When the Ministry of Finance Incorporated (MOFI) alongside other agencies appeared before the committee for an interactive session on the 2024–2026 Medium Term Expenditure Framework/FSP, James Abiodun Faleke (APC, Lagos), the committee chairman, issued the query.

Faleke also brought up concerns regarding the approval and withdrawal of N10 billion for the purpose of subsidiary companies registration.

Speaking during the session, Faleke noted that documents before the committee showed that two subsidiary companies under NIPOST were registered under individual names as shareholders instead of the federal government, wondering why that was so since NIPOST is a federal government asset.

He said the registration of the two subsidiary companies namely; NIPOST Property Company Ltd and NIPOST Logistics was done with individuals as shareholders.

“Is NIPOST part of your asset? I have a document before me. In the registration of NIPOST Property Development Company Ltd, I saw that the shareholders of these companies are individuals; Okoh Alexander Ayoola, Adeyemi Alexander, Aliyu Halima. These are personal names. Are people allowed to register NIPOST property in their personal names?

“I also have NIPOST Logistics registered with personal names. I want to know from you; did you give CAC permission to register Nigerian assets in personal names? Some of them were working as civil servants and some of them have retired.

“Are you also aware that N10 billion was approved and withdrawn to be used for the set-up of these entities and that same N10 billion came in and also went out in the name of NIPOST from an account opened as NIPOST Property; are you aware of that?” Faleke queried.