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A failed attempt to trigger a run on banks

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A failed attempt to trigger a run on banks
As market sentiment remains highly volatile and driven by news flow, banks liquidity levels can become vulnerable due to spread of inaccurate information. As Nigerian banks put finishing touches to their recapitalisation plans as directed by the Central Bank of Nigeria (CBN), industry watchers have seen how social media mercenaries and their hirelings are deliberating distorting the truth and pushing campaigns that spread false information which could result in deposit outflows from their targeted banks.
Earlier this month when the Central Bank of Nigeria (CBN) revoked the banking licence of Heritage Bank, it gave reasons for the decision. The reason was clearly stated! “This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability,” CBN noted.
The CBN said Heritage Bank had continued to suffer and had no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.
A statement by Hakama Sidi Ali, acting Director, Corporate Communications of the CBN, said the apex bank acted in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act, BOFIA, 2020.
Many market watchers, particularly those following developments in the banking industry did not think the CBN should have done otherwise and subsequent appointment of the Nigeria Deposit Insurance Corporation, NDIC, as the liquidator.
Mischievous ‘list’ of other banks
Shortly after the apex bank hammer fell on Heritage Bank, social media mischief makers released their own ‘list’ of other banks they felt will go the Heritage way – not minding the illegality of assuming such a regulatory position.
Thanks to Central Bank of Nigeria (CBN) for quickly debunking the fake news which had mentioned the names of other banks – Fidelity Bank, Wema Bank, Polaris Bank and Unity Bank.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to some information circulating in the public domain, suggesting that the CBN is set to revoke the licenses of three additional banks following its regulatory action against Heritage Bank Plc on Monday, June 3, 2024.
“The CBN unequivocally states that these allegations are false and intended to trigger panic in the financial system. The Nigerian financial system remains safe, sound, and resilient. Our banks have begun submitting implementation plans for the Banking Sector Recapitalisation Programme in compliance with the CBN Circular reviewing the minimum capital requirements for Commercial, Merchant, and Non-Interest Banks (CMNIBs).
“These plans are currently being reviewed by the Bank. In addition to enhancing buffers to withstand economic shocks, this proactive measure by the CBN to require CMNIBs to recapitalise will result in increased capital for Nigeria’s banks, enabling them to provide much-needed credit to critical sectors of the economy. This will increase the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy.
“The CBN would like to reassure all stakeholders of its unwavering commitment to ensuring the financial system’s stability. Our financial system remains on a solid footing, and the CBN will continue to take all necessary steps to maintain its safety and soundness,” said CBN’s Sidi Ali said in a June 4 statement in response to the false allegations of license withdrawals.
 
Fidelity Bank’s full year 2023 PBT grew by 131.5% to N124.26 billion
Fidelity Bank Plc in its 2023 full year audited financial statements reported a 131.5 percent growth in Profit Before Tax (PBT) to N124.26 billion. The results released to the investing public at the Nigerian Exchange (NGX) shows the bank grew gross earnings by 64.9 percent year-on-year (YoY) to N555.83 billion, driven by 81.6 percent growth in Net interest income which increased from N152.7billion to N277.37 billion. This led to a Profit After Tax of N99.45 billion representing a 112.9 percent annual growth.
“We closed the financial year with strong double-digit growth across key income and balance-sheet lines. Our performance in 2023 is an attestation of our capacity to deliver superior returns to shareholders despite the difficulties in our operating environment. Profit before tax grew by 131.5 percent to N124.3billion from N53.7billion in 2022FY, leading to an increase in Return on Average Equity (RoAE) of 26.5 percent from 15.6 percent in 2022FY,” said Nneka Onyeali-Ikpe, Managing Director/CEO, Fidelity Bank Plc.
A review of the bank’s financial performance showed that Fidelity Bank in 2023 grew Net interest income by 81.6 percent to N277.4bn driven by a 55.5 percent increase in interest income, thus reflecting a steady rise in asset yield throughout the year. The average funding cost dropped by 20bps to 4.4 percent due to increased low-cost funds that grew from 83.6 percent in 2022FY to 97.4 percent in 2023. The combination of higher asset yield and lower funding cost led to an increase in Net Interest Margin (NIM) of 8.1 percent from 6.3 percent in 2022FY. Similarly, Total Customer Deposits crossed the N4trillion mark as deposits grew by 55.6 percent from N2.6trillion in 2022FY. The increase was driven by 81.1 percent growth in low-cost funds.
Despite the challenging operating environment, the bank reaffirmed its devotion to helping individuals grow, inspiring businesses to thrive and empowering economies to prosper by increasing Net Loans and Advances to N3.1trillion from N2.1trillion in 2022FY.
Despite the growth in its loan portfolio, Regulatory Ratios were maintained well above the required thresholds, with liquidity ratio at 45.3 percent from 39.6 percent in 2022FY and capital adequacy ratio (CAR) at 16.2 percent compared to the minimum requirement of 15 percent.
Consistently paid dividend since 2006
Fidelity Bank has consistently paid dividend since 2006. With the final dividend of 60 kobo per share it paid for year 2023, Fidelity Bank paid investors a total dividend of 85 kobo per share for the reporting period, a 70 percent increase compared to the 50 kobo per share paid to its shareholders in 2022.
“We recognise the changing dynamics in the Nigerian banking space and the need to monitor and proactively manage evolving risks. The proposed final dividend of 60 kobo per share reflects our commitment to strong value creation and returns to our shareholders,” Onyeali-Ikpe had said ahead of the dividend payment.
 
Multiple local and international awards winner
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
African Export-Import Bank (Afreximbank) on Monday June 10 said it has disbursed $40-million Intra-African Investment Facility to Fidelity Bank Nigeria Plc to support the bank’s acquisition and recapitalisation of Union Bank UK as part of its international expansion programme. Provided in two tranches of $20 million each, the first tranche of the facility enabled Fidelity to part-refinance the acquisition of 100 percent equity stake in Union Bank UK, while the second tranche was used to support its recapitalisation via the injection of additional equity into the acquired bank, as approved by the United Kingdom’s regulator.
With this acquisition, Fidelity Bank is able to birth a new pan-African financial institution capable of providing correspondent banking and offshore banking services to banks in Africa and servicing the banking needs of Africans in the diaspora.
Fidelity Bank’s upcoming public offer and rights issue: Good buys for investors
Just recently, Fidelity Bank Plc concluded all necessary arrangements to raise a total of up to N127.100billion by way of a Rights Issue to existing shareholders and a Public Offer (the Combined Offer).
The Combined Offer is a part of the bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (CBN) on March 28, 2024.
Overall, the Bank expects that the capital raised would support the Bank’s efforts to drive sustained growth and diversification of its earnings base.
The Signing Ceremony with respect to the Combined Offer was held at the Board Room of the headquarters of Fidelity Bank in Lagos on Wednesday June 5, 2024.
The bank’s shareholders had already approved the Rights Issue and Public Offer at the Extra-Ordinary General Meeting held on Friday, 11 August 2023. Under the Rights Issue, 3.2 billion ordinary shares of 50 kobo each will be offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of 05 January 2024, at N9.25 per share. For the Public Offer, 10 billion ordinary shares of 50 kobo each will be offered to the general investing public at N9.75 per share.
Stanbic IBTC Capital is the Lead Issuing House to the Combined Offer, whilst the Joint Issuing Houses include Iron Global Markets Limited, Cowry Asset Management Limited, Afrinvest Capital Limited, FSL Securities Limited, Futureview Financial Services Limited, Iroko Capital Market Advisory Limited, Kairos Capital Limited and Planet Capital Limited. The Acceptance and Application lists for the Rights Issue and Public Offer are expected to open on Thursday, June 20, 2024 and close on Monday July 29, 2024.
At the Signing Ceremony, Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer, Fidelity Bank Plc said that the proceeds of the Combined Offer will be applied towards investment in IT infrastructure, business and regional expansion, and investment in product distribution channels.
Oladele Sotubo, Chief Executive of Stanbic IBTC Capital commended Fidelity Bank’s management team for their commitment towards executing the Combined Offer.
He lauded their efforts for being at the forefront of achieving the CBN’s revised minimum capital requirements for Nigerian commercial banks. While thanking the Bank for trusting Stanbic IBTC Capital to lead and advise on this landmark transaction, Dele expressed confidence that the deal would encourage other corporates to tap into the equity capital markets to raise funding to meet their strategic business needs.
Fitch Ratings just affirmed Fidelity Bank’s positive future
Recently, Fitch Ratings revised the outlook on Fidelity Bank Plc Long-Term Issuer Default Rating (IDR) to positive from stable, while affirming the rating at ‘B-‘.
The credit rating agency also affirmed Fidelity Bank’s National Long-Term Rating at ‘A(nga)’ with a stable outlook. Fitch said in a statement on Friday that the outlook revision reflects its, “expectations that the bank’s capitalisation will strengthen in the near term as a result of core capital issuances, including to meet the new paid-in capital requirement of N500 billion for banks with an international licence effective by end-1Q26.”
“Fidelity’s IDRs are driven by its standalone creditworthiness, as expressed by its Viability Rating (VR) of ‘b-‘. The VR balances the concentration of operations in Nigeria’s challenging operating environment, very high credit concentration and high Stage 2 loans against a growing franchise, sound profitability metrics, good capital buffers and reasonable foreign-currency (FC) liquidity coverage.
“Fidelity’s National Ratings are driven by its standalone creditworthiness. They balance a growing franchise and good capital buffers against weaker profitability than higher rated peers,” the statement reads.
The rating agency said that Fidelity is Nigeria’s sixth-largest bank, as it accounted for 5 percent of domestic banking system assets at end-2023, adding that strong balance-sheet growth in recent years has increased bank’s market shares and that it expects these to increase further but remain below those of the five largest banking groups.
Fidelity awarded CG+ rating at NGX – the highest rank under the Corporate Governance Rating System (CGRS)
Fidelity Bank was recently awarded CG+ rating, the highest rank under the Corporate Governance Rating System (CGRS), which screens quoted companies against prescribed best practices and standards. The CG+ rating awarded to Fidelity Bank shows it complies with the highest corporate governance standards as the bank adheres promptly to all full disclosure requirements and global best practices.
Godstime Iwenekhai, Head, Listings Regulation Department, NGX Regulation (NGXRegco) said that the CGRS was designed to strengthen the governance structures of listed companies and provide a valid basis for discerning investors to differentiate between listed companies on the basis of their compliance with acceptable standards of corporate governance.
After a review of the latest compliance report which showed that Fidelity Bank sustained its highest-ranking rating of CG+, shareholders and market pundits commended the high corporate standards of the bank.
“In our view, corporate governance promotes ethical business practices, transparency and fair competition, Iwenekhai said.
He pointed out that the special character combination CG+ underlined compliance with best practices and highest corporate governance standards, which entitle the rated companies to special privileges at the stock market.
Corporate governance compliance at the stock market includes prompt submission of detailed operational results from period to period as required by the market rules, full disclosures of all material and regulated information and accurate rendition of reports and accounts.
Also, compliance includes ensuring that the company’s shares are not encumbered in a way that impinges on free float or number of shares available to the general investing public for efficient price discovery, compliance with all investor-protection safeguards in communication with shareholders and organising statutory meetings as required among others.
The Nigerian Exchange (NGX) noted that compliance tracker was aimed at maintaining market integrity and protecting the investors, noting that listed companies are required to adhere to high disclosure standards.
“Financial information which is periodic disclosure and on-going material events disclosure should be released to NGX in a timely manner to enable it efficiently perform its function of maintaining an orderly market, NGX stated, referencing some of the criteria for its corporate governance rating.
Market experts and shareholders agreed that corporate governance compliance is a major factor in deciding on investing in a public and the safety of such investment.
For stockbrokers and investors, CG+ rating reassures investors of the safety of their investments in Fidelity Bank
Olatunde Amolegbe, Managing Director, Arthur Steven Asset Management said corporate governance compliance rating is extremely important as it indicates to the investing public the quality of compliance of a company to listing requirements.
“As you know, stock prices are driven primarily by available information and the NGX has a minimum level of disclosure expected of quoted companies. This disclosure helps the public make qualitative decisions as to the state or performance of the companies they are seeking to invest in. These markers are therefore the initial indicators as to whether the companies are meeting their disclosures and other regulatory obligations or not, Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said.
Garba Kurfi, Managing Director, APT Securities & Funds said the corporate governance rating shows the extent companies are in compliance with corporate governance.
“High rating means very good in doing right thing timely while low rating discourages foreign investors from investing in such companies, Kurfi, a leading market operator and member of the board of Securities and Exchange Commission (SEC), said.
David Adonri, Managing Director, HighCap Securities noted that CG+ means excellent corporate governance rating”. “When a company is organised and uphold good corporate governance, the benefit to stakeholders is maximized”, Adonri said.
Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria said Fidelity Bank has created a very excellent impression in the minds of shareholders.
According to her, the bank has continually showcased exemplary leadership with continuous impressive results, with successive growths over the past five years.
“Fidelity Bank is a very good bank that shareholders are very happy with their investments and we have never regretted buying into Fidelity Bank, Bakare said.
Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria said good corporate governance was the cornerstone of Fidelity Banks sustained growth and impressive returns over the years.
“Fidelity Bank remains one of the best stocks that investors should look forward to invest in for better returns. I’m very optimistic of the bank’s healthy strong assets. With its good corporate governance and excellent customers service, there is every reason to hope for more promising future”, Okezie said.
The high divisible nature of shares investment and high free float of Fidelity Bank, which makes the bank’s shares easily available, underline it as a most attractive investment option for all cadres of investors- small, medium and high networth; retail and institutional investors.
Comparative analysis showed that Fidelity Bank outperformed all other major market indices with the banks average annual return for the period twice the average return by the overall market and almost four times of average return in the banking sector.
The All-Share Index (ASI) – the common, value-based index that tracks all share prices at the Nigerian Exchange (NGX), which is widely regarded as Nigeria’s benchmark for equities market, recorded a five-year return of 219.61 per cent, an average annual return of 43.9 percent.
Contrary to the significantly above average performance of Fidelity Bank, the NGX Banking Index-which tracks the banking sector, doubled by 120.53 percent over the five-year period, representing average annual return of 24.11 per cent, more than 77 percentage points below Fidelity Banks average return.
Two other major price indices- the NGX 30 Index and NGX Main Board Index, recorded five-year cumulative return of 185.73 per cent and 265.6 per cent respectively, representing average annual gain of 37.15 per cent and 53.1 per cent respectively.
David Adonri, Managing Director, HighCap Securities Limited said the price of any stock in the market is a correct reflection of the market value for the stock.
Aruna Kebira, Managing Director, Globalview Capital Limited said that the market price of a stock represents the disposition of the investing public to the stock at a given period, noting that there should be consideration for both the market value and the book value or fundamentals of a stock.
“It could be summarised that the market price of a stock is premised on the psychology of the market, the markets mood as well as market sentiments,” Kebira said.
Sola Oni, Chief Executive Officer, Sofunix Investment and Communications said the stock market shows both the current and future prospects of shares.
“Share price reflects the current value of a company but also reveals the future prospects”, Oni said, noting that investment analysts traditionally combine market price and book values to determine the possible outlook of a stock.
For many independent investment research reports, Fidelity Bank was assigned BUY ticker, a recommendation to investors to consider the potential attractive returns of the bank.
The research reports were based on the historical and current operational performances of the bank as well as the clear-sighted implementation of the bank’s growth plan. The reports also considered the quality of board and management and the general human capital and resources of the bank.
For instance, the investment advisory reports included those of Afrinvest Group, FSDH Capital and CardinalStone among others.
Analysts were unanimous that Fidelity Banks share price could double in the period ahead given professional assessment of top traditional performance parameters including the company’s operational reports, investors preference and projections.
Already, interim report and account of the bank for the first quarter ended March 31, 2024 showed that the bank started the current business year on stronger footing with three-digit growths across key performance indicators.
Culled from www.businessday.ng
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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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FirstBank Partners Ekiti State Government on Launch of Innovation Enterprise Support Fund

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9 hours ago

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April 17, 2026

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FirstBank Partners Ekiti State Government on Launch of Innovation Enterprise Support Fund

 

Lagos, 10 April 2025 – FirstBank, West Africa’s premier financial institution and the leading financial inclusion service provider, is proud to announce its partnership with the Ekiti State Government in launching the Innovation Enterprise Support Fund, a groundbreaking initiative designed to empower startups, scale tech-enabled businesses, and accelerate innovation-driven economic growth across the state.

 

The programme provides funding, mentorship, and market access to high-potential enterprises, with a focus on strengthening Ekiti’s innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities. Notably, at least 40 percent of the fund has been reserved for female-led enterprises.

 

The Innovation Enterprise Support Fund Initiative is structured as a three-phase programme covering ideation, pre-acceleration, and acceleration for about 60 startups. Each enterprise will receive financial support ranging from ₦150,000 to ₦1,200,000, enabling job creation, revenue generation, and market-ready product launches.

 

Speaking on the partnership, the Managing Director/Chief Executive Officer, FirstBank Group, Olusegun Alebiosu, said “Entrepreneurship and Innovation are two of our core values at FirstBank. We believe MSMEs are enablers of economic growth and for 132 years, we have stood beside Nigerian businesses through every phase of growth, transition and transformation. We have remained committed to building stronger business through improved access to finance and capacity building; we created the SME Connect Platform to serve as a digital hub where Nigerian entrepreneurs find the resources to move from vision to value. We are excited about this partnership, and we see more than startups. We see future industry leaders, employers of labour, and perhaps our next big partners.”

 

 

 

The partnership aligns with FirstBank’s longstanding commitment to financial inclusion, SME development, and youth empowerment, with an emphasis on supporting women entrepreneurs, who represent 35% of Nigeria’s startup cohort.

 

FirstBank has been a consistent promoter and supporter of the innovation ecosystem and SMEs in Nigeria, providing notable interventions to help them scale their platforms and businesses. The Bank has designed multiple digital platforms for its SME customers to leverage on for business growth and expansion.

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Zacch Adedeji: The Reformist Redefining Nigeria’s Revenue Future Through Action

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23 hours ago

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April 16, 2026

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Zacch Adedeji: The Reformist Redefining Nigeria’s Revenue Future Through Action

By: Bashorun Oladapo Sofowora 

To dazzle in the Nigerian public service sector, you need more than just doing the extraordinary, you must do what no one has ever done. For Dr. Zacch Adelabu Adedeji, the Executive Chairman of the Nigeria Revenue Service (NRS), possessing the heart of Hercules, the fearlessness of Achilles, the grace of Terpsichore, the memory of Macaulay, and the hide of a rhinoceros is what made him stand out to become the poster boy of the President Bola Ahmed Tinubu’s administration. Give it to him: highly witty, cerebral, and dutiful. Zacch didn’t earn his current position by fluke; he attained his height with sheer dint of hard work, resilience, self-belief, foresight, and a can-do spirit.

 

Today, the NRS has been given a new face, the era has changed and the narrative has been rewritten. All thanks to the Oyo State-born outstanding technocrat. Since he assumed office as Executive Chairman, one thing has remained constant; his drive for innovative change and his commitment to ensuring taxpayers are seen as partners in progress rather than foes. Adedeji understands that taxpayers must be treated with dignity and must be made to understand their role as stakeholders, partners in progress and development. This special preference has ensured that tax collection is more simplified, more robust, and more engaging.

 

When Adedeji assumed the chairmanship of the Federal Inland Revenue Service (FIRS) in September 2023, the agency was less a revenue service and more a leaky sieve. The nation’s tax-to-GDP ratio was an embarrassment, public trust was a phantom, and the treasury gasped for air. But Adedeji, a resounding technocrat with the soul of a warrior looked upon this chaos and saw a canvas. His creed was immediate and uncompromising; more than just words, but action. Within twenty-four months, he has not merely reformed an institution; he has incinerated the old order and birthed a leviathan; the Nigeria Revenue Service (NRS). This is the story of a man who taught a nation how to pay its way into sheer prosperity.

 

Adedeji is armed with the philosophy that taxing the fruit, not the seed, is the way to grow as a nation. When he assumed his current role, he rejected the notion that increasing revenue required burdening struggling businesses. Instead, he focused on plugging leakages and widening the net to ensure all taxable citizens perform their civic obligations for the development of the country. With this philosophy, the results were almost immediate and stunning. In 2023, despite assuming office mid-year, the FIRS collected ₦12.36 trillion, surpassing its target of ₦11.55 trillion. That was just the warm-up act. In 2024, the agency delivered a monumental ₦21.7 trillion a 76% jump against a target of ₦19.7 trillion. Between September 2023 and August 2025, the Service realized a cumulative ₦46 trillion in total tax revenue, representing 115% of combined targets. These were not accidents of the economy; they were the direct results of strategic action carefully played and curated by the Tax Man himself.

 

Zacch’s exceptional ability to steer Nigeria’s fiscal ship towards stability is akin to a skilful sailor navigating treacherous murky waters, with demonstrable efficiency, culminated in Nigeria reaching a historic milestone of ₦28.2 trillion in revenue in 2025. As the Nigerian Revenue Service (NRS) sets its sights on 2026 with an ambitious goal of ₦40.7 trillion, the role of technological innovation becomes increasingly vital. Adedeji recognized that overcoming the entrenched “tin bucket” mentality, an overreliance on manual collection methods required deploying advanced, reliable digital tools that minimized human contact, thereby reducing opportunities for corruption and errors. He led the successful automation of over 80% of manual processes through the implementation of the TaxPro-Max platform, which streamlined taxpayer registration, documentation, and filing procedures, significantly reducing processing times. The rollout of the e-invoicing system mandated that corporations with turnovers exceeding ₦5 billion digitize all transactions, thereby eliminating VAT evasion at the source and fostering transparency. Within weeks of deployment, major corporations such as MTN Nigeria, Huawei Technologies Nigeria, and IHS Nigeria had onboarded the system, signaling broad industry acceptance. A notable innovation was the nationwide launch of the USSD code *829#, a groundbreaking service allowing citizens to access tax-related information, file returns, and make payments directly via mobile phones without internet connectivity effectively democratizing tax compliance across all socio-economic strata. These initiatives transformed the Nigeria Revenue Service from a traditionally intimidating enforcement agency into a modern, efficient service platform that emulates leading 21st-century tax collection models.

 

Building on this foundation, the NRS introduced the Rev360 platform an advanced, integrated, and intelligent ecosystem representing the next phase in the evolution of tax administration. Rev360 embodies the principles of Tax Administration 3.0, characterized by comprehensive automation, real-time analytics, and seamless integration of tax processes within taxpayers’ everyday systems. This strategic shift promises faster processing times, enhanced decision-making capabilities, improved compliance rates, and an overall improved user experience. Taxpayers will benefit from a broader array of interaction options, including digital channels, mobile apps, and self-service portals. The launch of Rev360 aligns with the broader digital transformation strategy under the leadership of Zacch Adedeji PhD, the Executive Chairman of the NRS, whose visionary approach continues to propel innovations in service delivery and institutional strengthening. The platform’s deployment reflects the Service’s unwavering commitment to enhancing institutional capacity, fostering greater taxpayer confidence, and aligning with international best practices and technological standards. Following a successful pilot phase, the phased rollout of Rev360 will begin with Medium and Emerging Taxpayers, representing the first stage of comprehensive nationwide adoption aimed at creating a resilient, transparent and efficient tax system for Nigeria.

 

To ensure action is taken not by mere words alone, Dr. Adedeji knew that lasting change and stability required a new legal framework and laws guiding tax compliance in the country. This enabled him to lead the charge to dismantle the archaic, colonial-era tax laws that had stifled growth by taxing the poor rather than taxing prosperity. This led to the legislative transformation of laws signed into force in 2025 and effective from the 1st of January 2026: the Nigeria Tax Act 2025 (NTA), the Nigeria Tax Administration Act 2025 (NTAA), the Joint Revenue Board of Nigeria (Establishment) Act 2025 (JRBA), and the Nigeria Revenue Service (Establishment) Act 2025 (NRSA). These laws harmonized over 60 disparate tax statutes into a single framework to ensure adherence and unification. To prevent controversies and wrong narratives from being peddled by naysayers, Adedeji assured Nigerians that the laws are pro-poor, exempting those earning ₦800,000 or less annually from Personal Income Tax and removing VAT on essential items to protect the most vulnerable.

 

In a bid to show his wizardry beyond being a brilliant chap, Adedeji led one of the most impressive transition and rebranding processes in the country. He executed the transition from FIRS to NRS with distinct surgical precision, ensuring that operational guidelines were ready and that staff were trained for the new mandate. The transition was so seamless that almost all Nigerians pivoted to the change without struggling. Same brand core values, different name, and a more formidable identity. The rebranding was more than a name change; it represented a paradigm shift from a “Federal” collector to a unified “National” revenue hub, aiming to harmonize collections across all tiers of government to ensure effectiveness, bring relief from multiple taxation, and allow government agencies to focus on their core mandates while leaving revenue collection to the NRS.

 

Zacch obviously detests wastage; seeing wastage bores him. That is why he reignited the abandoned NRS building, breathing fresh life into it after 30 months in charge. The recently commissioned NRS Headquarters will ensure a lasting legacy, also corroborating the transition from FIRS to NRS. The new edifice is beyond magnificent. The 16-floor, tastefully built structure can pass as the ninth wonder of the world. As a man of style and taste, Zacch ensured the environment was inviting for everyone who comes in for any tax-related transaction. The three-tower complex is a world-class edifice designed to house 3,000 staff, complete with a data processing center, a clinic, an auditorium, and a gym. It is indeed a jaw-dropping building equipped with state-of-the-art facilities to ensure seamless navigation and maximum output.

 

At the opening ceremony on the 14th of April, Adedeji paid tribute to President Tinubu, declaring him “the greatest gift bestowed on this republic.” He noted that the headquarters symbolizes that reform is “not abstract, but real; not theoretical, but implemented.” The auspicious event was attended by the Senate President, the Speaker of the House, and numerous governors, signaling rare political consensus on the importance of revenue reform. For the building commissioning, Zacch can be called a jinx breaker and a record setter. Calling him both places him on a pedestal of immortality.

 

Zacch Adelabu Adedeji has answered the question posed by his own mantra: “More than just words, but action.” He has taken a bureaucracy often viewed with suspicion and turned it into the vanguard of economic renewal. From the digits of ₦46 trillion in revenue to the concrete of a 16-story headquarters, from the virtual code *829# to the legal text of the NRS Act, Adedeji has left no room for doubt. Indeed, he has outdone himself, leaving a lacuna that anyone after him might struggle to fill.

 

He did not merely build an institution that demands taxes; he built one that enables prosperity. As Nigeria marches toward a future of fiscal self-sufficiency, it does so on the solid foundation of actions taken by a quiet, determined reformer who proved that in governance, what you do will always speak louder than what you say. As the sun sets, and birds chirping over the new NRS headquarters, casting long shadows across the skylines of Abuja, one fact remains indisputable: in the battle for Nigeria’s economic soul, words have failed, long speeches have faded into oblivion, but Zacch Adelabu Adedeji brought action infused with a monument. The era of talk is over, the era of the Alchemist has just begun.

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Blue Lagos Launches Community Sensitisation and Engagement Campaign in Riverine Areas

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2 days ago

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April 15, 2026

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Blue Lagos Launches Community Sensitisation and Engagement Campaign in Riverine Areas

 

 

Blue Lagos has officially commenced its community sensitisation and engagement campaign across riverine and coastal communities in Lagos State.

 

The initiative is designed to amplify the voices of underserved communities, raise awareness on civic responsibilities, and highlight the unique challenges faced by residents living along the waterways.

 

Through on-ground interactions and digital advocacy, Blue Lagos aims to foster inclusive participation and ensure that no community is left behind.

 

Speaking on the campaign, The Director of Mobilisation & Community Engagement for the Blue Lagos Team, Hon. Ashade Abdul-Salam emphasized the importance of engaging directly with residents to better understand their daily realities, from access to basic services and transportation challenges to opportunities for development and improved governance.

The campaign will feature community visits, short sensitisation videos, interactive sessions, and stakeholder engagement, all geared towards empowering residents with the knowledge and tools to actively participate in shaping their future.

 

Blue Lagos calls on riverine and coastal residents to take advantage of this initiative, share their experiences, and stay informed on civic processes, including voter registration and community development programs.

 

This campaign marks a significant step towards building stronger connections between communities and decision-makers, while promoting inclusive growth across Lagos State.

For media inquiries, please contact:

Blue Lagos Team via email: [email protected]

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