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MDAs shun invitation by Reps insurance committee

Many stakeholders in the insurance industry invited by the House of Representatives committee on insurance and actuarial yesterday shunned the hearing for undisclosed reasons. The stakeholders were scheduled to appear at Room 1.41 of the New Building of the House of Representatives.

After waiting fruitlessly for over an hour for the arrival of the invited stakeholders, to the committee, Hon. Darlington Nwokocha simply told his colleagues that the committee will no longer sit. He announced that those scheduled to appear before the committee including the Nigerian Insurance Association (NIA) have transmitted their memoranda and would be appearing on a date to be fixed.

He added that update on the rescheduled invitation will be sent to colleagues via WhatsApp. Recall that the committee had on Tuesday commenced investigation into the N180.9 million insurance premium allegedly paid for the failed Satellite 1 project, which was launched in 2011 as well as Satellite 1-R for which Nigeria obtained $500 million Chinese loan. The Chairman had issued a 7-day ultimatum for all the parties to provide relevant documents relating to the transactions.

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