Business
“Nollycoin Is Designed To Transform Entertainment Industry And Generate More Employment” …Dr. Ope Banwo, Founder
To say he has earned respect through sheer doggedness and determination would be an understatement. Dr. Ope Banwo, a lawyer, author, entrepreneur, motivational speaker and internet business consultant, is a man, who, in spite of repeated challenges of any terrain he ventures into, is persistent until he is successful. Ope is also a strong force in the entertainment industry. His intrepid exploits some years back with Stingomania Records, combining music label, recording and artistes management, became the standard by which the growth of Nigeria’s showbiz industry is measured.
A US registered legal practitioner, Ope Banwo is back on the familiar terrain with Nollycoin, a blockchain technology-powered idea aimed at revolutionizing the Nigerian movie industry. With Nollycoin partnering with Nollywood, he explains in this interview, an avenue is unlocked for stakeholders to make mega money via quality movie production, distribution and also ensures compact guide against fraud and piracy. Excerpts…
The Nollycoin idea is offering itself as an advanced technology that movie makers in Nigeria can benefit from. How much have your resource team done to sell to movie stakeholders the prosperity that may arise from this beautiful synergy?
We are already engaging top influencers in the movie industry to share this vision and seek their support. As a matter of fact, we are having an exclusive media parley on the 10th of February, 2018, where we will meet openly with most of them and answer questions on how this can benefit them and their industry. Some of the stakeholders including producers; movie executives, actors and actresses; even cinemas are already on our advisory team and we hope to get many more on board on my trip to Nigeria in February. As you know, its always a challenge to be a pioneer in the entertainment industry, and this blockchain and crypto technology is still new to a lot of them and many of them even see it as a bubble with no lasting influence. Fortunately, I am very comfortable being a pioneer and have been a pioneer in the entertainment industry before, so I know the work that must be done. I know we must do a lot of work to make them see beyond the misconceptions about the technology, and make them see how it can revolutionize the industry. We know, going in, that no matter how revolutionary this is, or how beneficial to the industry, some will get it now, some will get it later, and some will never get it. But we shall continue to work with the few visionaries who can glimpse what is inevitable to the movie industry.
With this partnership you are introducing, the volume of movie sales would be increased, access to grants for project financing, and other benefits; are you also going to work with movie makers to ensure that the qualities of movie production are improved on?
Yes. A big part of the Nollytainment initiative with Nollycoin, is to use it as a platform to improve the quality of African movies while also providing financial support for the talented producers who are already doing great things with little capital. To get quality products, you have to have access to quality finance and it is part of our game plan to provide access to adequate financing to create international standard movies that we can all be proud of on the global scene. To ensure that picking a good movie project does not rest with one man or myself, thereby leading to mistakes one had made in the past, I am putting together a 7-man Creative Advisory Team to evaluate any movie project we would be investing in to ensure transparency and verify that the movie meets all standards required for international success.
Explain what the shared interests from this scheme would be like.
There are different levels of interest that would be shared by people who will participate in the Nollytainment ecosystem powered by Nollycoin.
I would like to call the shared interest the Nollycoin value proposition for the movie community.Nollycoin also offers a lot of win-win opportunities to stakeholders in the entertainment industry excluding the pirates and copyright thieves. Some of the solutions and opportunities that Nollycoin is bringing into the entertainment ecosystem include one, Hardworking movie producers win. This means that contrary to what some companies in entertainment may think at first blush, they will definitely benefit from the NollyCoin Economy that will be heralded by Nollycoin. Under our ecosystem, the entire entertainment market scale can be enlarged to enhance long term exploitation of the copyrighted creative works. All stakeholders will enter their copyrighted content onto Nollycoin blockchain and harvest the profits worldwide ad infinitum. Two: Collaborators and Creative Artistes in The Movie Production Chain Win. This means that, with blockchain technology and the Nollycoin, collaborators can now be compensated accurately per contract without need for any third-party intervention. The terms of ongoing compensation for key collaborators like cinematographer, director, editor; writers, main actors etc are coded into the ‘smart contract’ governing the uploading of the specific movie into the blockchain powered marketplace and everyone is automatically compensated per terms of that contract without the need for any third party intervention. Three; Movie financiers and stakeholders in each completed movie win. By this, proportionate payments to movie financiers can also be worked into the smart contract that would form the basis of distribution of income from all movies on the Nollytainment network. No longer will financiers or stakeholders have to chase movie producers to get repayment of loans or capital investment in any movie project. Four; Open and transparent record-keeping ledgers for all stakeholders. This means that, Nollytainment platform, with its underlying blockchain technology, will provide all players in the movie making industry including movie makers, movie producers, cinematographers, and writers with digital recording of all transactions in copyrighted works that is accessible to all stakeholders on an instantaneous and permanent basis.
Does the government have a role to play in your own arrangement, given that it has set up a similar funding plan to assist movie production and distribution across Nigeria?
We are a private organization and like to keep our activities in the private business arena since most things that involve government tend to get politicized. We all can benefit more from government support of initiatives in the entertainment sector but more often than not, government initiatives have not really lived up to the hype. The issues of the Entertainment Fund and its accessibility is a strong case in point. So, while we hope govt will support by providing the right climate for the technology to take off, we are not relying on them for this. The private sector will drive this and make it more efficient
Apart from making money for yourself as a business person, and money for the contents owners, what are the plans being worked on to ensure that other elements like theft of intellectual property rights and piracy are dealt with? Also explain how your idea can generate jobs for persons in the entertainment industry.
The very concept of blockchain protects the registration rights of copyright holders and even allows different constituent collaborators in making a movie to preserve their own part of the copyright by recording all of that in the ‘Smart Contract’ that will be executed as the movie gets on our platform. That contract cannot be changed by anyone and compensation agreed to by the collaborators will be disbursed automatically without the intervention of a third party. When people really understand the power of blockchain to preserve, protect and compensate their artistic products, everyone will want their works released on a blockchain protected platform. Blockchain technology is tailor made for protection and compensation for copyrighted works. As for how these will generate jobs for participants in the movie industry; more international level movies will be sponsored and produced and thousands of people from actors to set hands will be employed in the process and more importantly the key players will not need to sue anyone for enforcement of their rights on the platform since blockchain handles everything without the intervention of weak third parties. I honestly see blockchain transforming the entertainment industry and generating millions of jobs for everyone as the concept gets clearer and implementation of its promise becomes real to people.
You are a busy man. How do you now find time to relax with and entertain your family?
I work hard and I also play hard. I am able to find time for my entire crowded schedule because I only do things I really enjoy doing now. At this point of my life, I don’t get involved in any projects unless I am really passionate about it. Money is the last consideration though I am also an unapologetic businessman. So, I wake up every day excited to go to work. In the midst of it all projects, I still find time for five or six vacations each year. In fact, I just came back from a one week Caribbean cruise with my wife, and the year is only one month old. We are also scheduled to be in Hawaii for five days in about two weeks, and then we visit Nigeria. Life is always good, and there is always time when you are doing what you love.
You are no doubt a tested hand in the entertainment business who is always out to make a success of his innovation. How is this massive project going to be funded?
Apart from the initial heavy capital investment by myself and a few partners, this massive project is being fully funded by the project itself. That is why we are having a massive ICO that will not only generate the funds to execute the ambitious project, but also provide participants and supporters of the initiative with huge compensation and high returns commensurate with their support and business risk far into the future.
These days, when people hear of any ‘coin’ related business idea, it creates fear and suspicion probably due to past experiences. What are the strategies being deployed to bring back the confidence people hitherto had in this kind of idea?
We recognize and understand that people are generally suspicious of cryptocurrency projects. Some of the fears are founded on past scammers while most of it is based on lack of knowledge how an ICO works. The main selling points of the Nollycoin initiative that we hope will help people overcome their initial reluctance to embrace the initiative includes the following: Our team includes top executives with decades of experience in managing major business projects and in bringing timely and innovative solutions to different industries including entertainment, business, stock trading, real estate etc. We have a solid team and network of partners with creative talents and movie executive experience. We also have a solid technical team in cryptocurrency. On the crypto technical side, we are avid cryptocurrency technocrats and enthusiasts who have been involved in all levels of the cryptocurrency world, including mining, token development, trading, and networking with like-minded individuals and communities. Also, o ur partnership with Top Influencers in Nollywood on Social Media with combined followership of over 50,000,000 followers. These top influencers have social media pages (Facebook; twitter; Instagram, LinkedIn and YouTube Channels pages dedicated to Nollywood films.
Business
Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing
Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing
By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com
“Shift or Structural Demand? A Declaration of Civic Duty in a Nation at a Fiscal Crossroads.”
In the unfolding narrative of national development and economic reform, few instruments are as defining as tax compliance. For Nigeria, a nation perpetually grappling with revenue shortfalls, structural dependency on a single export commodity, and entrenched informal economic behaviour, the Federal Government’s recent clarification on tax return deadlines is not mere bureaucratic noise. It is a deliberate and inescapable declaration: the social contract between citizen and state must be honoured through transparent, lawful and timely tax reporting.
At its core, the government’s pronouncement is stark in its simplicity and radical in its implications. Federal authorities, speaking through the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, have made it unequivocally clear that every Nigerian, whether employer or individual taxpayer, must file annual tax returns under the law. This encompasses self-assessment filings by individuals that too many assumed ended once employers deducted pay-as-you-earn taxes from their salaries.
This is not an optional civic suggestion, it is mandatory, backed by statute, and tied to a broader vision of national fiscal responsibility. Citizens can no longer hide behind ignorance, apathy, or false assumptions. “Many people assume that if their employer deducts tax from their salaries, their obligations end there. That is wrong,” Oyedele warned, emphasizing that the obligation to file remains with the individual under both existing and newly reformed tax laws.
The Deadlines and the Reality They Reveal.
Across the federation, state and federal revenue authorities have reaffirmed statutory deadlines in pursuit of compliance. The Lagos State Internal Revenue Service, for instance, moved to extend its filing date for employer returns by a narrow window, reflecting the reality that compliance often lags behind legal timelines. The extension was intended not as leniency, but as a pragmatic effort to allow accurate and complete submissions, underscoring that true compliance rises above mere mechanical ticking of a box.
At the federal level, Oyedele’s intervention was even more fundamental. He reminded Nigerians that annual tax returns for the preceding year must be filed in good faith, with integrity and in respect of the law. This applies regardless of income level including low-income earners who have historically believed that they are outside the tax net. “All of us must file our returns, including those earning low income,” he stated.
Herein lies one of the most challenging truths of contemporary Nigerian governance: widespread tax non-compliance is not just a technical breach of law, it is a deep cultural and structural issue that reflects decades of mistrust between citizens and the state.
The Root of the Problem: Non-Compliance as a Symptom.
Nigeria’s tax culture has long been under scrutiny. Public discourse and economic analysis consistently show that a significant majority of eligible taxpayers do not file annual returns. Oyedele highlighted that even in states widely regarded as tax administration leaders, compliance remains strikingly low, often below five percent.
This widespread non-compliance stems from multiple sources:
A long history of weak tax administration systems, where enforcement was inconsistent and penalties were rarely applied.
A perception that public services do not reflect the taxes collected, eroding the citizenry’s belief in reciprocity.
An informal economy where income often goes unrecorded, making filing seem irrelevant or impossible to many.
Lack of awareness, with many Nigerians genuinely believing that tax liability ends with employer deductions.
The government’s renewed push for compliance directly challenges these perceptions. It signals a shift from voluntary or lax compliance to structured accountability, a stance that aligns with best practices in modern public finance.
Why This Matters: Beyond Deadlines.
At its most profound level, the insistence on tax return filings is about nation-building and shared responsibility.
Scholars of public finance universally agree that a robust tax system is the backbone of sustainable development. As the eminent economist Dr. Joseph E. Stiglitz has observed, “A society that cannot mobilize its own resources through fair taxation undermines both its government’s legitimacy and its capacity to provide for its people.” Filing tax returns is not a mere administrative task, it is a declaration of participation in the collective project of national advancement.
In Nigeria’s context, this declaration carries weight. With the enactment of comprehensive tax reforms in recent years (including unified frameworks for tax administration and enforcement) authorities now possess broader statutory tools to ensure compliance and accountability. These measures, which include electronic filing platforms and stronger enforcement powers, have been framed as fair and equitable, targeting efficiency rather than arbitrariness.
Yet the success of these reforms depends heavily on citizens embracing their civic duties with sincerity. And this depends on mutual trust, the belief that paying taxes yields tangible benefits in infrastructure, education, healthcare, security and social services.
Voices From Experts: Fiscal Responsibility as a Public Ethic.
Tax law experts and economists, reflecting on the compliance push, have underscored a universal theme: taxation without transparency is inequity, but taxation with accountability is empowerment. When managed with fairness, a functional tax system can reduce dependency on volatile revenue sources, stabilise national budgets, and support long-term investment in human capital.
Professor Aisha Bello, a respected authority in fiscal policy, notes that “Tax compliance is not a burden; it is the foundation upon which social contracts are built. A citizen who honours tax obligations affirms the legitimacy of governance and demands better performance in return.”
Similarly, a leading tax scholar, Dr. Emeka Okon, argues that “The era when Nigerians could evade broader tax responsibilities simply because automatic deductions occur at source must end. For a modern economy, every eligible citizen must be part of the formal tax fold not as victims, but as stakeholders.”
These authoritative voices point to an unassailable truth: filing tax returns is both a legal requirement and a moral responsibility, an expression of citizenship in its fullest sense.
Challenges on the Ground: Compliance and Capacity.
While the rhetoric of compliance is compelling, the reality on the ground demands nuanced understanding. Many taxpayers (especially in the informal sector) lack meaningful access to digital platforms and resources for filing returns. For others, the fear of bureaucratic complexity and perceived punitive enforcement deters participation.
The government, for its part, has responded by promoting online systems and pledging greater taxpayer support. Tax authorities are increasingly engaging stakeholders to demystify filing processes, explain requirements and offer assistance. This mix of enforcement and facilitation is essential. As one seasoned revenue specialist observed: “The state cannot compel compliance through force alone; it must earn it through education, simplicity and fairness.”
The Broader Implication: A New Social Compact.
Ultimately, Nigeria’s renewed emphasis on tax return filing transcends administrative deadlines. It is an unequivocal declaration that national development is a shared responsibility, that citizens and state must engage in a transparent, accountable, and reciprocal relationship.
Tax compliance, therefore, becomes far more than a legal act; it becomes a moral claim on the nation’s future.
When citizens file their returns honestly, they affirm their stake in the nation’s destiny. When the government collects taxes transparently and deploys them effectively, it strengthens not only public services but civic trust itself.
In this sense, the deadlines proclaimed by Nigeria’s fiscal authorities mark not an end but a beginning; the beginning of a civic epoch in which accountability replaces apathy, participation replaces indifference and national purpose triumphs over fragmentation.
The road ahead will not be easy. But in demanding compliance, Nigeria is demanding more than tax returns. It is demanding commitment and that, ultimately, is the foundation on which nations are built.
Business
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
By femi Oyewale
Business
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.
The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.
Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.
Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.
The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.
For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.
The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.
Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.
As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.
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