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NIPOST Restructuring Plan In Turmoil Amid N10bn Scandal

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The Senate has initiated an investigation regarding the allocation of N10 billion in restructuring funds from the Federal Ministry of Finance to NIPOST.

This is in response to irregularities found within NIPOST’s subsidiaries – NIPOST Properties and Development Company, and NIPOST Transport and Logistics Services Limited.

The Red Chamber, in its December 30, 2023 resolution, brought to light an alleged illegal transfer of federal government shares in two NIPOST subsidiaries to private individuals. This discovery caused uproar among lawmakers, prompting immediate calls for action.

Upon investigation by The Nation, it was uncovered that certain individuals in influential positions within the Bureau of Public Enterprises (BPE) and NIPOST were listed as shareholders of these two NIPOST subsidiaries.

Corporate Affairs Commission (CAC) records as of November 8, 2023, confirm the significant ownership of shares by top BPE officials in the subsidiaries.

On December 30 last year, in response to these revelations, the Senate took action by passing a resolution. This resolution deemed the identified NIPOST subsidiaries as “irregular and illegal,” proposing their immediate closure and deregistration.

Furthermore, the Senate resolution extended beyond immediate measures, demanding a thorough investigation into the N10 billion designated by the Ministry of Finance for NIPOST’s restructuring and recapitalization.

In the event of evidence indicating “injudicious utilization,” the Senate mandated the responsible committee to recover the entire sum.

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.”

 

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NEWS

JUST IN: Explosion Hits APC Secretariat In Rivers State

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An explosion rocked the All Progressives Congress (APC) secretariat in Port Harcourt, Rivers State, on Saturday, causing significant damage to the building and its surroundings .

The blast, suspected to have been caused by dynamite, shattered the secretariat’s gate, doors, and windows, and also destroyed other properties.

This is the second attack on the APC secretariat this year, and it comes at a time when the local government elections are set to hold in the state.

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The Rivers State Independent Electoral Commission has confirmed that all sensitive materials have been distributed to the various local government area.

A viral video of the incident has been circulating, showing workers assessing the damage to the secretariat.

The police have not yet commented on the incident, but the spokesperson for the state police command, Grace Iringe-Koko, has promised to investigate and provide updates.

The APC has not made any official statement on the incident, but the attack has raised concerns about the safety and security of political parties and their properties in the state.

The incident is currently under investigation, and more details are expected to emerge in the coming days.

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NEWS

Police Raid Notorious IPOB Camp, Rescue Traditional Ruler, Others

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The Anti Kidnapping Unit of the Imo State Police Command, in collaboration with other security agencies, has successfully raided a notorious camp linked to the Eastern Security Network (ESN) and the Indigenous People of Biafra (IPOB) in the Ezioha forest of Mbaitoli local government area.

The operation, which took place on Friday, resulted in the rescue of several kidnap victims, including a 69-year-old traditional ruler from the Umuorji Mgbidi community in Oru West local government.

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According to Henry Okoye, the Command Public Relations Officer, the operation was initiated following intelligence reports about the camp’s activities.

Upon arrival, security operatives engaged in a fierce gun battle with the armed group, which led to the neutralization of the gang leader, identified as a key figure in recent kidnappings that have plagued the state.

Other members of the gang fled the scene, reportedly suffering from bullet wounds.

In addition to the rescue of the traditional ruler, a couple and several other individuals held captive were freed during the operation.

Law enforcement officials recovered a range of items from the camp, including several vehicles, a pump-action gun, ten live cartridges, four locally made explosives, a Biafra flag, and a native bulletproof vest.

The Imo State Police Command has reiterated its commitment to combating kidnapping and criminal activities in the region, urging citizens to remain vigilant and report suspicious activities.

 

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International News

Iran Defends Missile Strikes On Israel, Vows Continued Resistance

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In a rare Friday sermon delivered in Arabic, Iran’s Supreme Leader Ayatollah Ali Khamenei strongly defended Iran’s recent missile attack on Israel, stoking fears of an expanding regional conflict.

Addressing tens of thousands of supporters at Tehran’s Imam Khomeini Grand Mosalla mosque, Khamenei praised the resolve of Iran-aligned militant groups in the Middle East, including Hezbollah and Hamas, and vowed that resistance against Israel would continue unabated.

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Khamenei condemned the recent Israeli killings of militant leaders, asserting that these “martyrdoms” would only strengthen the so-called “axis of resistance” led by Iran.

“The resistance in the region will not back down,” Khamenei said, hailing the actions of armed groups as “logical and legitimate.”

This sermon, Khamenei’s first in nearly five years, took place amid a dramatic escalation of violence in the region.

Tensions soared after Israel’s recent assassination of Hezbollah chief Hassan Nasrallah and Revolutionary Guards commander Abbas Nilforoushan in southern Beirut, as well as a previous attack that killed Hamas leader Ismail Haniyeh in Tehran.

Iran responded with a salvo of missiles against Israel earlier this week, marking only the second time it has directly targeted the U.S.-backed country.

“What our armed forces did was the minimum punishment for the crimes of the usurping Zionist regime,” Khamenei declared, referring to the missile strikes.

He dismissed criticism of the attacks and accused Israel of being a “malicious regime” propped up solely by American support. “It will not last long,” he predicted.

The sermon also commemorated the one-year anniversary of the Gaza war, sparked by Hamas’s October 7 attack on Israel.

Khamenei reiterated Tehran’s support for Hamas, calling their assault “logical and legal.” While Iran denies direct involvement in the Gaza conflict, it has been a key backer of Palestinian groups opposed to Israel since the 1979 Islamic Revolution.

Tensions between Iran and Israel have been simmering for years, with several proxy battles erupting across the region.

In April, Iran launched missiles and drones at Israel following an Israeli strike on Iran’s consulate in Damascus.

The latest round of missile fire, however, underscores the escalating hostilities as the region teeters on the brink of wider war.

Despite Israel’s claim that its defense systems intercepted most of the missiles, the attacks represent a significant escalation in Iran’s direct military involvement.

Khamenei’s defiant rhetoric signals a continued hardening of Iran’s stance toward Israel and its allies, further entrenching the polarized dynamics in the region. As armed groups aligned with Tehran remain steadfast, the risk of broader conflict grows with each retaliatory strike.

 

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