The Nigerian House of Representatives has on Tuesday approved the winding up and deregistration of the subsidiaries of the Nigerian Postal Service (NIPOST), deeming their establishment irregular and illegal.

This was during plenary session when the House’s committees on debt management, loans, and finance recommended winding up and deregistering the subsidiaries of the Nigerian Postal (NIPOST) Service as soon as it was determined that they were irregular and unlawful.

According to the lawmakers, if the funds were found to be misappropriated, it must be fully recovered.

The decision of the House came as part of the house’s ongoing efforts to enhance transparency and accountability in the public sector.

The House also ordered an investigation into the possible mismanagement of the NIPOST restructuring and recapitalization plan, which would involve the return of the N10 billion that the Ministry of Finance had set aside for the project.

In 2021, the federal government unveiled plans to unbundle NIPOST into three viable subsidiary companies a property company, a microfinance bank, as well as a transport and logistics company.

But earlier this year, NIPOST workers embarked on a protest over “irregularities” in the ongoing reform/ commercialisation of the agency.

Lawmakers further stated that no tax waiver should be issued unless it is directly related to a non-governmental or non-profit organization, and that the appropriate House committee should investigate all tax waivers that have been granted since 2015 forward. (Daily Independent)