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Governor Fayose, Obanikoro named in $2.1bn arms procurement fund diversion

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The EFCC allegedly traced N4.7 billion from the diverted $2.1 billion arms procurement fund to former Minister of State Defence, Musiliu Obanikoro and Ekiti State Governor Ayodele Fayose.

According to a report by The Nation, the money which was sourced from the SAS Imprest Account in the Office of the former National Security Adviser (ONSA) Col. Sambo Dasuki (retd.), was used during the Ekiti state governorship election on June 21st 2014.

According to EFCC findings, Fayose’s associate, Abiodun Agbele(Alias Abbey); Mrs. Helen Olayemi Fayose; Obanikoro’s sons — Gbolahan and Babajide, Ikenna Ezekwe; Sylvan Mcnamara Limited(a company allegedly run by the Obanikoros); Spotless Hotel, owned by Fayose and De Privateer Limited, which is owned by Agbele, were all benefited from the sharing of the N4.7 billion. About 30 bureaux de change changed N759, 384, 300 (out of the N4.745billion) into dollars.

According to EFCC sources, Obanikoro who was a minister in 2014, flew N1.218 billion cash to Akure on June 12th, 2014 for Fayose a few days before the state governorship election. Investigations by the EFCC showed that a firm, Sylvan Mcnamara Limited, which is allegedly owned by Obanikoro and his sons, was used to launder the N4.745 billion. The directors of the company, which was incorporated in November 2011, are: a close aide of the ex-Minister, Ikenna Ezekwe(700,000 shares) of 51 Simpson Street, Ebute-Metta; Idowu Oshodi(299,000 shares) of 8, Prince Tayo Adesanya Street, Park View Estate, Ikoyi; and Elizabeth Adebiyi(1,000 shares) of 3, Adedoyin Street, Ijeshatedo, Surulere.

“To set the stage for the use of the company for money laundering, the board of directors on May 7, 2012  passed a resolution that the company should open an account and appointed Mr. Gbolahan Obanikoro, Ikenna Ezekwe, Ms. Theresa Matuluko (Secretary) and Mr. Babajide Obanikoro as the signatories to the account. The board added that the signing combination be that any of the signatories can sign alone.”an EFCC source said

According to the antigraft agency, when it was time to illegally draw the N4.745billion from ONSA for election, Obanikoro made the account of Sylvan Mcnamara Limited available and coordinated the disbursement.

The breakdown of the disbursement is N759, 384, 300 changed into dollars through bureaux de change; N160million spent on cars through Balmoral International Limited; N1, 219, 490,000 ferried by Obanikoro in two flights to a branch of Zenith Bank at Plot 13, Alagbaka Estate, Akure to evacuate the cash and received by Fayose’s associate, Abiodun; balance of about N2billion withdrawn by Obanikoro and his two children in cash.

Some of the bureaux de change and the amounts credited to them include  A.A.G.B.S Oil and Gas  (N168,000,000.00); Sylvan Mcnamara Ltd (N167,500,000.00); Northline Ltd (N835,000.00);  Northline Ltd (N83,750,000.00); Five Star Ltd N(37,600,000.00); A.B.A Trading Ent (N268,301,500.00); Villagolf Bureaux De (N1,425,000.00); Ahmad Ahmad &Omar (N350,000.000); Northline Ltd  (N1,680,000.00); Northline Limited A (N2,325,300); Rehoboth Homes  (N20,000,0000); Northline Ltd (N5,932,500.00); Northline Ltd (N842,500); Northline Ltd (N842,500.00).

Investigations by EFCC also showed how N1, 219, 490,000 was allegedly flown to Akure Airport on June 12, 2014 to Fayose through his associate, Abiodun Agbele (aka Abbey).

A document from the EFCC detailing its investigation into the N4.7 billion fraud reads:

“On June 12, 2014, the sum of N1, 219, 490,000 was flown from Lagos to Akure Airport by Musiliu  Obanikoro through a chartered plane (HS 125 jet) with a tail number N638MA. The plane belongs to Okin Travels which is a subsidiary of Elizade Motors. But the aircraft was then managed by OAS Helicopters for commercial/ chartered service. The ex-minister was accompanied by his military Aide-de-Camp who introduced himself as A.O. Adewale. The N1, 219, 490,000 was in two consignments but flown in the same aircraft twice in the morning and in the evening. From FAAN records, the first cash of N724, 500,000 arrived at Akure Airport at an estimated time of 9.38am and the second was at 17.57hours. A bullion van was brought by Zenith Bank to the tarmac at the airport in Akure to evacuate the cash to Zenith Bank at Plot 13, Alagbaka Estate, Akure. Obanikoro handed over the funds to Fayose’s associate, Abiodun Agbele (alias Abbey). This Abiodun in company with the bank officials moved the money to Zenith Bank in Akure.”

The EFCC gave details of how the N1, 219, 490,000 was shared to Fayose and others by Agbele.”

The document said: “The N1, 219, 490,000 was not deposited in any account but it was kept in a vault in the bank. It took the bank officials about 10 days to count. The bankers refused to make entry until it was counted. Shortly after confirming the figure, Abiodun was used to coordinate the disbursement of the funds. On June 26, 2014, the wanted associate (Abiodun Agbele) paid N137million into Ayodele Fayose’s account 10003126654 with Zenith Bank through Teller-0556814. Fayose’s BVN on the teller is 22338867502. On August 22, 2014, he paid N50million into the same account. By the records from the bank, Abiodun paid another N118, 760,000 into Fayose’s account on 27/8/14. Based on the transfers, Fayose moved N300million to a Fixed Deposit Account No 9013074033 with Zenith Bank at 15, Olusola Abiona Street, Olorunda Estate, Alapere Ketu. He has the same BVN-22338867502. After that, Abiodun deposited another N100million from the N1, 219, 490,000 into Spotless Hotel Account run by Fayose and  Helen Olayemi Fayose with Account No. 1010170969, Fayose’s BVN is 223338867502 and Helen’s BVN in the account is 22298990256. The governor and Helen are the two directors and signatories of Spotless Hotel account”

In the course of the investigation, the EFCC officials investigated how De Privateer Limited, a company owned by Abiodun Agbele, with Account No. 1013835889 received N219, 490,000 on June 18, 2014.

“On June 19, 2014, the same account received N300million and another N200million on June 23, 2014. The BVN of the account is 22235692890.

A top official of the EFCC said: “Fayose benefited from the ONSA slush funds when he was yet to be a governor. So, the fact that he has immunity now as a governor does not mean we should not investigate him. The EFCC also has the right to interact with all those connected with the illegal withdrawal of public funds and the diversion of the cash.”

The antigraft agency says it will soon be inviting Fayose’s aide for questioning

“We will invite him for interrogation; we have already initiated the process.”

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Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing

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Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing

By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com

“Shift or Structural Demand? A Declaration of Civic Duty in a Nation at a Fiscal Crossroads.”

In the unfolding narrative of national development and economic reform, few instruments are as defining as tax compliance. For Nigeria, a nation perpetually grappling with revenue shortfalls, structural dependency on a single export commodity, and entrenched informal economic behaviour, the Federal Government’s recent clarification on tax return deadlines is not mere bureaucratic noise. It is a deliberate and inescapable declaration: the social contract between citizen and state must be honoured through transparent, lawful and timely tax reporting.

At its core, the government’s pronouncement is stark in its simplicity and radical in its implications. Federal authorities, speaking through the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, have made it unequivocally clear that every Nigerian, whether employer or individual taxpayer, must file annual tax returns under the law. This encompasses self-assessment filings by individuals that too many assumed ended once employers deducted pay-as-you-earn taxes from their salaries.

This is not an optional civic suggestion, it is mandatory, backed by statute, and tied to a broader vision of national fiscal responsibility. Citizens can no longer hide behind ignorance, apathy, or false assumptions. “Many people assume that if their employer deducts tax from their salaries, their obligations end there. That is wrong,” Oyedele warned, emphasizing that the obligation to file remains with the individual under both existing and newly reformed tax laws.

The Deadlines and the Reality They Reveal.
Across the federation, state and federal revenue authorities have reaffirmed statutory deadlines in pursuit of compliance. The Lagos State Internal Revenue Service, for instance, moved to extend its filing date for employer returns by a narrow window, reflecting the reality that compliance often lags behind legal timelines. The extension was intended not as leniency, but as a pragmatic effort to allow accurate and complete submissions, underscoring that true compliance rises above mere mechanical ticking of a box.

At the federal level, Oyedele’s intervention was even more fundamental. He reminded Nigerians that annual tax returns for the preceding year must be filed in good faith, with integrity and in respect of the law. This applies regardless of income level including low-income earners who have historically believed that they are outside the tax net. “All of us must file our returns, including those earning low income,” he stated.

Herein lies one of the most challenging truths of contemporary Nigerian governance: widespread tax non-compliance is not just a technical breach of law, it is a deep cultural and structural issue that reflects decades of mistrust between citizens and the state.

The Root of the Problem: Non-Compliance as a Symptom.
Nigeria’s tax culture has long been under scrutiny. Public discourse and economic analysis consistently show that a significant majority of eligible taxpayers do not file annual returns. Oyedele highlighted that even in states widely regarded as tax administration leaders, compliance remains strikingly low, often below five percent.

This widespread non-compliance stems from multiple sources:

A long history of weak tax administration systems, where enforcement was inconsistent and penalties were rarely applied.

A perception that public services do not reflect the taxes collected, eroding the citizenry’s belief in reciprocity.

An informal economy where income often goes unrecorded, making filing seem irrelevant or impossible to many.

Lack of awareness, with many Nigerians genuinely believing that tax liability ends with employer deductions.

The government’s renewed push for compliance directly challenges these perceptions. It signals a shift from voluntary or lax compliance to structured accountability, a stance that aligns with best practices in modern public finance.

Why This Matters: Beyond Deadlines.
At its most profound level, the insistence on tax return filings is about nation-building and shared responsibility.

Scholars of public finance universally agree that a robust tax system is the backbone of sustainable development. As the eminent economist Dr. Joseph E. Stiglitz has observed, “A society that cannot mobilize its own resources through fair taxation undermines both its government’s legitimacy and its capacity to provide for its people.” Filing tax returns is not a mere administrative task, it is a declaration of participation in the collective project of national advancement.

In Nigeria’s context, this declaration carries weight. With the enactment of comprehensive tax reforms in recent years (including unified frameworks for tax administration and enforcement) authorities now possess broader statutory tools to ensure compliance and accountability. These measures, which include electronic filing platforms and stronger enforcement powers, have been framed as fair and equitable, targeting efficiency rather than arbitrariness.

Yet the success of these reforms depends heavily on citizens embracing their civic duties with sincerity. And this depends on mutual trust, the belief that paying taxes yields tangible benefits in infrastructure, education, healthcare, security and social services.

Voices From Experts: Fiscal Responsibility as a Public Ethic.
Tax law experts and economists, reflecting on the compliance push, have underscored a universal theme: taxation without transparency is inequity, but taxation with accountability is empowerment. When managed with fairness, a functional tax system can reduce dependency on volatile revenue sources, stabilise national budgets, and support long-term investment in human capital.

Professor Aisha Bello, a respected authority in fiscal policy, notes that “Tax compliance is not a burden; it is the foundation upon which social contracts are built. A citizen who honours tax obligations affirms the legitimacy of governance and demands better performance in return.”

Similarly, a leading tax scholar, Dr. Emeka Okon, argues that “The era when Nigerians could evade broader tax responsibilities simply because automatic deductions occur at source must end. For a modern economy, every eligible citizen must be part of the formal tax fold not as victims, but as stakeholders.”

These authoritative voices point to an unassailable truth: filing tax returns is both a legal requirement and a moral responsibility, an expression of citizenship in its fullest sense.

Challenges on the Ground: Compliance and Capacity.
While the rhetoric of compliance is compelling, the reality on the ground demands nuanced understanding. Many taxpayers (especially in the informal sector) lack meaningful access to digital platforms and resources for filing returns. For others, the fear of bureaucratic complexity and perceived punitive enforcement deters participation.

The government, for its part, has responded by promoting online systems and pledging greater taxpayer support. Tax authorities are increasingly engaging stakeholders to demystify filing processes, explain requirements and offer assistance. This mix of enforcement and facilitation is essential. As one seasoned revenue specialist observed: “The state cannot compel compliance through force alone; it must earn it through education, simplicity and fairness.”

The Broader Implication: A New Social Compact.
Ultimately, Nigeria’s renewed emphasis on tax return filing transcends administrative deadlines. It is an unequivocal declaration that national development is a shared responsibility, that citizens and state must engage in a transparent, accountable, and reciprocal relationship.

Tax compliance, therefore, becomes far more than a legal act; it becomes a moral claim on the nation’s future.

When citizens file their returns honestly, they affirm their stake in the nation’s destiny. When the government collects taxes transparently and deploys them effectively, it strengthens not only public services but civic trust itself.

In this sense, the deadlines proclaimed by Nigeria’s fiscal authorities mark not an end but a beginning; the beginning of a civic epoch in which accountability replaces apathy, participation replaces indifference and national purpose triumphs over fragmentation.

The road ahead will not be easy. But in demanding compliance, Nigeria is demanding more than tax returns. It is demanding commitment and that, ultimately, is the foundation on which nations are built.

 

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BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025

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BUA FOODS PLC RECORDS 101% PROFIT GROWTH IN H1 2025, CONSOLIDATES LEADERSHIP IN NIGERIA’S FOOD SECTOR …Revenue Rises to ₦912.5 Billion; PBT Hits ₦276.1 Billion

BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025

By femi Oyewale

BUA Foods Plc has delivered one of the most impressive financial performances in Nigeria’s fast-moving consumer goods (FMCG) sector, recording a 91 per cent increase in Profit After Tax (PAT) for the 2025 financial year.
According to the company’s unaudited financial results for the year ended December 31, 2025, Profit After Tax rose sharply to ₦508 billion, compared with ₦266 billion recorded in 2024, underscoring strong operational efficiency, improved cost management, and resilience despite a challenging macroeconomic environment.
The near-doubling of profit reflects BUA Foods’ ability to navigate rising input costs, foreign exchange volatility, and inflationary pressures that weighed heavily on manufacturers throughout the year. Analysts note that the performance places the company among the strongest earnings growers on the Nigerian Exchange in 2025.
The company’s Q4 2025 performance further highlights this momentum. Group turnover stood at ₦383.4 billion, while gross profit came in at ₦151.5 billion, demonstrating sustained demand across its core product lines including sugar, flour, pasta, and rice.
Despite a year marked by higher operating costs across the industry, BUA Foods maintained disciplined spending. Administrative and selling expenses were kept under control relative to revenue, helping to protect margins.
Operating profit for Q4 2025 stood at ₦126.9 billion, reinforcing the company’s strong core earnings capacity. Although finance costs and foreign exchange losses remained a factor, reflecting the broader economic realities, BUA Foods still closed the period with a Net Profit Before Tax of ₦102.3 billion for the quarter.
Earnings Per Share Rise Sharply
Shareholders were among the biggest beneficiaries of the strong performance. Earnings Per Share (EPS) rose significantly, reflecting the substantial growth in net income and strengthening the company’s investment appeal.
Market watchers say the improved earnings profile could support sustained investor confidence, especially as the company continues to consolidate its leadership position in Nigeria’s food manufacturing space.
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025

By femi Oyewale
Industry Leadership Amid Economic Headwinds
BUA Foods’ 2025 results stand out against a backdrop of currency depreciation, energy cost spikes, and logistics challenges that constrained many manufacturers. The company’s scale, backward integration strategy, and local sourcing advantages are widely seen as key contributors to its resilience.
Outlook
With a 91% year-on-year growth in PAT, BUA Foods enters 2026 on a strong footing. Analysts expect the company to remain a major driver of growth in the consumer goods sector, provided macroeconomic stability improves and cost pressures ease.
For now, the 2025 numbers send a clear signal: BUA Foods is not only growing—it is accelerating.
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Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards

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Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards

Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards

In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.

The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.

 

Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards

Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.

Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.

The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.

For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.

The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.

Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.

As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.

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