CAC Revokes NIPOST Subsidiaries’ Registration Certificates

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The Corporate Affairs Commission (CAC) has revoked the certificates of incorporation of NIPOST Properties and Development Company and NIPOST Transport and Logistics Services Limited.

The revocation of the affected entities’ registration certificates was sequel to the discovery of an alleged illegal transfer of N10 billion in restructuring funds released by the Federal Ministry of Finance to the agency’s subsidiaries.

In a statement issued on Monday confirming its decision, the Commission stated: “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”, it added.

It was gathered that CAC records indicated that as of November 8, 2023, some top officials of BPE controlled significant shares in the NIPOST’s subsidiaries and that following the findings, the Senate passed a resolution on December 30, 2023, for a probe of the findings

The resolution declared the affected NIPOST’s subsidiaries as “irregular and illegal” and recommended their immediate winding-up and deregistration.

The Senate further demanded a thorough investigation into the N10 billion voted by the Ministry of Finance for NIPOST’s restructuring and recapitalization, adding that should evidence of “injudicious utilisation” be proven, the committee responsible for the investigation must recover the full amount.

The Senate in the resolution claimed that it uncovered an alleged illegal transfer of Federal Government shares in two NIPOST subsidiaries to private individuals.

Some top officials in the Bureau of Public Enterprises (BPE) and NIPOST were listed as shareholders of the two NIPOST’s subsidiaries



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