The Corporate Affairs Commission has invalidated the certificates of incorporation of Nigeria Postal Service Properties Development Company, NIPOST Transport and Logistics Services Limited.
According to The PUNCH, the CAC made this known in a statement on Monday, noting that the revocation followed the discovery of an illegal transfer of N10 billion in restructuring funds released by the Federal Ministry of Finance to the agency’s subsidiaries.
“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,” the statement read
It was said that CAC records confirm that as of November 8, 2023, some top officials of BPE control significant shares in the subsidiaries.
While reacting to these discoveries, the Senate passed a resolution on December 30, 2023, for a investigation into the matter.
The resolution declared the NIPOST subsidiaries in question “irregular and illegal” and recommended their immediate winding-up and deregistration.
The Senate resolution goes beyond immediate action; it requested for a thorough investigation into the N10 billion voted by the Ministry of Finance for NIPOST’s restructuring and recapitalisation.
Should evidence of “injudicious utilisation” surface, the Senate said the committee responsible must recover the full amount.
In its resolution of December 30, 2023, the Red Chamber said it uncovered an alleged illegal transfer of Federal Government shares in two NIPOST subsidiaries to private individuals.
The discovered infractions generated outburst which induced the lawmakers to call for immediate action.
Some individuals in key positions within the Bureau of Public Enterprises and NIPOST were listed as shareholders of the two NIPOST subsidiaries.
