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Nigeria Needs Law To Overhaul Revenue Collection,Regulate Cryptocurrency Landscape – FIRS Chairman

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2 years ago

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Nigeria Needs Law To Overhaul Revenue Collection,Regulate Cryptocurrency Landscape – FIRS Chairman

 

 

 

 

 

Sahara Weekly Reports That The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, announced that the Federal Government is set to introduce new tax laws by September, which will include regulations for the cryptocurrency industry.

 

 

Nigeria Needs Law To Overhaul Revenue Collection,Regulate Cryptocurrency Landscape – FIRS Chairman

 

 

 

Speaking on Saturday at the FIRS 2024 Stakeholders Engagement with the Senate and House of Representatives Committees on Finance in Lagos, Dr. Adedeji highlighted the absence of current legal frameworks governing cryptocurrency in Nigeria, calling for the urgent need for regulation.

 

 

 

Nigeria’s cryptocurrency industry is estimated to be worth up to $400 million and one of the largest in Africa around 33% of the country’s population holds one form of cryptocurrency.

 

 

According to a report by Chainalysis, Nigeria’s cryptocurrency transaction volume experienced a 9% year-over-year growth, reaching $56.7 billion between July 2022 and June 2023.

 

 

He also noted that the forthcoming tax laws aim to overhaul the nation’s revenue administration, harmonize and simplify existing tax laws, and enhance services to support President Bola Tinubu’s economic plan.

 

 

He said, “For example, the stamp duty tax law of 1939 when there was no internet or connectivity, nor Local Government. Part of the reason President Bola Tinubu set up the Tax and Fiscal Reform Committee is to check these lapses and take care of the concerns by September.”

 

 

“While we cannot avoid cryptocurrency as there is no law in Nigeria presently regulating it, there is a need for a law that regulates this line of transaction. This is what is applicable in other countries of the world. When there are innovations of system, you must plan to regulate it in such a way that it is not injurious to economy development of Nigeria,”

 

 

Dr. Adedeji expressed gratitude to the National Assembly for its unwavering support to the Federal Inland Revenue Service (FIRS) over the years, which has enabled the agency to meet its targets and facilitate wealth distribution.

 

 

Dr. Adedeji further highlighted that the FIRS is on track to achieve the N19.4 trillion target set by the National Assembly at the beginning of the year.

 

 

Need for regulating the crypto industry in Nigeria Sen. Muhammed Musa, Chairman of the Senate Committee on Finance, stated that regulating the cryptocurrency industry was crucial for providing the country with appropriate legislation for tax collection and revenue generation.

 

 

He mentioned that the process would allow for the modification of tax laws that have been in place since before Nigeria’s independence.

 

 

The lawmaker expressed confidence that the Executive would submit the necessary bill after the Senate resumes recess, enabling amendments, repeals, and the re-enactment of laws that align with current trends.

He noted that considering technological advancements, cryptocurrencies have become a significant means of generating income, yet Nigeria lacks the necessary legal framework to govern this area.

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Buratai Pays Tribute to Ihejirika at 70, Hails Mentorship and Legacy of Leadership

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3 days ago

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February 14, 2026

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Buratai Pays Tribute to Ihejirika at 70, Hails Mentorship and Legacy of Leadership

Buratai Pays Tribute to Ihejirika at 70, Hails Mentorship and Legacy of Leadership

 

Former Chief of Army Staff and Nigeria’s immediate past Ambassador to the Republic of Benin, Lt. Gen. (Rtd) Tukur Yusuf Buratai, has paid a glowing tribute to his predecessor, Lt. Gen. OA Ihejirika, as the retired General marks his 70th birthday.

 

Buratai Pays Tribute to Ihejirika at 70, Hails Mentorship and Legacy of Leadership

In a heartfelt message released in Abuja on Friday, Buratai described Ihejirika as not only a distinguished soldier and statesman, but also a commander, mentor, and “architect of leadership” whose influence shaped a generation of senior military officers.

 

Buratai recalled that his professional rise within the Nigerian Army was significantly moulded under Ihejirika’s command, citing key appointments that defined his career trajectory.

Buratai Pays Tribute to Ihejirika at 70, Hails Mentorship and Legacy of Leadership

 

According to him, the trust reposed in him through early command responsibilities, including his first command posting at Headquarters 2 Brigade and later as Commandant of the Nigerian Army School of Infantry, laid a solid foundation for his future leadership roles.

 

“These opportunities were not mere appointments; they were strategic investments in leadership,” Buratai noted, adding that such exposure prepared him for higher national responsibilities.

Buratai Pays Tribute to Ihejirika at 70, Hails Mentorship and Legacy of Leadership

He further acknowledged that the mentorship and professional grounding he received under Ihejirika’s leadership were instrumental in his eventual appointment as Chief of Army Staff and later as Nigeria’s Ambassador to the Republic of Benin.

 

Buratai praised Ihejirika’s command philosophy, describing it as professional, pragmatic, and mission-driven. He said the former Army Chief led by example, combining firm strategic direction with a clear blueprint for excellence that continues to influence military leadership practices.

Buratai Pays Tribute to Ihejirika at 70, Hails Mentorship and Legacy of Leadership

 

“At seventy, General Ihejirika has earned the right to reflect on a legacy secured,” Buratai stated, praying for good health, peace, and enduring joy for the retired General as he enters a new decade.

 

He concluded by expressing profound gratitude for the leadership, mentorship, and lasting example provided by Ihejirika over the years.

 

The tribute was signed by Lt. Gen. Tukur Yusuf Buratai, who described himself as a grateful mentee and successor, underscoring the enduring bonds of mentorship within the Nigerian Army’s top leadership.

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Sagamu Plantation Row: Igimisoje-Anoko Family Challenges LG Claim

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1 week ago

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February 9, 2026

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The Odumena Igimisoje-Anoko family of Orile-Ofin in Sagamu Local Government Area of Ogun State has strongly disputed claims by the Sagamu Local Government that a large expanse of land near the Sagamu–Ikenne Road belongs to the state government, insisting that the property remains ancestral land belonging to their forefathers.
The family’s reaction follows a public warning issued by the Chairman of Sagamu Local Government, Ogbeni Jubril Olasile Odulate, cautioning residents against purchasing or occupying portions of what he described as a “state-owned rubber plantation” located beside the Ogun State Low-Cost Housing Estate near the NYSC Orientation Camp.
In the statement, the council alleged that some individuals were illegally selling and developing the land and maintained that the property had been earmarked for the proposed New Sagamu Government Reserved Area (GRA).
However, the Akarigbo family has countered the claim, describing the land as private ancestral property and not government-owned.
Speaking on behalf of the family, Omoba Babatunde Adegboyega Igimisoje, Secretary of the Odumena Igimisoje-Anoko family, said the land forms part of Orile-Ofin, which he described as the ancestral headquarters of Remo before the creation of Sagamu town.
According to him, the area is an inheritance from their forefathers and historically belongs to the Akarigbo lineage.
“Orile-Ofin is our ancestral land and the headquarters of Remo in those days. It was during the reign of our forefathers that Sagamu was later formed and settled in 1872, while Orile-Ofin remained our village,” he said.
He explained that the specific portion currently in dispute historically belonged to Oba Odumena Igimisoje-Anoko, whom he described as the last Igimisoje-Anoko to reign as king on the land.
Reacting to the local government’s ownership claim, Adegboyega insisted that the rubber plantation was never government property.
He said the land was only temporarily acquired by the old Western Region government in 1959 for agricultural purposes.
“In 1959, the Western Region acquired the land for rubber plantation, but that did not transfer ownership to the government permanently,” he stated.
The family further claimed that the land was later returned to the original owners.
According to him, during the administration of former Governor Gbenga Daniel between 2008 and 2011, steps were taken to return the land to the family, while his successor, Senator Ibikunle Amosun, allegedly revoked lingering government control and formally handed it back to the Odumena Igimisoje-Anoko family.
“It was duly returned to the rightful owners. So it is surprising to now hear that the land is being described as local government property,” he said.
He cautioned the council chairman against interfering in what he called a family land matter.
“The rubber plantation land is not government land and does not belong to the local government. The chairman should not join an issue he does not fully understand,” he added.
In the same vein, Prince Abdul Fatai, an executive member of the Anoko family, also warned the local government to stay away from the land, describing it as their forefathers’ heritage.
He appealed to the Ogun State Government and the Akarigbo of Remoland to intervene in the matter to prevent tension and ensure peace in the community.
“We are calling on the state government and the Akarigbo to step in so that this issue can be resolved peacefully. This is our inheritance, and we want justice,” he said.
Meanwhile, Sagamu Local Government had maintained that the land belongs to the Ogun State Government and warned that anyone found buying, selling, fencing or developing plots in the area would face arrest and prosecution.
The dispute has now set the stage for a possible legal and administrative battle over ownership, with both sides standing firm on their claims.
Residents say they hope authorities and traditional institutions will urgently intervene to clarify ownership and prevent further conflict or losses for unsuspecting buyers.
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Sagamu Communities Exonerate Sir Kay Oluwo, Accuse Teriba of Land Invasions, Violence

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1 week ago

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February 9, 2026

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Residents of Ajeregun and eight other neighbouring communities in Sagamu Local Government Area of Ogun State have distanced businessman Sir Kay Oluwo from allegations of land grabbing and unrest in the area, instead accusing one Kazeem Teriba and his associates of orchestrating violent land invasions and illegal sales of community lands.
The community’s attempts to link Sir Kay Oluwo to the disturbances were false and misleading, maintaining that he only acquired lands through legitimate family transactions backed by agreements and receipts.
Speaking on behalf of Ajeregun and Oyewole Bakare villages, Mr. Akani Awokoya said Teriba and his group had been crossing into neighbouring communities to sell lands without the consent of rightful owners.
“It is not Sir Kay Oluwo that is disturbing us,” Awokoya said. “Kazeem Teriba and his boys are the ones causing the problem. They come into our communities and start selling our lands without permission.”
He explained that Sir Kay Oluwo purchased land lawfully from his family.
“I personally sold my father’s land to Sir Kay. We have agreements and receipts. It was a proper transaction,” he added.
Awokoya alleged that Teriba’s group had been linked to repeated acts of intimidation and violence in the area, creating fear among residents.
“These people operate like bandits. They invade communities and disturb the peace. We have reported them to the police and also petitioned the Akarigbo-in-Council,” he said.
Corroborating the claims, the Public Relations Officer representing the nine communities in Aroko Latawa village, Prince Raheem Shitta Adeoye, also absolved Sir Kay Oluwo of any wrongdoing.
According to him, the unrest being experienced across the communities began last year and was allegedly tied to Teriba and his associates.
“Sir Kay Oluwo is not disturbing anyone here. Kazeem Teriba and his boys are the ones causing the unrest. That is why all the nine communities are crying out to the government for help,” Adeoye said.
He noted that Oluwo only purchased land legitimately, while some individuals were laying claim to ownership of multiple villages.
Meanwhile, families in the affected communities, through their solicitors, Tawose & Tawose Chambers, have submitted a petition to the Inspector-General of Police over the alleged activities of Teriba and several others.
The petition accused the suspects of offences including aiding and abetting violence, conspiracy, unlawful possession of firearms and ammunition, assault, and conduct likely to cause a breach of public peace.
The solicitors alleged that the named individuals invaded Ajeregun village in Sagamu armed with guns, shooting sporadically and causing panic among residents.
They further claimed that during one of the incidents, a villager, Nasiru Semiu, sustained gunshot wounds and later died, while others were injured.
In a response dated January 5, 2026, the Office of the Inspector-General of Police acknowledged receipt of the petition and directed the Commissioner of Police, Ogun State Command, Eleweran, Abeokuta, to investigate the matter.
The letter, signed by CP Lateef Adio Ahmed, Principal Staff Officer to the Inspector-General of Police, confirmed that the case had been referred to the state command for appropriate action.
Community leaders said the development reinforces their call for a thorough investigation and urged the state government and security agencies to intervene to restore peace.
They maintained that Sir Kay Oluwo should not be blamed for the crisis and insisted that attention should instead focus on those allegedly responsible for the disturbances.
Meanwhile, Mr. Kazeem Teriba could not be reached for comment, as calls placed to his phone were not answered at the time of filing this report.
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