Wednesday, August 26, 2020

Senate probes NTA-StarTimes after no profit in 12 years

The Nigerian Senate may call for a forensic audit of the joint venture between the Nigerian Television Authority (NTA) and Chinese cable company, StarTimes.

The senate is bewildered that 12 years after the agreement in 2008, there is no profit to show.

Chairman, Senate Joint Committee on Finance and National Planning, Sen. Solomon Adeola, said this on Tuesday in Abuja, during an interactive session with some revenue generating agencies of government.

The News Agency of Nigeria (NAN) reports that the upper chamber had, on Monday, queried the management of NTA, why the venture is not turning profit after 12 years.

The Senate asked that the management should appear before the committee along with the Managing Director, NTA TV Enterprises, Mr Maxwell Loko.

The joint venture agreement was that whatever accrued at the end of every financial year, 70 per cent, goes to StarTimes and 30 per cent to Nigeria.

Adeola also queried why some of the accounts of StarTimes were in dollars and naira.