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NIPOST Set up Panel to Probe Contract Scam



  • NIPOST Set up Panel to Probe Contract Scam

The Nigerian Postal Service has disclosed that it will set up a committee to verify possible contract scams within the organisation as payments for contracts have been made without anything on the ground to confirm such.

The Postmaster General of the Federation, Mr. Bisi Adegbuyi, made the disclosure when the Senate Committee on Communications led by its Chairman, Senator Gilbert Nnaji, visited the NIPOST headquarters in Abuja on Wednesday for oversight function.

Adegbuyi pleaded with the National Assembly to quickly pass a new bill seeking to amend as well as expand the scope of the 2004 Stamp Duties Act.

The plea confirmed the report that the Federal Government had sent a bill to the National Assembly to correct some grey areas that formed the bone of contention in an Appeal Court ruling that electronic transactions were not captured in the law.

Disclosing that the government was spending N6bn annually on NIPOST personnel, Adegbuyi regretted that for a long time, the government did not allocate funds to the agency for capital projects, adding that it had to rely exclusively on revenue generated internally.

The NIPOST boss also regretted that several government Ministries, Departments and Agencies preferred to patronise private courier operators to doing business with the postal organisation.

He said, “The Postal Sector Reform Bill that seeks to create an independent regulatory body and corporatise the Designated National Postal Operator into a diversified service provider with more revenue streams is indeed the most important aspect of the reform process.”

“Another area requiring the attention of this distinguished committee is the amendment of the Stamp Duties Act of 2004 to reflect current realities. This is also crucial in view of the quantum of revenue it is expected to bring to the dwindling coffers of the federation.”

Adegbuyi added, “As a government institution, we ought to enjoy the patronage of other government MDAs, particularly when our services are very competitive and comparable, if not better than those of our competitors.

“Strangely, however, many government MDAs prefer to patronise private providers instead of keeping public funds within the government. We, therefore, solicit your support to overcome this challenge as practised in other climes.”

In his speech, Nnaji said NIPOST could still survive in the age of Information and Communications Technology if the right policies and decisions were taken by the leadership of the organisation.

He stated that a bill for the reform of the postal system had passed through first reading in the Senate and expressed confidence that it would soon be passed into law.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.

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South African Government to Sell Stake in South African Airways to Takatso Consortium



South African Airways - Investors King

The South African government is selling a 51% stake in South African Airways (SAA) to Takatso consortium, which will initially commit more than 3 billion rand ($221 million) to give the struggling airline a new lease of life.

SAA has been under a form of bankruptcy protection since December 2019, but its fortunes worsened during the COVID-19 pandemic and all its operations were mothballed in September 2020 when funds ran low.

The airline is one of a handful of South African state companies that depend on government bailouts, placing the national budget under huge strain at a time of rapidly rising debt.

The partnership with Takatso will alleviate that financial burden, public enterprises minister Pravin Gordhan told journalists on Friday as the state would no longer provide any funding to the airline, which exited administration in late April after receiving 7.8 billion rand from the government. read more

Gordhan added that the government will retain a 49% stake with the intention of eventually listing the airline to address future funding requirements.

“The objective of bringing in an equity partner to SAA is to augment it with the required technical, financial and operational expertise to ensure a sustainable, agile and viable South African airline,” he said.

The consortium includes pan-African investor group Harith Global Partners and aviation group Global Aviation, Gordhan said.

Following the announcement, co-founder and consortium Chair Tshepo Mahloele told Reuters that 3 billion rand should be sufficient to operate the airline for 12 to 36 months.

The government could dispose of more of its ownership stake going forward, he added.

“They aren’t married to this 49%,” he said. “They won’t be putting more money into this asset.”

An initial public offering for the airline is unlikely to happen within the next three years, and SAA would first need to become profitable, Takatso Chief Executive Gidon Novick said.

Novick said Takatso would seek to relaunch SAA as soon as possible, prioritising first domestic service followed by regional destinations.

International long-haul routes would follow but would be selected carefully, and SAA would also work to forge partnerships with major carriers.

“We’re going to be competing with the greatest airlines in the world, and we need to be mindful of that,” Novick said.

The airline’s subsidiaries meanwhile will be evaluated, in particular Air Chefs, SAA Technical and low-cost airline Mango, Gordhan said, noting that “anything can happen” when asked if some could be shut down.

SAA will continue to be domiciled in South Africa and the government will have a “golden share” of 33% of the entity’s voting rights and certain areas of national interest, Gordhan said.

($1 = 13.5379 rand)

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Coca-Cola Partners NGOs To Clear Plastic Waste In Nigeria



Coca-Cola Company - Investors King

Coca-Cola Nigeria has said it partnered with non-profit organisations to reduce plastic pollution across the country.

In a statement on Thursday, it said it would be doing more to promote environmental sustainability as part of efforts to commemorate World Environment Day.

It stated that it had introduced initiatives to protect the environment through its philanthropic arm, the Coca-Cola Foundation.

Coca-Cola said that it supported the Statewide Waste and Environmental Education Foundation to launch the Eko Beach Race 2021 themed ‘A race against plastic pollution.’

The event had in attendance 2,000 youths, students and sports enthusiasts who participated in a marathon race and beach clean-up.

SWEEP Foundation’s President, Obuesi Philips, stated at the event that it “was geared towards recognising the growing contributions of sport to the realisation of societal development.”

The drink maker also partnered with the Aid for Rural Education Access Initiative to host the “Recycle and Win” festival.

It included community outreach and clean-up programmes in Kwara, Kano, Kaduna, Yobe and Oyo States. Coca-Cola said that 10 tons of plastic bottles were recovered through the process.

The Director, Public Affairs, Communications and Sustainability at Coca-Cola, Nwamaka Onyemelukwe, urged Nigerians to adopt more eco-friendly practices while emphasising the urgency of the current global situation.

Onyemelukwe stated, “At Coca-Cola, we recognise there is a packaging waste problem globally and especially in Nigeria, which is why we pioneered the World Without Waste initiative to engineer innovative solutions to tackle this challenge.

“World Environment Day presents an opportunity for us to act on this mandate as seen by the number of environmental sustainability initiatives we have supported in collaboration with local implementing partners.”

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RAK Unity Petroleum to Shutdown as Shareholders Approved Liquidation



Rak Unity Petroleum company - Investors King

Shareholders of RAK Unity Petroleum Company Plc, at the company’s 18th Annual General Meeting, held on Friday, 4th June 2021, agreed that the company be wound up voluntarily in accordance with the provisions of the Companies and Allied Matters Act 2020.

The company disclosed in a statement signed by Olubukola Olonade-Agaga, ALSEC nominees Limited Company Secretary.

The liquidation is subject to the approval of the members of the Company in the general meeting.

The statement in part, “THAT Mrs Chinwe Chiwete of the law firm of EPIC Legal of Block 74, Plot 22B, Emma Abimbola Cole, Lekki Phase 1, Lagos be appointed liquidator for the purposes of winding up of the Company, subject to the approval of the members of the Company in the general meeting.

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