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We didn’t pay N10.4bn to insure satellite — NIGCOMSAT

The Nigerian Communications Satellite Limited (NIGCOMSAT) has said it didn’t pay N10.4 billion as insurance for its Nigcomsat-1R satellite. Its spokesman, Adamu Idris, in a…

The Nigerian Communications Satellite Limited (NIGCOMSAT) has said it didn’t pay N10.4 billion as insurance for its Nigcomsat-1R satellite.

Its spokesman, Adamu Idris, in a statement on Sunday said NIGCOMSAT-1R had been classified as a critical national infrastructure since 2017, hence insurance is being dealt with by the Federal Ministry of Finance directly.

However, prior to 2017, NIGCOMSAT Ltd, paid and settled all insurance payments. “The company does not have any measure of financial indebtedness or fraud as propounded by the writer’s imagination,” Idris said.

The statement further said: “For the purpose of putting the records straight, it is important to state again that NIGCOMSAT-1 was launched in May 2007 by China Great Wall Industry Corporation (CGWIC). NIGCOMSAT-1 was China’s first commercial in-orbit delivery telecommunications satellite.