Business
NIA Chiefs disown suspended DG over N15Billion found in Ikoyi Mansion
The Deputy Director General in charge of Administration at the National Intelligence Agency (NIA), who is now the acting Director General, Ambassador Arab Yadam and the Deputy Director General (Operations), Ambassador Emmanuel Okafor, have told the Yemi Osinbajo investigative panel that they were not privy to the about N15 billion cash that was kept at the Osborne Towers in Ikoyi, Lagos.
The Director-General of NIA, Ambassador Ayodele Oke, was suspended over the discovery of $43.3 million, N23.3 million and £27,800 cash in a luxury apartment at Osborne Towers in Ikoyi, Lagos, which he claimed belongs to the agency.
A source close to the Osinbajo investigative panel told New Telegraph yesterday that the two top intelligence chiefs confessed to the panel that Oke ran a one-man show at the agency.
According to the source, who does not want to be named, Yadam and Okafor told the panel last week Thursday that Oke “should carry his own cross for not carrying the top echelon of the agency along even in the day-to-day running of NIA.”
The duo also accused Oke of arbitrariness and failure to make full disclosure to President Muhammadu Buhari and the National Security Adviser (NSA), Maj.-Gen. Babagana Monguno (rtd), about the nature of the covert operations that the agency was supposed to undertake with the huge cash that was discovered at Osborne Towers.
The suspended NIA boss had told the panel that Monguno knew about the recovered fund. According to Oke, he wrote a memo to the NSA on the custody of the $43.3 million and that the funds were for covert operations.
However, the source said that it was when the Presidential Committee on Purchase of Arms, which Monguno is a member, stumbled on irregular payments by the Central Bank of Nigeria (CBN) to NIA that the NSA confronted Oke.
“It was at that point that the DG NIA told Major General Monguno that the monies were released to the agency for covert operations by the Goodluck Jonathan administration, but he didn’t disclose further,” the source pointed out.
According to him, “The lack of full disclosure necessitated the NSA to write a memo to the president about the huge cash that was released to the agency by Jonathan on March 24, 2016.
“In the memo, Monguno clearly stated that although the objectives of celebrating NIA’s 30th anniversary and executing some covert operations seem noble, there is the possibility of the funds being abused by the agency’s leadership,” the source added.
He further said that the suspended NIA chief erred by not disclosing fully the “source of the funds, where it is located and the appropriate expenditure in respect of the projects that NIA was doing either in Lagos or Abuja.”
Meanwhile, a presidency source, conversant with the operations of the panel, confirmed to our correspondent at the weekend that the suspended NIA DG will be nailed as he has not been able to convince the three ‘wise men’ that the recovered money from the Ikoyi apartment is part of funds approved by former President Jonathan for critical security infrastructure and covert operations in 2015.
Jonathan had, in March 2015, approved a total of $289 million for the NIA to deliver on infrastructurand other security projects.
According to the source, the presidential committee, set up by Buhari on the audit of Defence Equipment Procurement in the Armed Forces between 2007 and 2015, in the course of carrying out its assignment, also stumbled on the approval of the $289 million by former President Jonathan for the agency.
The panel, which was chaired by AVM J.O.N. Ode (rtd), is the same committee which uncovered the $15 billion arms fraud in the purchase of the military wares to tackle the Boko Haram insurgency in the North-East. New Telegraph gathered that following the revelation by the AVM Ode’s committee on the $289 million, the present NSA, Monguno, constituted a separate committee to identify and establish whether all the listed projects by the suspended NIA boss were actually being executed.
A senior aide to the president, who pleaded anonymity because he was not authorised to speak on the matter, said the embattled NIA director general was only compelled to brief the NSA on the $289 million after the existence of the funds which was hitherto treated in secret, had been revealed by the AVM Ode’s committee. “Oke informed the NSA that the NIA was executing nine critical projects across the country.
He disclosed that as at January 2015, the agency had made payments to contractors amounting to $98.891 million, leaving a balance of $190.311 million out of the total funds released by the immediate past administration.
“The NIA director general also briefed the NSA that, of the balance left from the released funds, cash at hand was $89.298 million while $101.012 million was in a dedicated bank account.
“All these breakdown was possible when Ambassador Oke knew that the new panel set up by the NSA would beam its searchlight on the $289 million approved by former President Jonathan for the nine projects,” the presidential aide noted.
The source told our correspondent that what is worrisome is that when the separate panel set up by the NSA investigated the payments made by both the CBN and the agency to contractors from the $289 million, the figures captured for on-going and completed projects under the critical infrastructure and covert operations added up to the entire money. He stated that the $43.3 million found in the Ikoyi apartment was not part of Jonathan’s approval.
“Oke’s problem is that when the panel went round the country, they were not shown the Lagos apartment and the $43 million that has just been recovered by the Economic and Financial Crimes Commission (EFCC). His problem clearly is that of disclosure.
“The thinking in the security intelligence community is that these monies may have been campaign funds in the 2015 election,” he added.
Buhari had, on April 19, suspended the NIA DG alongside the Secretary to the Government of the Federation (SGF), Babachir David Lawal, and constituted a threeman committee headed by Osinbajo to investigate the allegations raised against the two senior officers.
The Osinbajo panel is expected to complete its assignment on Wednesday this week (14 days) as directed by Mr. President. All the principal actors, including the acting chairman of the EFCC, Ibrahim Magu; the CBN Governor, Godwin Emefiele; Director General of the Bureau for Public Procurement (BPP); the embattled NIA DG, the suspended SGF and contractors handling different projects have since appeared before the panel.
Other members of the Presidential Investigative Committee are the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN) and the NSA, Major General Monguno (rtd).
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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