Felak Group Debunks False Story in Purported $7m Transaction

Felak Group, together with its subsidiary, Oceangate Engineering Oil & Gas, has debunked a publication authored by Mr. Chukwudi Iwuchukwu, which attempted to link the Group’s Chief Executive Officer, Dr. (Mrs.) Aisha Achimugu, OFR, and Oceangate Engineering Oil & Gas, in a purported $7 million cash transaction involving Providus Bank.

In a statement signed and made available to journalists on Thursday, Felak Group management denied any connection whatsoever to the alleged transaction, describing the publication as “unfounded, contradictory, and misleading”.

“We categorically state that neither Dr. (Mrs.) Achimugu nor Oceangate Engineering Oil & Gas has any connection whatsoever to the alleged transaction. The claims are unfounded, contradictory, and misleading,” the statement reads, adding that. At the same time, the publication suggests the funds were deposited in Lagos, the referenced legal proceedings state otherwise in Abuja, an inconsistency that underscores its lack of credibility”.

According to Felak Group, it is evident that the allegations were designed to undermine confidence in its leadership and discredit the work of Oceangate Engineering Oil & Gas. “The attempt to link our principal and subsidiary to this matter is unfounded, misleading, and without any factual basis, and represents a gross abuse of free expression,” the Group stated.

As a responsible corporate institution, with transparency, ethical business
practices and excellence as its key attributes, Felak Group reiterates its unwavering commitment to always protecting its name, its people, and its legacy, while it calls on the author and all parties who have circulated the rumour to issue an immediate and unconditional retraction and apology, with the same visibility as the original publication.

The Group therefore promises that if the demands are not met, it will be left with no option but to pursue every available legal option to restore its reputation. “Should this not occur immediately, we will have no choice but to pursue all necessary legal remedies available to us.

Felak Group remains steadfast in driving innovation and excellence across our industries whilst conducting business with the utmost integrity,” the statement concludes.

TIN or Nothing: How Nigeria’s 2026 Tax Revolution Will Reshape Every Citizen’s Financial Future.

By George Omagbemi Sylvester | Published by Saharaweeklyng.com

No TIN, No Bank, No Business – Millions Risk Being Locked Out of the Economy Overnight.

In a country where CITIZENS ARE USED to BEING CAUGHT OFF GUARD by SUDDEN GOVERNMENT POLICIES, a silent storm is brewing that could paralyze millions of Nigerians by January 2026. The storm has three letters: TIN – Tax Identification Number.

For decades, Nigeria’s tax culture has been riddled with negligence, corruption and loopholes. Only a small fraction of the population pays tax, while government after government complains about low revenue generation and excessive reliance on oil. Today, however, the Federal Government has drawn a bold line in the sand: no TIN, no FINANCIAL ACCESS.

This is not a distant threat. It is a looming reality. By 2026, without a TIN, you may wake up to discover that your bank account has been blocked, your transactions halted and your business paralyzed. The government is shifting from rhetoric to enforcement and Nigerians must either prepare or face financial suffocation.

Why TIN Has Become the “MASTER KEY”.
Let us be blunt: Nigeria has one of the lowest tax-to-GDP ratios in the world, hovering at about 10% according to the World Bank (2023), compared to South Africa at 26%, Kenya at 18% and the OECD average of 34%. Less than 10% of Nigerians actually pay tax. For a country of over 200 million people, this is an economic tragedy.

Professor Ngozi Okonjo-Iweala, now Director-General of the World Trade Organization, once remarked:

“No nation can survive when its citizens refuse to contribute fairly to its revenue base. Oil cannot carry Nigeria forever.”

The government knows this. With declining oil revenue, mounting debt (over $114 billion as of 2024) and a growing population, Nigeria has no choice but to expand its tax net. The TIN is the weapon of choice.

By linking every financial service (banking, business registration, property transactions and even remittances) to a TIN, the government will effectively monitor economic activity and enforce compliance.

In plain terms: the TIN will become your new identity, more powerful than BVN or NIN.

The Silent Bank Blockade.
Unlike other government reforms that come with public campaigns, the TIN enforcement will arrive quietly. Don’t expect a press conference or ceremonial announcement. Instead, one morning in January 2026, you may log into your banking app and see a cold message:

“Service Unavailable – Provide TIN.”

That is how millions of Nigerians will be stranded. No withdrawal. No transfer. No school fees payment. No hospital bill settlement. Just silence.

Dr. Andrew Nevin, Chief Economist at PwC Nigeria, recently warned:
“The integration of tax identification into the financial system is inevitable. Those who fail to comply will simply be locked out of the economy. It is not punishment; it is structural reform.”

This is not scaremongering. This is fact.

Breaking the Myth: TIN Is Not Just for Companies.
A dangerous misconception is spreading: that TIN is only for companies or registered businesses. That is a big lie. The new law mandates every individual who operates a bank account (students, traders, freelancers, salary earners and retirees) to obtain a TIN.

Think of it as the government saying: “If you touch money in Nigeria, we must see you.”

For business owners, it goes further. A registered business will need both an individual TIN and a business TIN (linked to its CAC registration). No TIN, no contracts, no tenders, no access to loans.

How to Get Your TIN Before the Deadline.
Thankfully, getting a TIN is not rocket science. It is free, simple and available both online and offline. Here is the practical breakdown:

For Individuals (Personal TIN):
Visit the Joint Tax Board (JTB) TIN registration portal online.

Or, walk into any Federal Inland Revenue Service (FIRS) office (soon to be renamed the National Revenue Service, NRS).

Carry the following:
NIN slip or National ID card

Utility bill (for address verification)

One passport photograph

Fill out a short form and request for your TIN.

Processing can take from the same day to a few days.

Take your TIN printout to your bank and update your records.

For Businesses (Business TIN):
Carry your Corporate Affairs Commission (CAC) certificate to FIRS.

Request for a business TIN (different from your personal one).

That’s it. Simple, but life-changing.

Why This Reform Is Inevitable.
Critics will argue that the government is punishing citizens who already suffer under poverty, inflation and unemployment. They are not wrong. As of 2025, inflation stands at 28.5%, unemployment at 33%, and over 133 million Nigerians live in multidimensional poverty (National Bureau of Statistics).

However, the counter-argument is sobering: Nigeria cannot continue as a non-tax-paying society. Without broad tax compliance, the country will remain dependent on loans, aid and oil; a recipe for disaster.

As the late Kofi Annan, former UN Secretary-General, once said:
“Tax is the price we pay for civilization. To evade tax is to steal from the poor.”

The Risks of Non-compliance.
Make no mistake: this is not a policy you can dodge. Every bank account, every transfer, every mobile wallet, every financial footprint will soon be tracked and linked to TIN.

Failure to comply means:

Blocked bank accounts

No access to loans or grants

Inability to register or run a business

Being excluded from government programs

Even potential legal consequences for tax evasion

In short: financial invisibility.

Lessons from Other Countries.
Nigeria is not the first to implement such a drastic tax reform.

South Africa links every financial transaction to a Tax Reference Number. Without it, you cannot open a bank account.

Kenya requires a Personal Identification Number (PIN) for property purchases, motor vehicle registration and financial dealings.

Ghana introduced the Ghana Card, which doubles as a tax ID and is mandatory for bank transactions.

Nigeria is only following the global trend. But unlike others, Nigeria’s rollout is more abrupt, more uncompromising and more far-reaching.

Preparing for the Inevitable.
Instead of complaining about government “WAHALA,” Nigerians must wake up to reality. 2026 will not wait for excuses. The choice is stark: either embrace the TIN revolution or become financially stranded.

Theologian John Wesley once said:
“Earn all you can, save all you can, give all you can; but also pay all you owe.”

Taxes are part of what we owe to the state.

Final Word.
If you are reading this, take a deep breath and understand: 2026 is not just another year. It is the year Nigeria will separate those who prepared from those who are stranded.

Do not be caught in the cold silence of a blocked bank app. Do not let ignorance or procrastination rob you of financial freedom.

Register for your TIN now. Not tomorrow. Not next month. Now.

In 2026, the three most powerful letters in Nigeria will not be APC, PDP or NIN.

They will be TIN.

FirstBank Announced as Sponsors for Calabar Entertainment Conference

Hit FM, the leading radio station in Cross Rivers state, and organizers of Calabar Entertainment Conference (CEC) has announced First Bank of Nigeria Limited as official bank partners for the flagship youth engagement program in the Creative Sector.

CEC has held every year since 2017, and now in its 9th year, executive producer and CEO of Hit FM Patrick Ugbe says the creative sector “has not been in more urgent need of interventions that facilitate capacity building, funding, distribution, and thought leadership.”

This year’s event will hold on the 17^th and 18^th of October at Hogis Royale, in Calabar, Cross River State, bringing together young talents, industry leaders, investors, and policymakers to explore opportunities, tackle challenges, and chart pathways for sustainable growth within Nigeria’s dynamic creative economy.

FirstBank’s partnership underscores the bank’s long-standing commitment to supporting youth empowerment, innovation, and entrepreneurship across diverse sectors. 

Ugbe adds: “by coming on board as the Official Bank, FirstBank further demonstrates its role as a catalyst for growth, providing financial inclusion and fostering creativity among young Nigerians. “

“We are thrilled to welcome FirstBank as the Official Bank of the Calabar Entertainment Conference. Their support not only validates the importance of the creative sector in driving national development but also provides a strong platform for youth to access resources, knowledge, and networks that will help transform their ideas into sustainable ventures”.

Also speaking on the partnership, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communications, FirstBank, stated, “At Firstbank, we are passionate about supporting platforms that empower young people and nurture talent. Our partnership with the Calabar Entertainment Conference aligns with our drive to promote innovation, creativity, and entrepreneurship as key drivers of Nigeria’s future”.

“Through our First@Arts initiative, which is geared at consolidating support for the creative arts, we are leveraging platforms like the Calabar Entertainment Conference to enable our stakeholders to explore the wealth of opportunities that the creative industry has to offer.”

The two-day event will feature keynote addresses, masterclasses, panel discussions, and networking sessions designed to inspire and equip participants to maximize the opportunities in the creative industry.