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The Corporate Affairs Commission has annulled the certificates of incorporation for NIPOST Properties and Development Company and NIPOST Transport and Logistics Services Limited.
This decision was made after uncovering an unauthorized transfer of N10 billion in restructuring funds from the Federal Ministry of Finance to the agency's subsidiaries.
In a statement on Monday, the CAC stated, "The general public is hereby notified that the Commission, exercising its authority under Section 41 (7) of the Companies and Allied Matters Act No. 3 of 2020, has revoked the certificates of incorporation for the following companies due to improper procurement:
- NIPOST Transport and Logistics Services Company Ltd RC 1673881 and 2. NIPOST Properties & Development Company Ltd RC 1673971.
As a result of these revocations, the companies are considered dissolved and their assets and liabilities are transferred to the Nigeria Postal Services established under the Nigerian Postal Services Act Cap N127 LFN 2004."
