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.
