Connect with us

Business

Defaulters: ICPC Drags 2,000 Firms Into Tax Net – Owasanoye

Published

5 years ago

on

Inter-Agency Committee Working To Curb IFFs From Nigeria – Presidential Adviser* *…ICPC Investigators Urged To Track Real Estate and Education-Linked Illicit Financial Flows* The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has dragged about 2,000 corporate entities into the country’s tax net, the Chairman of the Commission, Prof. Bolaji Owasanoye, SAN, has revealed. He made this known on Tuesday in Abuja while responding to questions from journalists at the end of a capacity building for ICPC investigators on investigating Illicit Financial Flows (IFFs) held at the corporate headquarters of the commission. Prof. Owasanoye disclosed that the 2,000 corporate entities were uncovered by investigations undertaken by the commission and their names have been forwarded to the Federal Inland Revenue Service (FIRS) for profiling. “Some of these entities are not registered and do not pay tax while others are registered but still do not pay tax. The ICPC has been able to recover significant amount in taxes for the government,” he said. Earlier in his welcome remarks, the ICPC chairman stated that the capacity building programme would help investigators to track illicit financial flows, money laundering and other areas the government is losing revenue and recover such funds. “The loss of revenue is a major challenge to developing countries, particularly Nigeria. The meeting is therefore designed to build the capacity of our investigators to enable them trace the areas in which the government is losing money, look for the likely places people hide money, stop the illicit financial flows, and recover the funds. “We are already working with the FIRS and getting a lot of tax evaders and defaulters into the nation’s tax net. One of the takeaways from here is the kind of question an investigator needs to ask in tracking IFFs and money laundering,” Prof. Owasanoye explained. He stressed the need to widen the revenue base, improve tax collection, combat tax evasion and illicit financial flows as well as asset recovery to improve the country’s finances. The Chairman of Inter-Agency Committee on Stopping IFFs from Nigeria, Dr. Adeyemi Dipeolu, assured that the committee was working assiduously to curb the menace from the country. “We know the challenge and negative impact of IFFs in Nigeria and Africa. The Federal Government established the committee towards promoting financial transparency and accountability and in line with the recommendations of the findings of a high level Africa Union Panel on Illicit Financial Flows (IFFs) led by the former South African President, Thabo Mbeki, include coordinating and tracking progress in stemming illicit financial flows from Nigeria. “The Committee is establishing cooperation amongst relevant agencies in order to substantially reduce and eventually eliminate illicit financial flows from Nigeria, make recommendations to the Federal Government on required improvements in legislation, rules and processes for the purposes of tackling illicit financial flows from Nigeria amongst others.” He advised African countries to build the capacity of their investigators in tracking illicit financial flows in order to curb annual loss of revenue. The capacity building forum witnessed paper presentations by three resource persons including an Associate Fellow of Chatham House, Matthew Page; Prof. Melvin Ayogu of Emory University, and Matthew Gbonjubola of the Federal Inland Revenue Service. In his paper presentation titled “IFFs through the Real Estate and Education Sectors: Implications for Investigators”, Matthew Page urged the investigators of the ICPC to pay attention to real estate and education sectors-linked illicit financial flows. He noted that IFFs have provided opportunities for politically exposed persons (PEPs) in Nigeria to launder money through real estate and education sectors. “Most of the properties held by Nigerian politicians in London and Dubai are held by proxies, family and shell companies. Over 800 properties worth over $400 million have been linked to Nigerian PEPs,” Page said.

Defaulters: ICPC Drags 2,000 Firms Into Tax Net – Owasanoye.

 

Inter-Agency Committee Working To Curb IFFs From Nigeria – Presidential Adviser*
 *…ICPC Investigators Urged To Track Real Estate and Education-Linked Illicit Financial Flows*
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has dragged about 2,000 corporate entities into the country’s tax net, the Chairman of the Commission, Prof. Bolaji Owasanoye, SAN, has revealed.
He made this known on Tuesday in Abuja while responding to questions from journalists at the end of a capacity building for ICPC investigators on investigating Illicit Financial Flows (IFFs) held at the corporate headquarters of the commission.
Prof. Owasanoye disclosed that the 2,000 corporate entities were uncovered by investigations undertaken by the commission and their names have been forwarded to the Federal Inland Revenue Service (FIRS) for profiling.
“Some of these entities are not registered and do not pay tax while others are registered but still do not pay tax. The ICPC has been able to recover the significant amount in taxes for the government,” he said.
Earlier in his welcome remarks, the ICPC chairman stated that the capacity-building programme would help investigators to track illicit financial flows, money laundering, and other areas the government is losing revenue and recover such funds.
“The loss of revenue is a major challenge to developing countries, particularly Nigeria. The meeting is therefore designed to build the capacity of our investigators to enable them to trace the areas in which the government is losing money, look for the likely places people hide money, stop the illicit financial flows, and recover the funds.
“We are already working with the FIRS and getting a lot of tax evaders and defaulters into the nation’s tax net. One of the takeaways from here is the kind of question an investigator needs to ask in tracking IFFs and money laundering,” Prof. Owasanoye explained.
He stressed the need to widen the revenue base, improve tax collection, combat tax evasion, and illicit financial flows as well as asset recovery to improve the country’s finances.
The Chairman of the Inter-Agency Committee on Stopping IFFs from Nigeria, Dr. Adeyemi Dipeolu, assured that the committee was working assiduously to curb the menace from the country.
“We know the challenge and negative impact of IFFs in Nigeria and Africa. The Federal Government established the committee towards promoting financial transparency and accountability and in line with the recommendations of the findings of a high-level Africa Union Panel on Illicit Financial Flows (IFFs) led by the former South African President, Thabo Mbeki, include coordinating and tracking progress in stemming illicit financial flows from Nigeria.
“The Committee is establishing cooperation amongst relevant agencies in order to substantially reduce and eventually eliminate illicit financial flows from Nigeria, make recommendations to the Federal Government on required improvements in legislation, rules and processes for the purposes of tackling illicit financial flows from Nigeria amongst others.”
He advised African countries to build the capacity of their investigators in tracking illicit financial flows in order to curb the annual loss of revenue.
The capacity-building forum witnessed paper presentations by three resource persons including an Associate Fellow of Chatham House, Matthew Page; Prof. Melvin Ayogu of Emory University, and Matthew Gbonjubola of the Federal Inland Revenue Service.
In his paper presentation titled “IFFs through the Real Estate and Education Sectors: Implications for Investigators”, Matthew Page urged the investigators of the ICPC to pay attention to real estate and education sectors-linked illicit financial flows.
He noted that IFFs have provided opportunities for politically exposed persons (PEPs) in Nigeria to launder money through the real estate and education sectors.
“Most of the properties held by Nigerian politicians in London and Dubai are held by proxies, family, and shell companies. Over 800 properties worth over $400 million have been linked to Nigerian PEPs,” Page said.
Related Topics:

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

Continue Reading
Advertisement

Business

Oceangate Engineering Oil & Gas LTD to appeal Federal High ruling over forfeiture assets

Published

1 day ago

on

March 26, 2026

By

*Oceangate Engineering Oil & Gas LTD to appeal Federal High ruling over forfeiture assets*

 

 

Oceangate Engineering Oil & Gas Limited has said it will appeal to the recent ruling of the Federal High Court ordering the forfeiture of certain assets.

 

Barr. Nnenna Onyeaso, the Company Secretary said in a statement on Thursday insisting that neither the company nor its leadership was found guilty of any wrongdoing.

 

Onyeaso said that the firm has described the court’s decision as a civil asset forfeiture order based on suspicion rather than proof, stressing that the judgment did not establish any criminal liability against the organisation.

 

According to her, the company maintain that it has already directed its legal team to file an appeal, expressing confidence in the judicial process and the outcome of a thorough review of the case.

 

“To be clear, this ruling is a civil asset forfeiture order with no finding of wrongdoing against Oceangate or its leadership.

 

“The court’s decision rested on a legal standard of suspicion, not proof, and it is one we intend to pursue fully through the appeals process,” she said in a statement.

The firm secretary also said that Oceangate has reiterated its belief in the rule of law, noting that the appellate system exists to address such outcomes.

 

She added that the company remained confident that the facts of the case will ultimately affirm its integrity and business practices.

 

Onyeaso said that the firm also emphasised that its operations remained unaffected, stating that it continues to provide employment for many Nigerians while contributing to the country’s energy sector and broader economy.

 

“We have always believed in the ability of the judicial process, and that belief has not wavered,” she added.

 

She noted that Oceangate further expressed appreciation to its employees, partners, and clients for their continued support amid the development, assuring stakeholders of its commitment to transparency and accountability.

 

The Secretary said that the company reaffirmed its confidence in Nigeria as a viable destination for investment, describing the country as a land of equity, growth, and opportunity.

 

“We remain committed to the continued growth of our business and the communities we serve as we are optimistic that justice will prevail at the end of the legal process.

Continue Reading

Business

FirstBank Empowers SMEs with AI-Driven Growth Strategies, Hosts SMEConnect Webinar

Published

1 day ago

on

March 26, 2026

By

FirstBank Empowers SMEs with AI-Driven Growth Strategies, Hosts SMEConnect Webinar

 

Lagos, 20 March 2026 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, is pleased to announce the upcoming edition of the SMEConnect Webinar scheduled to hold on Tuesday, 31 March 2026. The event will equip small and medium-sized enterprises (SMEs) with the knowledge and tools to harness the power of Artificial Intelligence (AI) for business growth.

 

This edition is strategically curated to inform and educate SMEs on how AI can be applied to scale their businesses in today’s rapidly evolving digital economy. The chosen theme, “AI for Business Growth: From Adoption to Integration and Scalable Impact,” reflects the growing importance and timeliness of AI as one of the most influential trends shaping the SME business landscape. The session will provide SMEs with actionable insights on how to leverage AI to enhance productivity, streamline operations, strengthen customer engagement, and make smarter, data-driven decisions.

 

The SMEConnect webinar will feature experts, including Temitope Odude, Senior AI Solutions Architect at Microsoft as a guest speaker. Odude will provide credible and globally relevant perspectives on how SMEs can successfully adopt and integrate AI into their everyday business operations. Other speakers include Abednego Ugwueke, Head of Digital Channels and Ibidun Adedewe, Head of SME Acquisition & Partnerships at FirstBank.

 

Speaking ahead of the event, Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, said “SMEs are the backbone of the Nigerian economy, and at FirstBank, we recognise that the economy cannot thrive without them. As a committed growth partner to SMEs, this session reinforces our strong focus on innovation, demonstrated through initiatives such as the use of AI‑enabled credit scoring to deliver fast, instant loans to micro‑SMEs, with over ₦1 trillion disbursed to support customers’ financial needs. Building on this foundation, we are equipping business owners with the right knowledge and practical insights on Artificial Intelligence to help them scale in the short term and drive sustainable growth. I encourage every business owner to participate in this session to gain hands‑on guidance on integrating AI into everyday business operations.”

 

SME owners and entrepreneurs can register for the webinar at https://firstbanknigeria.zoom.us/webinar/register/WN_cUr1LhWFQXymTqWtONOOVg

 

SMEConnect Webinar series is one of FirstBank’s signature platforms for supporting SMEs with practical knowledge and strategic insights. The Bank has consistently won awards for impacting businesses and for providing innovative solutions for customers and other stakeholders, including SMEs.

 

The Bank was named Best SME Bank in Nigeria and Best SME Bank in Africa by TAB Global Excellence in Retail Finance Awards for 2 years as at 2025. The Bank also won the SME Financier of the Year- Nigeria awarded by The Digital Banker.

Continue Reading

Business

EvaluatePR to Explore “PR After the Algorithm: Trust, Truth & Intelligence in 2026′

Published

1 day ago

on

March 26, 2026

By

EvaluatePR to Explore “PR After the Algorithm: Trust, Truth & Intelligence in 2026

 

P+ Measurement Services, Nigeria’s leading independent media intelligence and PR measurement agency, will host the 31st edition of its flagship thought-leadership platform, EvaluatePR, on Friday, March 27, 2026, at 12:00 p.m. (WAT).

 

Themed “PR After the Algorithm: Trust, Truth & Intelligence in 2026,” this virtual session will convene professionals across public relations, communications, and media measurement to explore how algorithms, artificial intelligence, and digital ecosystems are reshaping reputation management, media influence, and audience trust.

 

With the increasing role of automation in communications, the event will challenge professionals to rethink how credibility is built and sustained in a fast-evolving digital landscape, while emphasizing the need for transparency, ethical measurement, and strategic intelligence.

 

The session will feature a distinguished lineup of speakers representing diverse expertise across global communications, media intelligence, and analytics: Felicia Nugroho – Director, Analytics & Insights, Maverick Indonesia / Chair, Asia Pacific & International Board Director, AMEC; Cyrille Djami – Founder & Publisher, CommsOfAfrica; Strategic Communications, Editorial and Influence Consultant; Amrita Sidhu – Managing Director, Medianet / Director & Board Representative, AsiaNet / Board Member, AMEC; and Satira Osemudiamen Oreweme – Principal Consultant, Satira Media & Public Relations Limited.

 

Together, they will lead insightful discussions on how communicators can navigate the intersection of technology and trust, maintain authenticity in automated environments, and leverage data-driven intelligence to deliver meaningful communication outcomes.

 

Participation in the session is free, with access available via the official registration link:

https://bit.ly/4stWjUh

Continue Reading

Cover Of The Week

RSS Africa-Newsroom

RSS Unknown Feed

Trending