Bureau of Public Enterprises begins NIPOST break into three companies
Director-General of Bureau of Public Enterprises, Alex Okoh on Tuesday inaugurated the sub-committee of the implementation committee for the postal sector reform, restructuring & modernisation of NIPOST.
The sub-committee is to part of activities to ensure quick unbundling of NIPOST into three commercial entities.
During the ceremony, Okoh said the reform of the enterprise ensure that it operates on the principle of commercial viability while the core postal service function will remain with NIPOST as the parent company,
The three commercial ventures to be carved out are NIPOST Properties & Development Company; NIPOST Transport & Logistics Company and NIPOST Microfinance bank Limited.
He assured the staff of the organisation that the company will not be privatised but modernised and commercialized.
Okoh said that in line with the reform process, the Bureau had completed the registration of NIPOST Properties & Development Company and NIPOST Transport & Logistics Company at the Corporate Affairs Commission (CAC) while the process for registration at CAC and also that of obtaining regulatory approvals from the Central Bank of Nigeria (CBN) for NIPOST Microfinance bank had also commenced.
Director-General reiterated that the benefits of the reform of the sector include, the Provision of efficient postal services and utilisation of vast assets of NIPOST across the country; reduction in funding from the treasury in terms of subventions to NIPOST (c. N7.2 billion) and the operation and growth of ancillary services and business to enhance the overall efficiency of NIPOST to create more jobs.
He said the Sub-Committee to be chaired by the Director, Industries & Communication, BPE, will include representatives of the Ministry of Communications & Digital Economy, Ministry of Finance Incorporated and NIPOST.
In October 2017, National Council on Privatisation (NCP) approved the reform of the Postal Sector and the restructuring and modernisation of NIPOST.
It also approved the constitution of a Steering Committee to be chaired by the Minister of Communications & Digital Economy, to drive the reform process and review the Postal Sector Policy; the constitution of a Project Delivery Team (PDT) to serve as the secretariat of the Steering Committee and to develop quick-fix reform strategies to make NIPOST commercially viable and the appointment of KPMG as Transaction Adviser.
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