Business
”We didn’t Divert N1.2bn subsidy fund, EFCC never shut our our tank farm” – Obat Oil&Petroleum speaks
Just yesterday, there were reports going round that Obat Oil and Petroleum limited owned by a Monarch,Oba Frederick Akinrutan, was shut down by EFCC over diversion of N1.2bn subsidy funds sometime ago.
Obat Oil has however released a statement through it’s Head, Legal Seun Bakare, stating the company’s side of the story.
‘’Our attention has been drawn to a series of viral newspaper publications on an alleged N1.2b subsidy diversion claimed by the Managing Director of Petrocam Trading Nig. Ltd, Mr. Patrick Ilo against us, Obat Oil & Petroleum Ltd.
We hereby state categorically that there was no time Obat Oil diverted any N1.2b as claimed by Petrocam and It is pertinent to state clearly at this point that there was never a time that our tank farm was shut down as we are fully in operation; we were only invited by the EFCC based on the petition Mr. Patrick Ilo wrote to the commission through his Solicitors. The transactions which gave rise to the false reports and the spurious claims from which they have sprung have already been submitted to the Court’s consideration and ordinarily should not be the subject of discourse or advertorials.
However, Petrocam Trading has gone out of its way to lodge false complaints against us and set in motion a sequence of events that have been widely reported. We are therefore constrained to protect our professional goodwill, integrity and reputation by putting out this publication. Sometime in 2014, PetrocamTrading approached Obat Oil & Petroleum Ltd for a business transaction with Petrocam making an offer to finance the Importation of PMS through its bank, Sterling Bank, for Obat Oil. Both parties signed a service agreement to commence the transaction and Petrocam did undertake the Importation of 15,000Metric Tons of PMS in lots either by its own resources or through its Bank. During the course of the business transaction and at conclusion, Petrocam failed to fulfill its obligations under the service agreement.For instance, Petrocampaid N3 per litre of the allocation as opposed to the agreed sum of N5 per litre. This was the first act of breach displayed by Petrocam Trading. Despite our best efforts at attempting to get the issue of the outstanding payment resolved while and the same time hoping that business could still be done with Petrocam, the business relationship broke down. We invited Mr. Patrick Ilo for reconciliation on several occasions to enable parties reconcile their accounts based on the transactions and resolve issues but he declined. Rather than agree to our invitation for joint account reconciliation, Mr. Patrick and Petrocam Trading curiously obtained and published our UBA statement of account without our consent, permission or authorization. It became obvious that Petrocam was shying away from facts because he had skeletons in his cupboard. While Petrocam thrived in its default of the Service Agreement by failing to make full payment for the petroleum products it loaded, it instituted an action on the 19thof November, 2015 before the Lagos State High Court in suit No. LD /1411CMW/2015 seeking sundry reliefs including injunctions. In that suit, Petrocam lay claims to the Subsidy, Forex differentials and accrued interest being expected from the Federal Government as payments for seventeen (17) transactions/importations belonging to Obat Oil, of which Petrocam participated only in six (6).Needless to say, Petrocam’s attempt to appropriate to itself payments, accrued interest and forex differentials meant for several other bank transactions/importationsis completely illogical, factually incredulous and legally unfounded.We take the view that Petrocam is not entitled to any sum at all. The money paid to AMCON belongs to Obat and not Petrocam and is entirely unconnected to the Service Agreement executed by Obat and Petrocam. Thus, until the Court determines who owns what, Petrocam cannot claim any sums standing to our credit or compulsorily take over assets belonging to us. Further exposing the falsity of Petrocam’s public claims as reported in the publications is the fact that in its processes filed before the Court, Petrocam concedes that it has completely received the alleged N1.2b subsidy claim in question.
eThe report in the papers as well as the false reports on which they are based not only amount to speaking from both sides of the mouth but also underscore a possible intention by Petrocam to obtain from us what is not due to it. Surprisingly, while Obat Oil were to compare books with Petrocam for reconciliation and to determine the position of the account on the transaction, Mr. Patrick Ilo maliciously wrote a petition to EFCC and DSS claiming that his money was diverted by Obat, without stating the true facts as narrated herein before the agencies. This move was not only surprising, it was unlawful as the position of the law, as we have been made aware, is that the EFCC (and indeed, law enforcement agencies in general) are prohibited from acting as agents of debt collection with respect to transactions of a purely civil nature, such as the Service Agreement business transaction between two firms for a matter that is still a subject of litigation. We therefore denounce the invasion of our premises by agents of the state acting on lopsided reports presented by a party that has some interest to serve. We state categorically that Obat Oil did not divert N1.2b or any sums whatsoever accruable to Petrocam or Sterling Bank. We restate our invitation to Petrocam for amicable discussions to determine what is accruable to both parties. We reject and will not capitulate to any attempts by Petrocam to harass Obat Oil with the press or government agencies as we are fully aware of the remedies available to us under the law- and will fully explore them. In conclusion, we take exception to any malicious publication and slander orchestrated by certain people in a bid to disrupt our business. For the avoidance of doubt, EFCC did not close our depot facility. We were only invited because of the petition and lies being spread by Mr Patrick Ilo and Petrocam. We urge the public to disregard the misinformation peddled in the false and malicious publications as well as desist from propagating same, in their best interests’’
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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