CAC revokes the certificates of NIPOST subsidiaries for illicit transfer.

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of incorporation of NIPOST Properties and Development Company and NIPOST Transport and Logistics Services Limited have been revoked by the Corporate Affairs Commission (CAC).

Subsequent to the identification of an unauthorised transfer of N10 billion in restructuring funds from the Federal Ministry of Finance to the agency’s subsidiaries, this revocation was issued.

The CAC issued the following statement on Monday: “The General Public is hereby notified that the Commission, in exercise of its authority under Section 41 (7) of the Companies and Allied Matters Act No. 3 of 2020, has revoked the Certificates of Incorporation of the companies listed below due to improper procurement. The aforementioned organisations are as follows: “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 aforementioned organisations are considered to have ceased operations, and their respective assets and liabilities shall be transferred to the Nigeria Postal Services, which is constituted in accordance with Cap N127 LFN 2004.”

Recall that the Senate announced in a resolution dated December 30, 2023, that it had discovered what appeared to be an unauthorised transfer to private individuals of Federal Government shares in two NIPOST subsidiaries.

The legislators were incensed by the discovered violations and demanded immediate action.