Business

Time is of the essence,” the group stressed. “Every delay compounds the hardship and weakens faith in the system.”

Published

1 month ago

March 3, 2026

Sahara Weekly

Trapped Funds, Fading Trust: Heritage Bank Depositors Demand Urgent CBN Bailout

By Ifeoma Ikem

Nearly two years after the collapse of Heritage Bank, thousands of depositors say they are still living with the financial and emotional aftershocks of a liquidation they insist was never meant to end this way. What began as regulatory reassurances has, in their view, spiralled into prolonged uncertainty, partial payments, and mounting hardship, thus prompting a fresh and urgent appeal to President Bola Tinubu and the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to intervene decisively.

In a strongly-worded statement issued in Lagos, the depositors framed their demand not simply as a financial request but as a test of the country’s commitment to safeguarding public trust in its banking system. They are asking the Central Bank to provide immediate bailout funds to the Nigeria Deposit Insurance Corporation (NDIC) to enable full reimbursement of all affected customers, arguing that the pace of recovery so far has been painfully slow and grossly inadequate.

According to them, while insured deposits up to ₦5 million were covered under statutory provisions, payments beyond that threshold (known as liquidation dividends) have amounted to just 14.2 percent of their total balances in nearly two years. The first tranche of 9.2 percent was paid in April 2024. A second installment of 5 percent followed recently. For many, that has been the extent of relief.

At this rate, they argue, the mathematics simply does not inspire confidence.

“These are not abstract figures,” one depositor said. “They represent school fees, retirement savings, working capital for small businesses, cooperative funds, and life savings built over decades.” Among those affected, they say, are civil servants, retirees, entrepreneurs, and families whose livelihoods have been upended by the prolonged wait.

What deepens their frustration, they contend, is the memory of official assurances given before the bank’s collapse. When signs of distress first emerged, depositors recall that the Central Bank publicly and privately reassured customers that their funds were safe and that the institution remained sound. Those assurances, they say, influenced their decision not to withdraw their savings at the time.

The eventual liquidation therefore came as a shock, both financially and psychologically. “We trusted the regulator,” the group noted. “Between the Central Bank and the NDIC, we were told our funds would be repaid 100 percent.”

It is that promise, they argue, that must now be honored in full.

While acknowledging that the NDIC has begun verification and payment processes, the depositors insist that the agency lacks the financial capacity to conclude the exercise within a reasonable timeframe. They point to the scale of total deposits — estimated at about ₦650 billion — and the fact that only around ₦54 billion has been paid out in 18 months. In their view, that ratio raises serious questions about whether the liquidation process, left solely to asset recovery, can realistically guarantee timely reimbursement.

The group also referenced previous instances in which the Central Bank stepped in to stabilize distressed institutions, arguing that regulatory precedent supports intervention. They cited the reported ₦460 billion facility linked to Heritage Bank before its collapse, as well as substantial financial support extended to other banks to facilitate mergers or recapitalization. In one example, they noted, a ₦700 billion support package reportedly enabled a struggling bank to qualify for a merger, with favorable repayment terms that included a five-year moratorium and extended repayment window at below-market interest rates. They also referenced regulatory intervention in Keystone Bank as evidence that decisive action is possible when systemic stability is at stake.

Given that history, they say, it is difficult to understand why a direct bailout to protect depositors is not being prioritized.

Beyond financial restitution, the depositors are also calling for accountability. They demanded a thorough investigation and immediate prosecution of any individuals or entities found culpable of asset diversion, mismanagement, or actions that may have contributed to the bank’s collapse. To them, justice is as important as compensation.

They argue that without visible consequences, public confidence in the banking system could erode further. “The integrity of the financial sector rests not only on liquidity, but on accountability,” one stakeholder said. “If people believe that funds can disappear without consequences, trust collapses.”

The broader concern, they warn, is systemic. Nigeria has not witnessed a full commercial bank liquidation in over two decades, as troubled institutions have typically been resolved through mergers, acquisitions, or regulatory restructuring. Many depositors therefore assumed that a similar pathway would apply in this case. Instead, they say, liquidation has exposed gaps in depositor protection mechanisms.

They also question the broader insurance framework, noting that banks have paid premiums to the NDIC for years precisely to safeguard depositors. If recovery remains this limited, they argue, the protective purpose of that insurance scheme comes under scrutiny.

For small business owners, the implications have been severe. Some report shutting down operations due to frozen capital. Others speak of properties sold under distress or retirement plans abruptly altered. The social cost, they insist, is real and growing.

At the heart of their appeal is a request for clarity. They want a clear, binding timeline for completion of the liquidation process and a transparent roadmap outlining how and when full repayment will occur. Without that, they fear that partial dividends will continue indefinitely, eroded by inflation and the time value of money.

They have also urged the Presidency and the National Assembly to step in, arguing that the matter transcends a single bank and touches on Nigeria’s financial credibility before the global community. Prolonged uncertainty, they warn, risks signaling regulatory inconsistency at a time when the country seeks to attract investment and deepen financial inclusion.

For the depositors, the issue is no longer simply about numbers on a ledger. It is about confidence in regulators, in institutions, and in the promise that money kept within the formal banking system is secure.

They believe the Central Bank must now assume full responsibility for resolving what they describe as a crisis of trust. Whether through direct financial support to the NDIC, accelerated asset recovery, or a hybrid intervention model, they insist that swift action is essential.

“Time is of the essence,” the group stressed. “Every delay compounds the hardship and weakens faith in the system.”

In a nation striving to strengthen its financial architecture and restore economic stability, the resolution of the Heritage Bank liquidation may well become a defining test — not only of regulatory capacity, but of the enduring covenant between citizens and the institutions entrusted with their savings.

Business

Zacch Adedeji: The Reformist Redefining Nigeria’s Revenue Future Through Action

Published

5 hours ago

April 16, 2026

Sahara Weekly

Zacch Adedeji: The Reformist Redefining Nigeria’s Revenue Future Through Action

By: Bashorun Oladapo Sofowora

To dazzle in the Nigerian public service sector, you need more than just doing the extraordinary, you must do what no one has ever done. For Dr. Zacch Adelabu Adedeji, the Executive Chairman of the Nigeria Revenue Service (NRS), possessing the heart of Hercules, the fearlessness of Achilles, the grace of Terpsichore, the memory of Macaulay, and the hide of a rhinoceros is what made him stand out to become the poster boy of the President Bola Ahmed Tinubu’s administration. Give it to him: highly witty, cerebral, and dutiful. Zacch didn’t earn his current position by fluke; he attained his height with sheer dint of hard work, resilience, self-belief, foresight, and a can-do spirit.

Today, the NRS has been given a new face, the era has changed and the narrative has been rewritten. All thanks to the Oyo State-born outstanding technocrat. Since he assumed office as Executive Chairman, one thing has remained constant; his drive for innovative change and his commitment to ensuring taxpayers are seen as partners in progress rather than foes. Adedeji understands that taxpayers must be treated with dignity and must be made to understand their role as stakeholders, partners in progress and development. This special preference has ensured that tax collection is more simplified, more robust, and more engaging.

When Adedeji assumed the chairmanship of the Federal Inland Revenue Service (FIRS) in September 2023, the agency was less a revenue service and more a leaky sieve. The nation’s tax-to-GDP ratio was an embarrassment, public trust was a phantom, and the treasury gasped for air. But Adedeji, a resounding technocrat with the soul of a warrior looked upon this chaos and saw a canvas. His creed was immediate and uncompromising; more than just words, but action. Within twenty-four months, he has not merely reformed an institution; he has incinerated the old order and birthed a leviathan; the Nigeria Revenue Service (NRS). This is the story of a man who taught a nation how to pay its way into sheer prosperity.

Adedeji is armed with the philosophy that taxing the fruit, not the seed, is the way to grow as a nation. When he assumed his current role, he rejected the notion that increasing revenue required burdening struggling businesses. Instead, he focused on plugging leakages and widening the net to ensure all taxable citizens perform their civic obligations for the development of the country. With this philosophy, the results were almost immediate and stunning. In 2023, despite assuming office mid-year, the FIRS collected ₦12.36 trillion, surpassing its target of ₦11.55 trillion. That was just the warm-up act. In 2024, the agency delivered a monumental ₦21.7 trillion a 76% jump against a target of ₦19.7 trillion. Between September 2023 and August 2025, the Service realized a cumulative ₦46 trillion in total tax revenue, representing 115% of combined targets. These were not accidents of the economy; they were the direct results of strategic action carefully played and curated by the Tax Man himself.

Zacch’s exceptional ability to steer Nigeria’s fiscal ship towards stability is akin to a skilful sailor navigating treacherous murky waters, with demonstrable efficiency, culminated in Nigeria reaching a historic milestone of ₦28.2 trillion in revenue in 2025. As the Nigerian Revenue Service (NRS) sets its sights on 2026 with an ambitious goal of ₦40.7 trillion, the role of technological innovation becomes increasingly vital. Adedeji recognized that overcoming the entrenched “tin bucket” mentality, an overreliance on manual collection methods required deploying advanced, reliable digital tools that minimized human contact, thereby reducing opportunities for corruption and errors. He led the successful automation of over 80% of manual processes through the implementation of the TaxPro-Max platform, which streamlined taxpayer registration, documentation, and filing procedures, significantly reducing processing times. The rollout of the e-invoicing system mandated that corporations with turnovers exceeding ₦5 billion digitize all transactions, thereby eliminating VAT evasion at the source and fostering transparency. Within weeks of deployment, major corporations such as MTN Nigeria, Huawei Technologies Nigeria, and IHS Nigeria had onboarded the system, signaling broad industry acceptance. A notable innovation was the nationwide launch of the USSD code *829#, a groundbreaking service allowing citizens to access tax-related information, file returns, and make payments directly via mobile phones without internet connectivity effectively democratizing tax compliance across all socio-economic strata. These initiatives transformed the Nigeria Revenue Service from a traditionally intimidating enforcement agency into a modern, efficient service platform that emulates leading 21st-century tax collection models.

Building on this foundation, the NRS introduced the Rev360 platform an advanced, integrated, and intelligent ecosystem representing the next phase in the evolution of tax administration. Rev360 embodies the principles of Tax Administration 3.0, characterized by comprehensive automation, real-time analytics, and seamless integration of tax processes within taxpayers’ everyday systems. This strategic shift promises faster processing times, enhanced decision-making capabilities, improved compliance rates, and an overall improved user experience. Taxpayers will benefit from a broader array of interaction options, including digital channels, mobile apps, and self-service portals. The launch of Rev360 aligns with the broader digital transformation strategy under the leadership of Zacch Adedeji PhD, the Executive Chairman of the NRS, whose visionary approach continues to propel innovations in service delivery and institutional strengthening. The platform’s deployment reflects the Service’s unwavering commitment to enhancing institutional capacity, fostering greater taxpayer confidence, and aligning with international best practices and technological standards. Following a successful pilot phase, the phased rollout of Rev360 will begin with Medium and Emerging Taxpayers, representing the first stage of comprehensive nationwide adoption aimed at creating a resilient, transparent and efficient tax system for Nigeria.

To ensure action is taken not by mere words alone, Dr. Adedeji knew that lasting change and stability required a new legal framework and laws guiding tax compliance in the country. This enabled him to lead the charge to dismantle the archaic, colonial-era tax laws that had stifled growth by taxing the poor rather than taxing prosperity. This led to the legislative transformation of laws signed into force in 2025 and effective from the 1st of January 2026: the Nigeria Tax Act 2025 (NTA), the Nigeria Tax Administration Act 2025 (NTAA), the Joint Revenue Board of Nigeria (Establishment) Act 2025 (JRBA), and the Nigeria Revenue Service (Establishment) Act 2025 (NRSA). These laws harmonized over 60 disparate tax statutes into a single framework to ensure adherence and unification. To prevent controversies and wrong narratives from being peddled by naysayers, Adedeji assured Nigerians that the laws are pro-poor, exempting those earning ₦800,000 or less annually from Personal Income Tax and removing VAT on essential items to protect the most vulnerable.

In a bid to show his wizardry beyond being a brilliant chap, Adedeji led one of the most impressive transition and rebranding processes in the country. He executed the transition from FIRS to NRS with distinct surgical precision, ensuring that operational guidelines were ready and that staff were trained for the new mandate. The transition was so seamless that almost all Nigerians pivoted to the change without struggling. Same brand core values, different name, and a more formidable identity. The rebranding was more than a name change; it represented a paradigm shift from a “Federal” collector to a unified “National” revenue hub, aiming to harmonize collections across all tiers of government to ensure effectiveness, bring relief from multiple taxation, and allow government agencies to focus on their core mandates while leaving revenue collection to the NRS.

Zacch obviously detests wastage; seeing wastage bores him. That is why he reignited the abandoned NRS building, breathing fresh life into it after 30 months in charge. The recently commissioned NRS Headquarters will ensure a lasting legacy, also corroborating the transition from FIRS to NRS. The new edifice is beyond magnificent. The 16-floor, tastefully built structure can pass as the ninth wonder of the world. As a man of style and taste, Zacch ensured the environment was inviting for everyone who comes in for any tax-related transaction. The three-tower complex is a world-class edifice designed to house 3,000 staff, complete with a data processing center, a clinic, an auditorium, and a gym. It is indeed a jaw-dropping building equipped with state-of-the-art facilities to ensure seamless navigation and maximum output.

At the opening ceremony on the 14th of April, Adedeji paid tribute to President Tinubu, declaring him “the greatest gift bestowed on this republic.” He noted that the headquarters symbolizes that reform is “not abstract, but real; not theoretical, but implemented.” The auspicious event was attended by the Senate President, the Speaker of the House, and numerous governors, signaling rare political consensus on the importance of revenue reform. For the building commissioning, Zacch can be called a jinx breaker and a record setter. Calling him both places him on a pedestal of immortality.

Zacch Adelabu Adedeji has answered the question posed by his own mantra: “More than just words, but action.” He has taken a bureaucracy often viewed with suspicion and turned it into the vanguard of economic renewal. From the digits of ₦46 trillion in revenue to the concrete of a 16-story headquarters, from the virtual code *829# to the legal text of the NRS Act, Adedeji has left no room for doubt. Indeed, he has outdone himself, leaving a lacuna that anyone after him might struggle to fill.

He did not merely build an institution that demands taxes; he built one that enables prosperity. As Nigeria marches toward a future of fiscal self-sufficiency, it does so on the solid foundation of actions taken by a quiet, determined reformer who proved that in governance, what you do will always speak louder than what you say. As the sun sets, and birds chirping over the new NRS headquarters, casting long shadows across the skylines of Abuja, one fact remains indisputable: in the battle for Nigeria’s economic soul, words have failed, long speeches have faded into oblivion, but Zacch Adelabu Adedeji brought action infused with a monument. The era of talk is over, the era of the Alchemist has just begun.

Business

Blue Lagos Launches Community Sensitisation and Engagement Campaign in Riverine Areas

Published

1 day ago

April 15, 2026

Sahara Weekly

Blue Lagos Launches Community Sensitisation and Engagement Campaign in Riverine Areas

Blue Lagos has officially commenced its community sensitisation and engagement campaign across riverine and coastal communities in Lagos State.

The initiative is designed to amplify the voices of underserved communities, raise awareness on civic responsibilities, and highlight the unique challenges faced by residents living along the waterways.

Through on-ground interactions and digital advocacy, Blue Lagos aims to foster inclusive participation and ensure that no community is left behind.

Speaking on the campaign, The Director of Mobilisation & Community Engagement for the Blue Lagos Team, Hon. Ashade Abdul-Salam emphasized the importance of engaging directly with residents to better understand their daily realities, from access to basic services and transportation challenges to opportunities for development and improved governance.

The campaign will feature community visits, short sensitisation videos, interactive sessions, and stakeholder engagement, all geared towards empowering residents with the knowledge and tools to actively participate in shaping their future.

Blue Lagos calls on riverine and coastal residents to take advantage of this initiative, share their experiences, and stay informed on civic processes, including voter registration and community development programs.

This campaign marks a significant step towards building stronger connections between communities and decision-makers, while promoting inclusive growth across Lagos State.

For media inquiries, please contact:

Blue Lagos Team via email: [email protected]

Business

One Universe Launches to Redefine How People Find and Pay for Trusted Services

Published

1 day ago

April 15, 2026

Sahara Weekly

One Universe Launches to Redefine How People Find and Pay for Trusted Services

One Universe, a new trusted digital marketplace designed to connect people who need services with skilled professionals, has officially launched and is now available for download on the Apple App Store and Google Play Store.

Built to solve the everyday challenge of finding reliable service providers, One Universe brings trust, convenience, and transparency into one seamless platform. From beauty and lifestyle services to technical, creative, and professional support, users can now discover verified professionals, agree on terms, and complete payments securely – all within the app.

A Safer, Smarter Way to Get Things Done

One Universe was created to eliminate uncertainty in service transactions. The platform enables buyers to find professionals, chat directly, agree on pricing and timelines, and make payments securely. Funds are held safely until the job is completed, ensuring protection for both parties.

Empowering Professionals to Grow

For service providers, One Universe offers a powerful opportunity to showcase skills, receive referrals, build credibility through reviews, and access more customers without the usual barriers. Professionals can focus on delivering quality work while the platform supports visibility, trust, and secure payments.

Introducing the One Universe Recruiter Program

As part of its launch, One Universe is rolling out the Recruiter Program, designed to reward individuals who help grow the community. Recruiters earn incentives by inviting people to join the platform – especially buyers seeking services – thereby helping professionals get more jobs while expanding the ecosystem. The program turns everyday referrals into real value and shared growth for all participants.

Key Features Include:

• Verified professionals across multiple service categories

• Secure in-app payments with buyer and seller protection

• Transparent pricing and direct communication

• Ratings and reviews to build trust

• A growing community driven by referrals and reputation

• Incentives through the Recruiter Program for community growth

*Now Available on iOS and Android*

One Universe is now live and ready for use. Individuals and businesses are encouraged to download the app, explore services, and experience a smarter way to connect and transact.

Download One Universe today:

Apple App Store

https://apps.apple.com/au/app/one-universe/id6753012310

Google Play Store

https://play.google.com/store/apps/details?id=com.oneuniverse.oneuniverse

About One Universe

One Universe is a trusted digital marketplace built to connect people with skilled professionals, making service discovery, engagement, and payment simple, safe, and reliable. The platform is committed to empowering service providers while giving users confidence and peace of mind.

Media Contact:

www.oneuniverse.ng

[email protected]

08083327368