The ongoing reform of the Nigerian Postal Service (NIPOST) is not privatisation of the entity, but unbundling it into viable subsidiary companies that will operate on the principle of commercial viability.
The Director-General of the Bureau of Public Enterprises, Alex Okoh, said this in Abuja on Wednesday while inaugurating the sub-committee of the implementation committee for the postal sector reform, restructuring and modernisation of NIPOST.
Okoh named the three commercial ventures to be carved out of NIPOST as NIPOST Properties & Development Company; NIPOST Transport & 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 commercialization, reform and modernization of the organization were outright privatisation.
He said in line with the reform process, the BPE 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 for NIPOST Microfinance bank had also commenced.
It would be recalled that the National Council on Privatisation had, at its meeting on October 31, 2017, approved the reform of the postal sector and the restructuring and modernisation of NIPOST.
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