Tag: NIPOST

  • NIPOST CEO urges Nigeria police to use national addressing system to combat crime 

    NIPOST CEO urges Nigeria police to use national addressing system to combat crime 

    The Postmaster General of the Federation and Chief Executive Officer (CEO) of the Nigerian Postal Service (NIPOST), Mrs. Tola Odeyemi, has called on the Nigeria Police Force to utilize the National Addressing System as a tool to track and combat criminal activities across the country. 

    Odeyemi emphasized that the National Addressing System is an effective mechanism for identifying and tracing criminal activities by providing valuable information on addresses, identities, and other details related to criminal acts within Nigerian communities. 

    She made the statement during a meeting with the Inspector General of Police, IGP Kayode Egbetokun, at the Nigeria Police Force Headquarters in Abuja over the weekend. 

    Odeyemi highlighted that NIPOST has an extensive infrastructure and assets across all 774 local government areas in Nigeria.

    She urged the Nigeria Police Force to collaborate with NIPOST, leveraging its resources and tools to enhance national security and track criminal activities more efficiently. 

    Her call for collaboration underscores the potential of the National Addressing System in improving public safety and aiding law enforcement efforts in the country.

    Odeyemi said: “The postal service is a fundamental component of Nigeria’s societal infrastructure, and we are acutely aware of the indispensable role that law enforcement plays in protecting it.

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    “Our aim today is to explore collaborative solutions to these pressing challenges, thereby enhancing the safety of our postal workforce and the communities we serve.”

    She said her meeting with the IGP was aimed at exploring mutual interest to handle NIPOST operations, secure its vast infrastructure across Nigeria, and its logistics services, and foster better opportunities for economic growth.

    Odeyemi said NIPOST’s mandate goes beyond the promotion of Communications, but to enhance security measures, noting that the meeting would further allow the two bodies to jointly address challenges they both faced.

    The NIPOST boss expressed her gratitude for the long-standing support of the police personnel to NIPOST and emphasised the importance of the synergy between the postal service and police force in ensuring secure and efficient service delivery across the nation.

    She highlighted the growing concerns regarding securing NIPOST’s vast national assets, curbing vandalism of its infrastructures, check-mating targeted encroachment of NIPOST assets, mail theft, and frauds, asserting that the critical role of Postal services in supporting community safety initiatives remains vital to national development.

    She further explained that the National Addressing System being developed by NIPOST would serve as a crucial tool for a robust national security system that would enable the police force to track criminalities across Nigeria.

    On his part, IGP Egbetokun, expressed delight on the visit, noting that the vital roles of postal services in connecting communities and facilitating communications across the country remain sacrosanct.

    Egbetokun said the collaboration with NIPOST would mark the beginning of a new dawn in service delivery for the two institutions, noting that the common goals of serving the people in terms of security and safety of communities would be better served. 

  • Lagos Governor challenges NIPOST on innovation

    Lagos Governor challenges NIPOST on innovation

    Lagos State Governor Babajide Sanwo-Olu has urged Nigerian Postal Service (NIPOST) to embrace innovation and challenge out-dated practices, in order to create a forward-thinking organisation.

    He spoke yesterday during a meeting with the Postmaster-General and Chief Executive Officer of NIPOST, Ms. Tola Odeyemi. 

    Sanwo-Olu emphasised the need for sustainable change that aligned with modern societal demands.  “I stress the importance of challenging the status quo to achieve sustainable change that meets the needs of today and future.

    “It is essential to adapt and evolve beyond the out-dated practices of the past, to create an organisation that aligns with the current and future demands of our society.”

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    He reiterated his administration’s commitment to supporting NIPOST, encouraging the agency to revamp its operations and pursue meaningful innovations.

    “I urge Ms. Odeyemi and her team to think innovatively, revamp NIPOST, and not hesitate to pursue meaningful changes,” he said.

    The governor assured the Postmaster-General of Lagos State’s readiness to work with NIPOST, noting the state’s commitment to initiatives that would drive innovation, enhance service delivery and create opportunities for the people of Lagos State.

    Odeyemi highlighted the purpose of her visit, which was to seek strategic collaboration with Lagos State Government on transformative projects.

    “The National Addressing System and Postcode Framework Project is one of our critical focus areas. We are also looking to promote the special use of NIPOST facilities as development and training hubs for youth, advance stamp authentication in Lagos State Government operations and drive digital transformation, e-governance services and financial inclusion,” she said.

  • NIPOST promises effective service at 150th Post Day

    NIPOST promises effective service at 150th Post Day

    Nigerian Postal Service (NPS) has renewed its pledge of leveraging innovations to ensure better and effective service delivery.

    The agency spoke as it joined the world to mark 150th World Post Day (WPD). It unveiled two stamps – Post Planet stamp and Philatelic stamp with a 150-year logo inscription.

    Part of activities to mark the Day was a ‘Walk with NIPOST’, from NIPOST office, Marina, to Broad Street, to inform and educate Nigerians on innovations it embraced for good service delivery.

    Read Also: Massey hospital ready next year, Sanwo-Olu assures

    Postmaster-Genera, Tola Odeyemi, said NIPOST went  through digital innovations to meet up with modern trends.

    She said: “Today is World Post Day and the 150-year celebration of Universal Postal Union (UPU). It’s the platform for postal organisations which Nigeria also belongs to. To post is a key infrastructure globally in communicating, moving mail and commerce.

    “For NIPOST, this presents an opportunity to reaffirm our commitment to modernisation, innovation, and excellence. As we adapt to the needs of our customers, we are investing in technology, expanding services, and enhancing experience of those who rely on us. We embraced digital transformation, integrating services as e-commerce, financial inclusion products, and efficient last-mile delivery systems…’’

  • NIPOST promises effective service delivery at 150th anniversary

    NIPOST promises effective service delivery at 150th anniversary

    The Nigerian Postal Service (NIPOST) has renewed its pledge of leveraging new innovations to ensure better and more effective service delivery to Nigerians.

    The agency made the promise as it joined the world to mark the 150th World Post Day (WPD) 2024.

    It also unveiled two new stamps – a Post Planet stamp and a Philatelic stamp with a 150-year logo inscribed on them.

    Part of the activities to mark the Day was a ‘Walk with NIPOST’, which took off from the NIPOST office, Marina, to Broad Street, to inform and educate Lagosians and Nigerians about innovations NIPOST has embraced for effective service delivery.

    Postmaster-General and Chief Executive Officer of NIPOST, Tola Odeyemi, said NIPOST has gone through digital innovations to be able to meet up with modern trends in the postal world.

    She said: “Today is World Post Day and the 150-year celebration of the Universal Postal Union (UPU). It’s the platform for all postal organisations to which Nigeria also belongs. Post is a key infrastructure globally in communicating, moving mail and commerce across the globe.

    “For NIPOST, this milestone presents an opportunity to reaffirm our commitment to modernisation, innovation, and excellence. As we adapt to the changing needs of our customers, we are investing in technology, expanding our services, and enhancing the experience of those who rely on us. We have embraced digital transformation, integrating services such as e-commerce solutions, financial inclusion products, and efficient last-mile delivery systems.

    “My vision for NIPOST remains clear: to connect Nigeria, deliver solutions, and improve lives. The UPU, over the last 150 years, has been a beacon of this vision on a global scale. Today’s celebration is a reminder that we must continue to innovate, collaborate, and push the boundaries of what is possible so that we can serve future generations with the same passion, dedication, and commitment.

    “The world has evolved beyond post. But what countries have done with UPU is to meet changing trends globally. In Nigeria, NIPOST has gone behind posting letters; we now offer e-commerce among other digital services.”

    On challenges faced by NIPOST over the years which has made it no longer attractive to Nigerians, Odeyemi identified dilapidated and inadequate infrastructure, as well as financial constraints to run the agency effectively.

    “Our challenges at NIPOST are not different from the challenges other postal services are facing. Every postal operator has gone through the same challenges NIPOST is facing, one of which is ageing infrastructure.

    Read Also: NIPOST issues N250 new stamp to commemorate World Post Day

    “The first postal office was built in 1897, and most postal offices were built during that period. There is also the issue of financial sustainability. If a post service focuses on just one mode of business operation, there will be an issue of financial sustainability,” Odeyemi noted.

    She however said the government is doing all it can to reposition NIPOST.

    “The government needs to see NIPOST as a partner in delivering financial, social, and digital inclusion, and the government is doing that. We are now at the stage of troubleshooting and repositioning NIPOST for better services.”

    Special Assistant to the PostMaster General, Kola Talent, said a competition was held for secondary school pupils to design a new stamp for the 150th anniversary, and the best design was chosen as the anniversary stamp.

  • NIPOST issues N250 new stamp to commemorate World Post Day

    NIPOST issues N250 new stamp to commemorate World Post Day

    The Nigeria Postal Service (NIPOST) today, October 9, joined the Universal Postal Union (UPU) to issue a single postage stamp in commemoration of the 150th anniversary of the UPU, the global union established in 1874.

    NIPOST authorities said the stamp would be in 250 naira denomination depicting the logo of the 2023 World Postal Day.

    NIPOST further said it would unveil its Agency Banking Solution, POSTMONI, as part of activities designed to celebrate this year’s edition of World Post Day, a day set aside by the United Nations to celebrate World Post Day. 

    The World Post Day is being celebrated by 192 countries across the globe for the establishment of the Universal Postal Union (UPU-1874 to 2024) by the United Nations. 

    The theme for this year’s World Post Day is: “150 years of enabling communication and empowering peoples across nations”. 

    The Postmaster General of the Federation and Chief Executive of NIPOST, Mrs Tola Odeyemi said in a statement issued in Abuja that NIPOST has over the years taken giant strides to accomplish the vision of linking the world together through communication, contacts and interactions with people across the world. 

    She said under the Renewed Hope Agenda of President Bola Tinubu, NIPOST management prioritised evolution of its activities by leveraging on technology to deliver services that would make NIPOST relevant and globally competitive. 

    The NIPOST boss said part of the landmark achievements of the present administration was NIPOST and SMEDAN- Small and Medium Enterprises Development Agency-collaboration to support over 10,000 Micro and Small and Medium Enterprises across Nigeria. 

    Mrs Odeyemi said: “The implementation of this partnership, MSMEs can anticipate a 15% reduction in courier service costs, improved market access and enhanced last -mile delivery capabilities, contributing to job creation and economic development across Nigeria. 

    “NIPOST has also consolidated on its partnership with the National Agency for the Control of AIDS (NACA) for the implementation of transportation of biological samples within the country. 

    “The project has entered its final stages for launching in Taraba and Abia States with all facilities in place. 

    “The initiative is part of the efforts to strengthen the referral of biological specimens in the country using National Integrated Sample Referral Network (NiSRN) approach by leveraging on the expertise of NIPOST effective delivery network.”    

    She added that the National Addressing System was being developed as a strategic infrastructure for national development in collaboration with the National Population Commission (NPoPC) and other partners. 

    “This will help facilitate mail handling, identify precise locations, ensure consistency in address related database and enable efficiency services in government agencies, financial institutions and businesses in a consistent manner”, Odeyemi said. 

    Read Also: NIPOST targets N10b revenue on business growth

    Speaking on the unveiling of POSTMONI, Mrs Odeyemi said the solution aimed to “bring accessible, convenient and affordable financial services to Nigerians nationwide and from any location across the globe”. 

    She said POSTMONI is an Electronic Money Order Solutions- Customized for NIPOST to connect for the greatness of the Federal Republic of Nigeria and the advancement of the Nigerian Postal Service.

    “To celebrate the day, NIPOST’s State Offices across the country will organize road shows among other activities to mark the day, the goals still remain the same: to publicize the role of the post and its activities, innovations, new vision as well as its role as a catalyst in the socio-economic development of the nation”, the NIPOST boss asserted.  

  • Two firms registered for NIPOST at N10b folded after one year, says Reps’ panel

    Two firms registered for NIPOST at N10b folded after one year, says Reps’ panel

    •Committee directs JAMB, Investment Tribunal to refund N3.608b within 30 days

    The House of Representatives Committee on Public Accounts yesterday said two companies the Bureau for Public Enterprise (BPE) registered for the Nigeria Postal Service (NIPOST) at N10 billion fold up one year after take-off.

    The committee also directed the Joint Admission and Matriculations Board (JAMB) and the Investment and Security Tribunal to refund into the Consolidated Revenue Fund of the Federation about N3.457 billion and N6.327 million within 30 days and tender evidence of payment before the committee.

    Committee Chairman Bamidele Salam (PDP, Osun) said this at the resumed investigative hearing of the committee in Abuja.

    The chairman said no reasonable Nigerian would believe that N10.4 billion was spent to register the two companies that folded up barely one year after.

    The two companies – NIPOST Transport and Logistics Limited as well as NIPOST Property – reported took off in May, last year, and folded up through a presidential directive last May.

    BPE’s Head of Finance and Accounts, who stood in for the Director General of the agency, Imam Rilwan, told the committee that while about N10 billion was given to the two companies for their take-off, about N400 million was given to the BPE to prepare the ground for the take-off of the companies.

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    The BPE accounts chief said the issue of registering the two companies for NIPOST was approved in 2017, paving the way for the bureau to expend about N423 million on registration and other activities for the eventual take-off of the companies.

    He said when the money eventually released in 2023, the Bureau had to recover its money, adding that the N423 million given to the BPE was used to rent office accommodation and carry out other essential services.

    Rilwan explained that while the bureau paid the rent for the two companies from 2022, the companies took possession of the offices in May, last year, while they folded up last May.

    He said all property belonging to the two companies had been officially handed over to the NIPOST management.

    But Salam said spending money from government coffers before it is released is a violation of the provisions of the Public Procurement Act.

    Besides justifying the expenditure, the BPE representative could not explain why the money meant for other activities was expended on the two companies.

    The committee demanded relevant approvals from the bureau on such expenditures.

    Expressing displeasure about the development, the committee chairman directed BPE’s Director General Ayodeji Gbeleyi to personally appear before the committee tomorrow at noon with all relevant documents on the transaction.

  • NIPOST targets N10b revenue on business growth

    NIPOST targets N10b revenue on business growth

    Postmaster General of the Federation and Chief Executive Officer, Nigerian Postal Service (NIPOST), Mrs Tola Odeyemi has said the agency plans to generate N10 billion in revenues this year.

    She said the present leadership of NIPOST has taken steps to change the narratives of the agency by ensuring that the company adds values to the activities of government and impacts positively on the lives of ordinary Nigerians.

    Odeyemi said NIPOST has signed a Memorandum of Understanding (MoU) with the Small and Medium scale Enterprises (SMEDAN) to ensure that the cost of moving goods/services through NIPOST for 22 million businesses that registered with SMEDAN is reduced by 15 percent. This, she said, would boost the economy and improve productivity across all sectors of the national economy.

    The Postmaster General of the Federation made the remarks at the opening ceremony of a three-day Strategic Management Retreat for the Management staff of NIPOST, Directors, and Postal Managers from the 36 states and the FCT. The retreat took place at DRACC Aco Estate, Lugbe, Abuja.

    She said the retreat had the theme “Empower, Innovate, Shape: Nigerian Post, optimised for Excellence “. She noted that it was targeted at “ensuring alignments of all our day-to-day activities so that they would be in tandem with the vision and mission of the present leadership.”

    “We want to explore opportunities for efficiency, and energise NIPOST base across all the 774 local government areas.  It has become necessary that we must deliver the minimum level of service that is expected from NIPOST,” she said.

    Odeyemi said NIPOST would upgrade its technology architecture to improve on its mail delivery systems and build public trust and confidence in the agency, stating that complaints reaching the management on missing mails are due to human errors.

    “Yes we are aware of the compliant about missing mails. We are going to upgrade our technology with end-to-end tracking system. This enables us know where things go wrong because this is a human system, so you experience some errors. But we will address the errors through improved technology, “ Odeyemi said.

    The NIPOST boss said efforts have also reached advance stage for NIPOST to restart its e-commerce,  financial services, NIN enrolment and registration using its facilities in all the 774 local governments of the country.

    Odeyemi said:”There is a lot of work being done with little resources that NIPOST has. One of the things I want to change is that I want to increase revenue, for revenue generation we are starting last man delivery of some government services and NIN registration. It will be available in all our locations.

    “We are restarting our financial services, meaning that one can be able to do simple financial transactions, like bills payments, utilities payments, cash in cash out, at any NIPOST location.

    “We are also increasing our presence in e-commerce and logistics, haulage services using all our locations for the good of Nigeria.

    “Under the Renewed Hope Agenda one of the things that we have done is our partnership with SMEDAN. They have a mandate to ensure that across Nigeria, NANO, Micro small and medium enterprises function properly.

    Read Also: NIPOST targets N10billion revenues in 2024

    “One of the key aspects of this industry is the ability to move their goods from production to end-users or customers. This is one of the areas we want to participate in the diversification of the economy.

    “ It’s to enable people to move goods at a reduced cost, and we just signed an MoU with SMEDAN and we are reducing prices by 15 % for the over 22 million businesses that register with SMEDAN.

    “So we want to be the enabling platform to improve trade and commerce in the country.

    “We will also have agro logistics products, we are in agrarian states where you have excess capacity for agricultural production. This we will do to help farmers move their produce to either the aggregator or to the table. It could be from the farm to the table or from farm to business.”

  • NIPOST targets N10billion revenues in 2024

    NIPOST targets N10billion revenues in 2024

    The Postmaster General of the Federation/CEO of the Nigerian Postal Service (NIPOST), Mrs Tola Odeyemi on Monday, September 2, said the agency is targeting 10 billion naira revenues for the government this year.

    According to Mrs Odeyemi, the present leadership of NIPOST has taken steps to change the narratives of NIPOST and ensure that the company add value to the activities of the government and impact positively on the lives of ordinary Nigerians.

    Odeyemi said NIPOST has signed a Memorandum of Understanding (MoU) with the Small and Medium-scale Enterprises (SMEDAN) to ensure that the cost of moving goods/services through NIPOST for 22 million businesses that are registered with SMEDAN is reduced by 15 percent. This, she said, would boost the economy and improve productivity across all sectors of the national economy.

    She made the remarks at the opening ceremony of a three-day Strategic Management Retreat for the Management staff of NIPOST, Directors, and Postal Managers from the 36 states and the FCT.

    The retreat took place at DRACC Aco Estate, Lugbe, Abuja.

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    She said the Retreat had the theme “Empower, Innovate, Shape: Nigerian Post, optimised for Excellence.”

    She noted that it was targeted at “ensuring alignments of all our day-to-day activities so that they would be in tandem with the vision and mission of the present leadership.”

    “We want to explore opportunities for efficiency and energise the NIPOST base across all the 774 local government areas.  It has become necessary that we must deliver the minimum level of service that is expected from NIPOST,” she said.

    Mrs Odeyemi said NIPOST would upgrade its technology architecture to improve its mail delivery systems and build public trust and confidence in the agency, stating that complaints reaching the management on missing mail are due to human errors.

    “Yes, we are aware of the complaint about missing mail. We are going to upgrade our technology with an end-to-end tracking system. This enables us to know where things go wrong because this is a human system, so you experience some errors. But we will address the errors through improved technology,” Odeyemi said.

    The NIPOST boss said efforts have also reached an advanced stage for NIPOST to restart its e-commerce, financial services, NIN enrolment and registration using its facilities in all the 774 local governments of the country.

    Odeyemi said: “There is a lot of work being done with little resources that NIPOST has. One of the things I want to change is that I want to increase revenue, for revenue generation we are starting last-man delivery of some government services and NIN registration. It will be available in all our locations.

    “We are restarting our financial services, meaning that one can be able to do simple financial transactions, like bill payments, utility payments, and cash in cash out, at any NIPOST location.

    “We are also increasing our presence in e-commerce logistics, and haulage services using all our locations for the good of Nigeria.

    “Under the Renewed Hope Agenda one of the things that we have done is our partnership with SMEDAN. They have a mandate to ensure that across Nigeria, NANO, Micro small, and medium enterprises function properly.

    “One of the key aspects of this industry is the ability to move their goods from production to end-users or customers. This is one of the areas we want to participate in the diversification of the economy.

    “It’s to enable people to move goods at a reduced cost, and we just signed a MoU with SMEDAN and we are reducing prices by 15 % for the over 22 million businesses that register with SMEDAN.

    “So we want to be the enabling platform to improve trade and commerce in the country.

    “We will also have agro logistics products, we are in agrarian states where you have excess capacity for agricultural production. This we will do to help farmers move their produce to either the aggregator or to the table. It could be from the farm to the table or from farm to business.”

  • NIPOST hails registration compliance of courier, logistics firms in Enugu

    NIPOST hails registration compliance of courier, logistics firms in Enugu

    The Nigeria Postal Service (NIPOST) has commended private courier and logistics companies operating in Enugu and the southeast geopolitical zone for substantially complying with the service’s regulations for such companies in the state.

    NIPOST had set a February 2024 deadline for all illegal courier and logistic businesses in the country to register and comply with the service’s regulations or face clamp down.

    But, speaking with newsmen at the 35th Enugu International Trade Fair, the Enugu state postal manager of NIPOST, Akoma Friday, disclosed that the service suspended the clampdown because of the high level of compliance by the firms.

    According to him, there was a 65-70 per cent compliance rate by courier and logistics companies in registration and licensing in the state.

    Akoma also lauded the union of the courier/logistic association in the state for doing intense work in educating and encouraging its members to follow the due course of the law and formalise their operation in the state.

    The manager said that many private courier/logistics operators in the state had used the NIPOST stand at the fair to register, do the right thing and not operate in hiding any more.

    “As it stands, we will not use the big sticks on them as we are already communicating with our headquarters on how they are turning out en masse to register and follow the NIPOST guidelines for their operation in the state.

    “What we will concentrate more on is further sensitisation and follow-up through their association and facility visits to ensure that all private courier/logistics operators follow due registration, licensing and guidance,” he said.

    Akoma also urged Nigerians to patronise NIPOST courier and cargo logistics, saying the service is currently doing exceptionally well.

    “NIPOST has a leading edge in courier/cargo logistics through its extensive reach to parts of Nigeria and beyond, as well as its affordability.

    “The integrity of the goods being conveyed is maintained and we can deliver on time and as scheduled,” he said.

    Read Also: NIPOST to clamp down on illegal courier firms February 2024

    The manager, however, warned Nigerians to stop using undocumented and unregistered couriers.

    He said: “Just giving a driver a parcel or item without going to the transport company’s office to formalise the courier deal is wrong. What if the parcel or item gets missing or is tampered with? The driver and the owner of the parcel or item will bear the loss since it was not duly registered and logged by the transport/courier company before the movement.”

    The manager said the fair allowed NIPOST to meet hundreds of Nigerians who had visited their stand to learn more about the unique services of NIPOST.

    “Our officials have also made inroads in visiting the stands of companies and exhibitors at the fair to present our unique services meant to enhance their products,” he added.

  • N10b scandal rocks NIPOST’s restructuring plan

    N10b scandal rocks NIPOST’s restructuring plan

    • Senate orders deregistration of subsidiaries, probe of shares transfer
    • BPE defends shares acquired in officials’ names

    The 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.

    The Nation investigation shows that 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.

    The resolution reads: “The sum of N10 billion released by the Ministry of Finance for the proposed NIPOST restructuring and recapitalisation be investigated and the funds fully recovered if established to be injudiciously utilised by the relevant committee of the Assembly charged with the responsibility of fiscal prudence.”

    A high-ranking government official, who spoke on the condition of anonymity, painted a picture of the potential consequences of the alleged malfeasance.

    The official highlighted the immense value of NIPOST’s property assets, estimated in trillions of naira and expressed the alarm at the prospect of the assets falling into private hands through share inheritance.

    “Imagine 15 years from now when none of us is on the scene, their children can come and lay claims to the shares and in the eyes of the law, those shares will belong to whoever their next of kin will be, for government assets,” the official told The Nation.

    He further emphasised: “The alleged share transfers represent a blatant disregard for established legal frameworks. Even the recently enacted Petroleum Industry Act (PIA) allocates shares to corporate entities, not individuals.”

    It was learnt that after receiving a letter on the infraction, the individuals involved hurriedly reassigned their shares in NIPOST Transport and Logistics to three government entities: NIPOST (80%); BPE (10%) and the Ministry of Finance Incorporated (MOFI) (10%).

    The Nation also discovered controversial shareholding arrangements that have led to changes in the ownership structure of NIPOST Properties and Development Company.

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    The changes reinforced concerns about the legality and transparency of the original share transfer.

    As the official noted, “BPE has no business holding shares in NIPOST, and the involvement of an MDA in shareholding directly contradicts established procedures.”

    The government official who raised doubts over the credibility of the transaction stated that “the Senate is unwavering in its stance, demanding investigation and rectification”.

    “The NIPOST scandal raised serious questions about corporate governance and asset protection within public institutions. The Senate’s swift action and call for investigations are commendable, but ensuring swift, comprehensive, and transparent results is paramount. The Nigerian public deserves clear answers and the assurance that their national assets are being protected with utmost integrity,” the official said.

    Reacting to enquiries from The Nation, a BPE official said: “The NIPOST subsidiaries were registered in 2020 and at the time, the CAC portal only allowed individuals to be shareholders as there was no option of using companies as shareholders.

    “This was because the commission wanted to hold people accountable in respect of shares ownership. Subsequently the CAMA 2020 became operative in January 2021, which was six (6) months after the Companies were registered.

    “The portal was thereafter updated to allow companies to hold shares but with representatives. The shareholding of NIPOST subsidiaries has been duly corrected to reflect the intent of the subscribers.”