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Business Finance Info & Updates

FG unbundles NIPOST, creates three subsidiaries

The Federal Government is unbundling the Nigerian Postal Service into three subsidiary companies which will operate on the principle of commercial viability, the Bureau of Public Enterprises announced on Wednesday.

The BPE’s Director-General, Alex Okoh, said the ongoing reform of NIPOST was not privatisation of the entity but an unbundling process, adding that the core postal service function would remain with NIPOST as the parent company.

Okoh disclosed this while inaugurating the sub-committee of the implementation committee for the postal sector reform, restructuring and modernisation at the bureau’s office in Abuja.

He named the three commercial ventures to be carved out of NIPOST as NIPOST Properties and Development Company; NIPOST Transport and Logistics Company; and NIPOST Microfinance bank Limited.

He said the clarification became necessary to disabuse the minds of many Nigerians, especially the workforce of NIPOST that the commercialisation, reform and modernisation of the organisation was outright privatisation.

Punch

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