Senate has ordered a probe into the N10 billion restructuring funds released to NIPOST by the Federal Ministry of Finance.
This followed the discovery of irregularities in the agency’s subsidiaries – NIPOST Properties and Development Company and NIPOST Transport and Logistics Services Limited.
In its resolution of December 30, 2023, Red Chamber said it uncovered alleged illegal transfer of federal government shares in two NIPOST subsidiaries to private individuals.
The discovered infractions sparked outrage, prompting the lawmakers to call for immediate action.
Some individuals in key positions within the Bureau of Public Enterprises (BPE) and NIPOST were listed as shareholders of the two NIPOST subsidiaries.
The Corporate Affairs Commission (CAC) records confirm that as of November 8, 2023, some top officials of BPE control significant shares in the subsidiaries.
Responding to these discoveries, the Senate passed a resolution on December 30, last year.
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 demanded a thorough investigation into the N10 billion voted by the Ministry of Finance for NIPOST’s restructuring and recapitalisation.
Should evidence of “injudicious utilisation” surfaces, the Senate said the committee responsible must recover the full amount.
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