x

Breaking News: CAC Revokes Certificates of NIPOST Subsidiaries Over Illegal Transfer

In a significant development, the Corporate Affairs Commission (CAC) has taken decisive action by revoking the certificates of incorporation of NIPOST Properties and Development Company and NIPOST Transport and Logistics Services Limited.

This drastic step comes after the discovery of an illegal transfer of N10 billion in restructuring funds, allocated by the Federal Ministry of Finance, to the subsidiaries of the agency.

In an official statement released on Monday, the CAC invoked its powers under Section 41 (7) of the Companies and Allied Matters Act No. 3 of 2020 to revoke the certificates of incorporation of the two companies, namely NIPOST Transport and Logistics Services Company Ltd (RC 1673881) and NIPOST Properties & Development Company Ltd (RC 1673971).

As a result of this revocation, the companies are now considered dissolved, and their assets and liabilities have been transferred to the Nigeria Postal Services established under the Nigerian Postal Services Act Cap N127 LFN 2004.

The records from the CAC indicate that as of November 8, 2023, certain top officials of the Bureau of Public Enterprises (BPE) controlled significant shares in the subsidiaries, raising concerns about potential conflicts of interest and mismanagement of funds.

Responding to these revelations, the Senate passed a resolution on December 30, 2023, calling for a thorough investigation into the matter. The resolution deemed the NIPOST subsidiaries’ actions as “irregular and illegal” and recommended their immediate winding-up and deregistration.

Furthermore, the Senate demanded a comprehensive probe into the N10 billion allocated by the Ministry of Finance for NIPOST’s restructuring and recapitalization. If evidence of “injudicious utilization” is uncovered, the Senate mandated the responsible committee to recover the full amount.

The resolution highlighted an alleged illegal transfer of Federal Government shares in the two NIPOST subsidiaries to private individuals, sparking widespread outrage and necessitating swift action by regulatory authorities.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalistAs...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Stakeholders Urge Deeper Nigeria-China Cooperation Amid Global Trade Disruptions

Stakeholders at a high-level dialogue on Tuesday called for...

Abuja barber to attempt Guinness World Record for longest haircut marathon

Abuja-based barber Joshua Aiyenuro has announced plans to attempt...

Tunde Ednut Becomes U.S. Citizen, Receives Special Award from Joe Biden

Popular Nigerian blogger, Tunde Ednut, has officially become a...

Court Sets June 27 for Judgment in Natasha Akpoti-Uduaghan’s Suspension Case

The Federal High Court in Abuja has scheduled June...

June 12: Lamido Urges Tinubu to Settle N45bn Debt Owed to Abiola Family

Former Jigawa State Governor and ex-National Secretary of the...

Oborevwori says administration committed to welfare, safety of Corps members in Delta

By Anne AzukaGovernor Sheriff Oborevwori of Delta State on...

Wike: PDP Can’t Win 2027, Party Being Undermined by Self-Interest

Federal Capital Territory (FCT) Minister Nyesom Wike has declared...
spot_img

Related Articles

Popular Categories

spot_imgspot_img