The Senate initiates an investigation into the N10 billion restructuring funds allocated to NIPOST by the Federal Ministry of Finance. This decision comes on the heels of the discovery of irregularities within the agency’s subsidiaries, specifically NIPOST Properties and Development Company and NIPOST Transport and Logistics Services Limited.
The Red Chamber, in a resolution passed on December 30, 2023, disclosed its findings, pointing to an alleged illegal transfer of federal government shares in the two NIPOST subsidiaries to private individuals. The revelation has stirred outrage among lawmakers, prompting a swift call for immediate action.
Individuals holding key positions within the Bureau of Public Enterprises (BPE) and NIPOST have been identified as shareholders of the implicated subsidiaries. Corporate Affairs Commission (CAC) records as of November 8, 2023, confirm the significant shares controlled by some top BPE officials in these subsidiaries.
In response to these unsettling discoveries, the Senate not only declared the NIPOST subsidiaries in question as “irregular and illegal” but also recommended their immediate winding-up and deregistration. Going beyond these measures, the Senate, through its resolution on December 30, last year, insisted on a comprehensive investigation into the N10 billion earmarked by the Ministry of Finance for NIPOST’s restructuring and recapitalization.
The Senate resolution emphasizes the gravity of the situation, demanding that if evidence of “injudicious utilization” surfaces, the responsible committee must take decisive action to recover the full amount allocated for NIPOST’s restructuring and recapitalization.