The certificates of incorporation of NIPOST Properties and Development Company and NIPOST Transport and Logistics Services Limited have been revoked by the Corporate Affairs Commission.
This revocation came after it was discovered that N10 billion in restructuring funds that had been given to the agency’s subsidiaries by the Federal Ministry of Finance had been transferred illegally.
The CAC, in a statement on Monday, said, “The General Public is hereby informed that the Commission, sequel to its powers contained in Section 41 (7) of the Companies and Allied Matters Act No. 3 of 2020, revoked the Certificates of incorporation of the below-mentioned companies because the same was improperly procured. These companies are:
“1. NIPOST Transport and Logistics Services Company Ltd RC 1673881 and 2. NIPOST Properties & Development Company Ltd RC 1673971.
“By virtue of these revocations, the Companies are deemed to be dissolved and their Assets and Liabilities transferred to the Nigeria Postal Services established under the Nigerian Postal Services Act Cap N127 LFN 2004.”
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Records from the CAC attest that, as of November 8, 2023, a few senior BPE officials own a sizable portion of the subsidiaries’ shares.
In response to these findings, on December 30, 2023, the Senate passed a resolution calling for an investigation into the situation.
The resolution suggested the NIPOST subsidiaries in question be immediately wound up and deregistered, calling them “irregular and illegal.”
Beyond just taking immediate action, the Senate resolution called for a comprehensive investigation into the N10 billion that the Ministry of Finance had approved for the restructuring and recapitalization of NIPOST.
The Senate declared that in the event that proof of “injudicious utilisation” emerged, the relevant committee would have to reimburse the entire sum.
The Red Chamber claimed to have discovered an alleged unauthorized transfer of Federal Government shares in two NIPOST subsidiaries to private individuals in its resolution dated December 30, 2023.
The lawmakers demanded quick action in response to their outrage over the found violations.
A few prominent figures from both NIPOST and the Bureau of Public Enterprises (BPE) were named as shareholders of the two NIPOST ventures.
