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Breaking: FIRS sues Binance for $79.51b over alleged economic losses on behalf of FG

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Zacch Adedeji @ 47: Celebrating a Man of Exceptional Grace, Excellence By Dare Adekanmbi Ecclesiastical evidence abounds to affirm that God does not look at people or issues through the same prism from which human beings perceive matters. As mortals, we give primacy to mundane parameters as appearance or outward adornments, height or whether the person is oozing opulence or simply look at nobility of a person’s birth before ascribing value or judgment to such a person. The story of David’s ascension to the throne of Israel summarises how God make His choices. Prophet Samuel beheld the firstborn of Jesse named Eliab and, looking at his outward qualities, concluded “here comes the Lord’s anointed king who will govern over Israel.” But just before that thought could settle in the prophet’s mind, God told him that is not the man for the job. The story of Zacch Adedeji, executive chairman of the Federal Inland Revenue Service (FIRS) is the story of a young, wise and brilliant man who has enjoyed exceptional grace of God. His father (of blessed memory) was a cocoa farmer from the mainly agrarian Iwo Ate town, in Ogo Oluwa Local Government Area of Oyo State. His mother is a trader-cum-farmer. It was thanks to Chief Obafemi Awolowo’s matchless leadership and quality governance that the town at that time boasted some basic municipal amenities like school and a dispensary. I can imagine the joy on his father’s face when the news was broken to him that his wife was delivered of a bouncing bonny baby boy later christened Zacchaeus Adelabu Adedeji. While his father desired functional education for Zacch, the first child of the family, the greater joy for the cocoa farmer would be that the birth of Baby Zacch means an extra hand on the farm, heir apparent to the cocoa farming business. This perception perhaps prevented Zacch’s father from noticing the unique stars in the sky that heralded the arrival of a special child to the family, the humble background notwithstanding. The family did not realise they have been gifted a global talent whose brilliance and expertise will be acknowledged beyond the shores of Nigeria. While his father was looking at a child who will grow to become a helping hand on the farms, God was looking at a precious gift that will bring honour to the family name. Growing up for Zacch was not easy as there was no silver spoon in his mouth at birth. But with the grace of God upon his life, he was determined never to allow the circumstance of his birth dictate how far he could go in life. While going to school, he was also assisting his father in his cocoa farming. Zacch could not have chosen any other course in his post-secondary educational pursuit other than accountancy. He was his father’s book-keeper for the sale of cocoa produce. At the Federal Polytechnic in Ede, Osun State, where he studied Accountancy for his Ordinary National Diploma, Zacch came out flying with a distinction. Rather than return for his HND, he opted to further his studies at the prestigious Obafemi Awolowo University, Ile Ife, where he read management and accounting and finished with First Class honours. He did not allow the death of his father at about the time he was starting at Ife to extinguish his hope of having functional university education. Zacch’s special talent as a brilliant accountant quickly singled out from the new recruits at P&G. He saved the company hundreds of millions of dollars in needless expenditure and deploys his financial wizardry to catapult the company’s profit to new heights. For this exceptional display, the company dispatched him to one of the best business schools in Switzerland to share his experience with them. This feat earned him a seat at the management cadre of the American goods company earlier than any young recruit by the firm. He rose to become the Corporate Finance Manager for West Africa. It was while making his mark at the firm that he met a great leader, Senator Abiola Ajimobi (of blessed memory), sometime in 2009. He was just attending to what he would ordinarily consider a routine payment query when they met. Ajimobi was happy to meet a young chap from Oyo State making waves at such a company. From that time, a journey of mentoring, love and support that would remain with Zacch for a lifetime started. It was a meeting that also changed his trajectory from the private sector to the public sector. Ajimobi appointed him Finance Commissioner for Oyo State at age 33. Notable among his achievements include: raising Internally Generated Revenue (IGR) from about N600m monthly to about N2bn in a short period, blocking leakages by streamlining government bank accounts through which a lot of money was haemorrhaged from about 100 to about 10. As executive secretary of the National Sugar Development Council, Zacch left an indelible mark, raising standards and re-engineering processes to deliver better quality service and increased productivity. When tapped as Special Adviser on Revenue by President Bola Tinubu, a lot of people speculated he would ultimately head the country’s tax agency, Federal Inland Revenue Service (FIRS). As an evangelist in the Anglican Communion, Zacch believes in the scripture that the power of life and death is the tongue. As the one whose duty it was to interface with FIRS tax officers while at P&G, he had said during one of his frequent visits to the Agidingbi office of the agency that “someday, I would like to work in this organisation and contribute to its transformation.” Today, not only is Zacch the executive chairman of FIRS, he has brought unprecedented transformation to the agency within a short period. FIRS, under Zacch, surpassed tax revenue target in 2023, leading to a higher revenue benchmark of N19.4 trillion set by government for 2024. Later this month, Adedeji will announce to Nigerians what the agency was able to collect in the year just ended. The agency has done well again and has exceeded the target from available information. To all who know Zacch and have had interactions with him, one special attribute stands him out: his humility. He relates with the young and the old quite well and the big success that God has given him does not get into his head. Many people have spoken so glowingly about this character trait in Zacch. In 2017, he and I returned to Nigeria from a trip to the US. He had gone on holiday and I had gone to cover the annual meetings of the World Bank/IMF. We were to lodge at a popular hotel in Ikeja on arrival. After dinner, the receptionist said only one room was left. “Give it to us. Dare and I will share it,” said Zacch. That was how we slept on the same bed that night. If there are so many positive things to say about Zacch who is 47 years today, then the future holds even a brighter future for the number one tax man in the country today. Our boss believes in Simon Sinek’s submission that leadership is not just about being in charge, but also about taking care of those in your charge. I join admirers and well-wishers to wish ZA many more happy years of his trademark brilliance and wisdom. May God continue to strengthen him in good health. .Adekanmbi is the Special Adviser on Media to the chairman, FIRS, Zacch Adedeji.

Breaking: FIRS sues Binance for $79.51b over alleged economic losses on behalf of FG

The Federal Government of Nigeria has filed a lawsuit against cryptocurrency exchange company Binance Holdings Limited, demanding $79.51 billion and ₦231 million in compensation for alleged economic losses caused by its operations in the country.

The lawsuit, filed by the Federal Inland Revenue Service (FIRS) at the Federal High Court in Abuja, also seeks an additional $2.001 billion in unpaid income taxes for 2022 and 2023.

The case, marked FHC/ABJ/CS/1444/2024, accuses Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, of failing to register with the FIRS for tax compliance and allegedly violating Nigerian financial regulations.

This lawsuit marks the third legal action against Binance in Nigeria. The FIRS and the Economic and Financial Crimes Commission (EFCC) have already charged the company with tax evasion, money laundering, and foreign exchange violations before Justice Emeka Nwite of the Federal High Court in Abuja.

 

Among the financial penalties in the lawsuit are a 10% penalty for non-payment of taxes for 2022 and 2023, a 26.75% annual interest rate, based on the Central Bank of Nigeria (CBN) lending rate and additional penalties for Binance’s failure to register its business activities in Nigeria.

The Nigerian government further alleged that Binance has been operating in the country for over six years without proper registration, violating multiple financial laws.

 

According to an affidavit by Jimada Yusuf, a member of the Special Investigation Team from the Office of the National Security Adviser (NSA), Binance executives admitted to having 386,256 active Nigerian users, a trading volume of $21.6 billion in 2023 and net revenue of $35.4 million from Nigerian transactions.

The NSA claims that Binance refused to provide detailed business records spanning six years, despite a Federal High Court order directing them to disclose the data to the FIRS via the EFCC.

In the lawsuit, the FIRS is seeking a declaration that Binance must pay annual corporate income tax for its operations in Nigeria, a court order compelling Binance and its executives to file income tax returns for 2022 and 2023 and an order for Binance to pay $2.001 billion in taxes.

Also included are penalties, including 10% annual interest and a 26.75% CBN lending rate, until all taxes are paid and a total of $79.51 billion and ₦231 million in compensation for economic damages.

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GTCO vs. Very Dark Man: Why Nigerians Must Stop the Judgment of Emotions

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*GTCO vs. Very Dark Man: Why Nigerians Must Stop the Judgment of Emotions*

By Osho Oluwatosin

The internet has literally been on ‘fire’ since Friday following the arrest of self-acclaimed Nigerian activist, Martins Vincent, also known as Very Dark Man. He was reportedly picked up by the Economic and Financial Crimes Commission (EFCC) for reasons yet unknown.

While it’s not the first time VeryDarkMan or any prominent Nigerian would be arrested by the EFCC — a government agency not under the authority of any private organization — it seems some Nigerians are passionately trying to push a narrative that his arrest was orchestrated by one of Nigeria’s biggest financial institutions, Guaranty Trust Holding Company (GTCO).

Although this narrative isn’t far-fetched — VDM had criticized the bank due to ‘mysterious’ deductions from his mother’s bank account for unjustifiable reasons. He approached the bank’s branch in Abuja to make an official complaint and, afterwards, he was picked up by the EFCC. But what many Nigerians have failed to realize is GTCO may not even be involved in his arrest.

VeryDarkMan was seen in the bank, quite alright, but in a CCTV released by the bank, he was seen moving out of the bank when he finished. He even had a celebrity moment with some of his followers who took pictures with him before he was arrested. So I’m wondering, what has GTB got to do with his arrest? That someone got knocked down by a vehicle after leaving church, does it mean the church orchestrated the accident? That someone got attacked after leaving a lecture room, does it mean the lecturer orchestrated it? That someone even got attacked in a courtroom, does it mean the judge orchestrated it? Absolutely not.

Although it would have been better if the EFCC had come out to clear the air regarding the reason for VDM’s arrest, because in the absence of information, rumours are bound to thrive. In fact, the commission should have actually released a statement regarding these rumours, not to vindicate GTB, but to keep Nigerians informed.

Let’s even think about it logically: what can warrant GTCO to order VDM’s arrest by the EFCC? Did he defraud GTCO? Did he steal from a GTB customer? Did he launder money through a GTB account? These are questions that should be asked before passing judgments. But Nigerians are always emotional when it comes to issues like this, and that’s why people who are culpable in serious crimes get away with anything as long as they get involved in charity or activism.

GTCO has been a very friendly organization, and in 2024 alone, the bank paid a record dividend of N8 per share. The bank is happy, shareholders are happy, customers are happy — who is Very Dark Man?

Osho Oluwatosin is a Nigerian journalist and writes from Lagos.

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Can We Have More Bankers Like Victoria Mulero? An epitome of ‘omoluabi’

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Can We Have More Bankers Like Victoria Mulero? An epitome of ‘omoluabi’

In February of this year, I needed to open a new bank account for salary purposes, as required by the management of the new company I had just joined.

I considered First Bank, Access Bank, and Sterling Bank. After some thought, I chose Sterling Bank—not because I found them superior—but because I believed they had fewer customers, which I hoped would save me from long queues and unnecessary delays.

I visited the Sterling Bank branch at Akowonjo to open the account. Unfortunately, the staff member who attended to me didn’t inspire confidence. She appeared distracted—smiling at her phone, clearly engrossed in a private chat—far from the level of professionalism one would expect in a bank setting. I had a feeling this would lead to problems down the line.

 

When my first salary was paid into the account, my suspicion was confirmed. Sterling Bank restricted access to my funds—I couldn’t transfer money or make withdrawals at the counter. I visited their Fatai Atere branch at Ladipo, Mushin to complain, where I was informed that the account opened for me was a “Kaikai” account—a type I had never heard of. Apparently, this account type is meant for individuals who lack the required documents during account creation. But I had submitted all necessary documents, so why was such an account opened for me?

Can We Have More Bankers Like Victoria Mulero? An epitome of 'omoluabi'

At the Fatai Atere branch, I was attended to by a remarkable banker named Victoria Mulero. She requested my NIN, which I didn’t have on me at the time. Rather than send me back home, she asked if I had a digital copy. I did, and she graciously gave me her email address so I could forward it to her. With that, she resolved the issue promptly and professionally.

However, the following month, in March, the same restriction happened again. I returned to the Fatai Atere branch, and once again, Victoria Mulero handled my complaint with efficiency and kindness, resolving it without delay.

I hoped the matter was finally settled, but when my April salary arrived, the restriction was imposed yet again. This time, I was beyond frustrated and ready to replace Sterling Bank as my salary account. Still, I visited the Fatai Atere branch one last time. Once more, Victoria Mulero resolved the issue with grace and determination.

This write-up is a tribute to Victoria Mulero of Sterling Bank, Fatai Atere branch. She is a rare gem—respectful, diligent, and genuinely customer-focused. She went above and beyond, following up with the Akowonjo branch through calls and emails until the matter was fully resolved. She handled every situation with patience and empathy, treating the job as if the bank belonged to her family.

To be honest, I’ve had unpleasant experiences with many bankers, especially female staff. Too often, they carry personal frustrations into the banking hall and take it out on customers. But Victoria is different. She exemplifies what true customer service should be.

We may not all be the same, but treating people with respect and kindness is a skill that can be learned—and Victoria clearly has. Let’s celebrate her for being a model professional and a beacon of hope in an industry that too often lacks empathy.

Without any fear of contradiction, I say boldly that Victoria Mulero is a good ambassador of Sterling Bank and her parents too deserve encomium for raising a well trained daughter and impacting an attitude of ‘ omoluabi’ in her. We need more of Victoria Mulero in our banking industry.

Seun Jacob Ogunbiyi
Known as Olùkọ́, the therapeutic writer and Lagos based journalist

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Air Peace Airlines’ failure to adhere to scheduled departure times results in prolonged delays …causing undue hardship for Nigerians on board

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Air Peace Airlines' failure to adhere to scheduled departure times results in prolonged delays ...causing undue hardship for Nigerians on board ~Oluwaseun Fabiyi

Air Peace Airlines’ failure to adhere to scheduled departure times results in prolonged delays
…causing undue hardship for Nigerians on board

~Oluwaseun Fabiyi

Traveling is undoubtedly the most effective form of education, enabling individuals to observe human quirks from diverse perspectives

On Saturday, 3rd May 2025, an Air Peace Airlines flight from Akure Airport was delayed, causing undue inconvenience to a Nigerian traveller and a prominent Nigerian man of God, an unfortunate incident that befell the nation’s citizens

Does Nigerian law consider it a criminal offense for travelers to book flights with Air Peace, a leading Nigerian airline, instead of other airlines that fail to depart on schedule, such as remaining at 10am instead of departing at 10am? Certainly, some Nigerian citizens may opt to travel with airlines like Arik, Aero, Dana, rather than Air Peace.

Air Peace Airlines' failure to adhere to scheduled departure times results in prolonged delays
...causing undue hardship for Nigerians on board
~Oluwaseun Fabiyi

It is evident that many Nigerians actually believe Air Peace airline came to rescue Nigerians from the subpar fly-and-die experience of other airlines, such as Dana, which is why many have fallen in love with Air Peace Airlines’ domestic operations

 

Air Peace Airlines’ decision to reschedule a 12:00 flight from Akure in Ondo State to 3:00 on Saturday, 3rd May 2025, has been met with disappointment from some affected Nigerian passengers, who deem this change unreasonable and unjustified.

Nigeria is hindered by self-imposed challenges that impede our collective advancement. I remain optimistic that future leadership will emerge, focusing on nuanced details that cumulatively enhance the lives of citizens, including access to housing, affordable food, petrol, quality healthcare, and a decent standard of living. The fact that we produce rice, only to have its price inflated by some, thereby rendering it unaffordable, is a pressing concern

It is baffling to me why some people or airlines deliberately provide poor services, causing undue hardship for their passengers, without taking the courtesy to apologize

How can passengers ensure they arrive at Akure Airport by 10 a.m. to catch a 12 p.m. flight from Akure to Lagos and complete check-in as usual

Only for them to fall victim to an extremely harrowing experience. The first indication was the outrage of a passenger at the Nigeria Air Peace counters. He yelled at the ticketing officials that his time had been wasted by three hours and demanded to be refunded his money, as his business was equally affected.

The scene was remarkably congested, and indeed there was an exceedingly large number of passengers traveling to Lagos on this particular Air Peace flight.Which none of them can comprehend what could cause a delay from 12 O’clock to 3:15 pm, without considering individuals with an assignment or occasion in Lagos, is so crazy and devastating.

*How Passengers suffer through endless delays waiting for Air Peace aircraft.*

Accordingly, they embarked on an extended wait after Air Peace notified them that the flight had been postponed by an hour. Ultimately, the delay proved to be three hours, with the flight arriving at 3:30 pm, followed by the commencement of boarding procedures

On a final note the Nigerian aviation industry, including airlines, can certainly improve their treatment of fellow Nigerians

Onboard passengers display concern and raise eyebrows.

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