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Former Lagos state commissioner, Prince Ademola Adeniji passes on

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Ademola-Adeniji-Adele

A former Lagos State Sports Commissioner, Ademola Adeniji-Adele, has died, family sources revealed.

Mr. Adeniji-Adele passed away in India where he had gone for a medical check-up after developing some complications, sources said. He was 60.

An official of Lagos State government confirmed the development and said the state governor, Akinwunmi Ambode, was preparing to announce it to the people of the state.

Mr. Adeniji-Adele served as commissioner between 2007 and 2011 during the first tenure of former Governor Tunde Fashola.

A pro-democracy campaigner, Mr. Adeniji-Adele’s struggle during the military regime of late dictator, Sani Abacha, saw Mr. Adeniji-Adele’s incarceration for months.

 

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Nigeria Bans 60,000-Litre Fuel Tankers from March 1, Assures Public on Fuel Quality

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FG BANS 60,000-LITRE FUEL TANKERS FROM NIGERIAN ROADS FROM MARCH 1, DISMISSES CLAIMS ON FUEL QUALITY

 

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced a ban on 60,000-litre fuel tankers from operating on Nigerian roads, effective March 1, 2025 to mitigate truck-in-transit incidents.

Speaking to journalists on Wednesday in Abuja, Ogbugo Ukoha, NMDPRA Executive Director, Distribution Systems, Storage, and Retailing Infrastructure, said the decision was made in response to the increasing number of road accidents involving heavy-duty petroleum tankers.

”The first stakeholder’s technical committee met today to drill down and put timelines for about 10 resolutions that had been taken on how to drive down the significant increase that had been observed in relation to trucks and transit incidents and fatalities, ” he said.

According to him, following deliberations involving key agencies including the Department of State Services (DSS), Federal Fire Service, Federal Road Safety Corps (FRSC), National Association of Road Transport Owners (NARTO), National Union of Petroleum and Natural Gas Workers (NUPENG), Standards Organisation of Nigeria (SON), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), it was agreed that from March 1, 2025, any truck with an axle load of more than 60,000 litres of hydrocarbon will not be allowed to load at any depot.

”The important thing about this is that, for the first time, consensus was built amongst all stakeholders, and we’re continuing to encourage that we will work together cohesively to deliver a safe transportation of petroleum products across the country,” he said.

Ukoha dismissed recent claims questioning the quality of fuel in circulation across the country, describing them as bogus, misleading, and unscientific.

He assured Nigerians that all imported and locally refined petroleum products meet strict regulatory standards before being released into the market.

The regulator vowed to ensure compliance with petroleum industry standards and specifications, stressing that recent social media claims about the quality of fuel products in circulation are baseless and should be disregarded.

”The regulator would usually be more circumspect and not respond to every comment that is made in the public.

”But it’s important that people who dabble within the social media space are reminded that it is actually disrespectful, if you imagine that Nigerians are gullible.

”Innocent Nigerians are discerning enough to know that energies need to be directed positively. People who make unscientific claims, bogus data expertise are really not helping the situation.

”As a regulator, we’re working very hard in compliance with the presidential and statutory mandates we have to support the local refineries, to build capacity to the point that Nigerians will have sufficient products, and not just quality, but pricing is also done in a transparent, competitive and fair way.

”That’s the priority we have as the regulator, and that is what we concern ourselves with every day, ” he said.

Ukoha assured Nigerians that NMDPRA would continue to comply with the Petroleum Industry Act (PIA), 2021 as well as the specifications set by SON.

”The standard organization specification includes parameters such as the research obtain number, the sulfur content, the density, the color, the oxygenate level, and many other parameters that you find within that.

”Before any product is distributed in Nigeria, the regulator ensures that from the load port of the product, whether from a domestic refinery or imported from outside the country, and as well as at the discharge port, accredited laboratories must test every product and duly issue certificates of quality to say that the product that is in the in the vessel meets those specifications.

”It’s only on that basis that products are then discharged and distributed across the country,’’ he said.

Ukoha further explained that that hydrocarbons are not pure compounds by nature, and as such, the regularly specifications provide a range of acceptable values, and tests results must fall within these specified limits to be deemed complaint.

Regarding specific parameters, Ukoha noted that sulphur content must be moderated in products, as higher levels can have corrosive effects and contribute to environmental pollution.

He said Research Octane Number (RON) affects engine performance and efficiency, while oxygenate levels play a role in optimizing RON for better engine functionality.

He clarified that colour differentiation, while not impacting quality, is a regulatory requirement under SON specifications to prevent misidentification.

”The only color in the current specification that is colorless is the ATK. From the sighting of the product, it is for you to tell that this is PMS because it complies with the color, separate from an AGO.

”Just imagine if you were to put the wrong product without the color into the wrong vehicle or the wrong engine. So these are the back end processes the regulator concerns itself and what we prioritize. You must meet those specifications; otherwise we will not let those products be distributed, ” he said.

NMPDRA executive director also disclosed that daily Premium Motor Spirit (PMS) supply, which averaged 66 million liters before subsidy withdrawal, now hovers around 50 million liters, with local refineries contributing less than 50 per cent of total supply.

”All of us have experienced a yuletide free from any scarcity. Let me reconfirm that from year to year, we saw an increase in the demand of PMS by 2021, 2022 up to 2023 and just before the current administration came in, the daily PMS supply sufficiency was always in excess of 60 million, averaging about 66 million a day for PMS.

”Following the President’s withdrawal of subsidy, the announcement on May 29 2023 we immediately saw a steep decline on consumption and between then and as we speak, we’ve continued to do plus or minus 50 million that’s considerable reduction in volumes.

”Of these 50 million liters, averaging for each day, less than 50 per cent of that is contributed by domestic refinement and so the shortfall, in accordance with the PIA, is sourced by way of imports.

”Let me also say that none of the Oil Marketing Companies (OMCs), that own refineries in country, have imported any PMS this year.

”The other OMCs are the ones that are importing the shortfall, and if we did nothing to meet to bridge that shortfall, we will have scarcity in our hands, and that’s something that the regulator is minded to do, ensuring that there is sufficient supply of petroleum products across the country.

”So just for clarity, the contribution of local refineries towards the sufficiency is less than 50 per cent currently between January and February 2025 is less than 50 per cent of what we require daily, and that shortfall is sourced by way of imports,” he said.

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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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NNPCL Slams False Report on Petrol Imports, Sets Record Straight

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NNPCL Slams False Report on Petrol Imports, Sets Record Straight

NNPCL Slams False Report on Petrol Imports, Sets Record Straight

The Nigerian National Petroleum Company Limited (NNPCL) has firmly denied claims that it recently imported 200 million litres of Premium Motor Spirit (PMS), commonly known as petrol. The company further disclosed that it has not imported any volume of the product in 2025.

This clarification was issued by NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, on Tuesday in Abuja in response to a report, alleging the company’s involvement in recent petrol imports.

Soneye criticized the report, attributing it to either “lazy and unprofessional journalism” or a “deliberate, sponsored attempt by economic saboteurs to mislead the public.”

“The report alleging that NNPC Limited imported over 200 million litres of PMS in February 2025 is a completely false, baseless, and reckless misrepresentation of facts. It is either the result of lazy and unprofessional journalism or a deliberate, sponsored attempt by economic saboteurs to mislead the public,” Soneye stated.

He emphasized, “Setting the Record Straight: NNPC Limited has not imported a single litre of PMS in 2025.”

NNPCL also clarified that it does not regulate the import operations of private marketers and stressed that attributing all petrol imports to NNPCL is both misleading and irresponsible.

“We do not control the import activities of private marketers, nor do we issue import licenses. Attributing all PMS imports to NNPC is not just misleading—it is outright deceptive and irresponsible journalism that ignores basic fact-checking principles,” Soneye explained.

He added that there is no legal barrier preventing NNPCL from importing PMS if circumstances necessitate such action. “While NNPC Limited has not imported PMS in 2025, let it be clear that there is no legal restriction preventing us from doing so if necessary. As Nigeria’s foremost energy company, we must ensure energy security. Should any supply shortages arise, NNPC Limited retains the full right and responsibility to step in and import to stabilize the market.”

NNPCL condemned the spread of misinformation, emphasizing that such reports distort market realities, mislead stakeholders, and do a “grave disservice to the public.” The company also vowed to take legal measures against those responsible for fabricating and spreading false information.

“NNPC Limited will not tolerate the spread of false and malicious reports aimed at undermining its reputation,” Soneye declared. “We will take all necessary legal measures to hold accountable those responsible for fabricating and disseminating falsehoods about our operations.”

He urged media organizations to uphold journalistic integrity by verifying facts before publishing misleading narratives.

“NNPC Limited remains committed to transparency and will not be swayed by attempts to manipulate public perception,” Soneye concluded.

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