”
