Govt Magic: Reps express shock as FG investment built with $490m loans now valued at $17m after audit

Members of the Adhoc Committee of the House of Representatives investigating the governing lease of Federal Government-owned assets yesterday expressed shock that a federal government investment built with a loan of $490million was valued at $17million after the KPMG audit.

The investment, a security network of about 700 base stations called the National Public Securities Communications Systems (NPSCS) began in 2008 and was commissioned in 2012.

The objective was to provide advanced communications capabilities for the police and other security agencies.

At the resumed hearing of the Committee on Wednesday, members were stunned by the revelation.

Director for Projects of MTS Technologies, Mathew Udanogh whose company was to run the project through a concession agreement however disclosed to investigating Committee led by Hon Daniel Asuquo that they were to manage the network for 33 years.

He said the first three years was to set up the place before operating for profit.

He said the concession agreement call for is a minimum investment of $100 million towards rehabilitation of the network.

He said, “It is a security network, a telecommunications network that was built and commissioned approximately 2012. It was built with a technology called CDMA. The sponsoring Ministry is the Ministry of Police Affairs. It is a network of about 700 base stations and towers built around the country.”

Leave A Comment