N10bn NIPOST restructuring funds vanish, Senate orders probe

The N10 billion naira earmarked by the government to restructure Nigeria’s postal service, NIPOST, has allegedly gone missing.

This has led to the  Senate ordering a probe into the missing restructuring funds released by the Federal Ministry of Finance.

The Senate allegedly discovered that illegal transfers were made to private individuals from two subsidiaries (NIPOST Properties and Development Company and Transport and Logistics Services Limited).

Should the allegations be proven, 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.”