Business
How i gave N3.880Billion to Fayose, Omisore – Obanikoro reveals
Detained former Minister of State (Defence) Musiliu Obanikoro yesterday made more revelations on how the N4.745billion wired to a company linked to him by the Office of the National Security Adviser (ONSA) was shared.
The money comprised N4.685billon transferred to Sylva McNamara Limited and N60million ($5.77m) cash personally given to Ekiti State Governor Ayo Fayose by the ex-Minister.
Fayose issued a statement yesterday, saying Obanikoro’s return from overseas was planned to nail him. He did not deny receiving money from the former minister.
Obanikoro told Economic and Financial Crimes Commission (EFCC) detectives that N3.880billion was allocated to Fayose and Sen. Iyiola Omisore out of the cash.
He also said he handed over $5.377m cash to Fayose at Spotless Hotel, Ado-Ekiti in the presence of the former Secretary of the Peoples Democratic Party (PDP) in the state, Dr. Tope Aluko, and other party stalwarts.
He reportedly demonstrated how Fayose collected the cash and put it “in the room next to where we were seated.”
The ex-minister, who made the disclosures during another round of grilling, said there were heaps of bank transfers to buttress his statement.
He said: “Out of N4.685billon transferred to Sylva McNamara Limited, N3.880billion was transferred to both Ayodele Fayose and Senator Omisore through cash and bank transfers.
“The dollars contents were handed over to Fayose personally by me in the presence of some party leaders, and he collected it and took it to the room next to where we were all seated.
“The location where I gave the dollars to him is called Spotless Hotel, Ado-Ekiti. One of the party leaders that was present is Dr. Tope Aluko, who was then the secretary of our party, the Peoples Democratic Party (PDP).
“I transferred N1.7 billion to Omisore. The money was paid into his account and companies nominated by him. He gave the list of companies for the transfer of the N1.7billion that was released by the NSA to him.
“The funds were therefore transferred as prescribed by Omisore in full. That is to the accounts of the companies he provided. Details can be obtained from the bank that transferred the money.
“I, Musiliu Obanikoro, did not buy or sell any landed property from Sen. Omisore. The National Security Adviser, Col. Sambo Dasuki (retd) did not disclose to me what the funds were meant for and neither did I ask or I did not know the source of the funds.”
The former Minister, however, claimed that the balance of N785milion was used to wage war against Boko Haram in Lagos.
He added: “The balance of N785milion was used to prosecute the following: 1. procurement of souvenirs for the promotion of anti-Boko Haram insurgency in Lagos; 2. N200million for surveillance activities; 3. N200million and other remaining funds were for operations managed by Taiwo Kareem.
“Taiwo Kareem impressed the former NSA with his management of pre and post-election funds. To God be the glory, the two elections were carried out without any loss of life
“When bomb blast occurred in Lagos on the 25th of June 2014, the NSA was disturbed and told me of his commitment to ensure that such doesn’t reoccur.
“He expressed the grave consequence that the reoccurrence will have not only on Lagos but the economy of the entire country. He emphasized the need for local input to complement the activities of security agencies. This is how Sylvan McNamara was introduced.”
The EFCC obtained yesterday a court warrant to detain Obanikoro.
The anti-graft agency has also seized his passport to restrict his movement to the country.
A source said: “We have a valid warrant from the court to detain the ex-minister pending the conclusion of his interrogation by our team. He has a lot to tell us and we are keeping him in safe custody with comfort to enable him respond to the issues we have isolated for him.
“We have also seized his passport to restrict his movement to the country pending the conclusion of the ongoing probe.”
Aluko is believed to have made a statement to the EFCC.
Aluko had last year claimed that Obanikoro and Fayose clashed when the money ferried to Akure Airport was short of N80million.
He said: “The Presidency gave us security and money; the money was sent from a Diamond Bank branch through an account run by Sylvan MacNamara, a company owned by Obanikoro.
“My boss (Fayose) said he wanted to get his own in cash and that was why such a huge amount was ferried by plane. Obanikoro cannot claim not to have brought the money.
“He (Fayose) chose his man, Abiodun Agbele, to keep the money in a bank account. The transaction was not recorded, and it got to a stage when it was discovered that the money was short by N80 million.
“This caused a crisis between Fayose and Obanikoro, who brought the money. He (Obanikoro) brought other things, apart from money, which I won’t disclose now.
”The cash carried in the plane was not entered into the manifest. It was delivered to a bank at 4.30 am in Ekiti.
The remaining from the cash received for the election was used to buy a house in Abuja and the house belongs to Fayose.”Former Minister of State for Defense, Musiliu Obanikoro
Business
Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing
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.
Business
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
By femi Oyewale
Business
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.
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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