OKoh, who made the clarification on Wednesday in Abuja at the inauguration of the sub-committee of the implementation committee for the postal sector reform, restructuring & modernisation of NIPOST said that unbundling of NIPOST will enable it operate on the principle of commercial viability, while the core postal service function will remain with its parent company.
The three commercial ventures expected to emerge from its unbundling are: NIPOST Properties & Development Company; NIPOST Transport & Logistics Company and NIPOST Microfinance bank Limited.
The Director General 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 was out right privatisation.
Okoh explained that in line with the reform process, the Bureau had completed the registration of three NIPOST subsidiaries while the process for registration at CAC and also that of obtaining regulatory approvals from the Central Bank of Nigeria (CBN) for NIPOST Microfinance bank had also commenced.
The Director General reiterated that the benefits of the reform of the sector include, the Provision of efficient postal services and utilisation of vast assets of NIPOST across the country; reduction in funding from the treasury in terms of subventions to NIPOST (c. N7.2 billion) and the operation and growth of ancillary services and business to enhance the overall efficiency of NIPOST to create more jobs.