House of Representatives
The House of Representatives Public Accounts Committee has accused the Bureau of Public Enterprises (BPE) of squandering approximately N10 billion on registering two companies for the Nigeria Postal Service (NIPOST), only for the companies to collapse a year after their incorporation.
The committee also directed the Joint Admissions and Matriculations Board (JAMB) and the Investment and Security Tribunal to refund ₦3.46 billion and ₦6.33 million, respectively, into the Consolidated Revenue Fund within 30 days, providing proof of payment.
Committee Chairman Bamidele Salam, representing Ede North/Ede South/Egbedore/Ejigbo Federal Constituency, Osun State, made the remarks during the panel’s investigative hearing at the National Assembly Complex, Abuja, on Monday.
The two companies—NIPOST Transport and Logistics Limited, and NIPOST Property—were launched in May 2023 but were dissolved by a presidential directive in May 2024. On Monday, BPE’s Head of Finance and Accounts, representing Director-General Imam Rilwan, informed the committee that around ₦10 billion had been allocated to the two companies for their operations, with about ₦400 million given to BPE for initial preparations.
Rilwan explained that the decision to register the companies was made in 2017, with the BPE spending ₦423 million on registration and related expenses. He added that when the funds were released in 2023, BPE recovered its expenses, which included renting office space. All assets of the companies, he noted, had since been transferred to NIPOST.
However, Salam criticized this explanation, stating, “Spending government funds before their release is a clear violation of the Public Procurement Act.” He demanded that BPE Director-General Ayodeji Gbeleyi appear before the committee on Wednesday, September 11, with relevant documentation.
Regarding JAMB’s financial dealings, Salam also criticized the Board’s failure to respond to letters from the Fiscal Responsibility Commission (FRC) concerning their outstanding liabilities, considering it an admission of their debt to the Federal Government.
FRC’s Head of Monitoring and Evaluation, Bello Gulmare, informed the committee that JAMB had been remitting only 25% of its Internally Generated Revenue (IGR) instead of the required 50%. Despite being informed of this through multiple letters, JAMB had not responded.
JAMB’s Director of Finance and Account, Mufutau Bello, argued that the Board had a waiver allowing them to remit only 25% of their IGR, citing a government circular. However, this claim was disputed by the Accountant-General’s office.
Salam instructed JAMB to settle their outstanding payment within 30 days, emphasizing that government business must be conducted through proper correspondence.
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