The Corporate Affairs Commission (CAC) has revoked the certificates of incorporation of two Nigerian Postal Service (NIPOST) subsidiaries, namely NIPOST Transport and Logistics Services Limited and NIPOST Transport and Logistics Services Company Ltd.
Platforms Africa reports that the reason for this revocation is said to be due to the improper procurement of properties by these subsidiaries.
This decision was announced by CAC in a statement released on Monday.
This development comes after the discovery of an illegal transfer of N10 billion in restructuring funds, which was released by the federal ministry of finance to the agency’s subsidiaries, three months ago.
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“The general public is hereby informed that the Commission, sequel to its powers contained in Section 41 (7) of the Companies and Allied Matters Act No. 3 of 2020, revoked the Certificates of incorporation of the below-mentioned companies because the same was improperly procured,” CAC said.
“These companies are NIPOST Transport and Logistics Services Company Ltd RC 1673881 and 2. NIPOST Properties & Development Company Ltd RC 1673971.
“By virtue of these revocations, the Companies are deemed to be dissolved and their assets and liabilities transferred to the Nigeria Postal Services established under the Nigerian Postal Services Act Cap N127 LFN 2004.”
Platforms Africa
