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‘You lack common sense’ – Ex-President, Olusegun Obasanjo blasts Awujale of Ijebuland over Telecommunication Mogul, Mike Adenuga

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Obasanjo: A living legend - Gov. Abiodun

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Few weeks ago, the Awujale of Ijebuland, Oba Sikiru Adetona, released his autobiography titled “Awujale: The Autobiography of Alaiyeluwa, Oba S. K. Adetona, Ogbagba II”.

In the book, the monarch alleged that former President Olusegun Obasanjo used the Economic and Financial Crimes Commission EFCC to blackmail and extort money from some wealthy Nigerians, particularly his cousin, Mike Adenuga, who had a running with the Antigraft agency in 2006.

Although the monarch’s autobiography was published in 2010, extracts from the book was circulated by some unknown individuals recently.

In his response, Obasanjo wrote a letter dated December 30th 2016 to the monarch, countering his allegations and addressed him as a serial liar who lacked common sense. According to Obasanjo, common sense suggests that rumor mongering should not be associated with a monarch of the caliber of the Oba of Ijebuland. Full text of Obasanjo’s letter to the monarch after the cut

 

December 30, 2016

His Royal Highness,
Oba Alaiyeluwa S. K. Adetona,
The Awujale & Paramount Ruler of Ijebuland,
Oba Adetona Road,
P. O. Box 263, Ijebu Ode.

The extract from your Autobiography “Awujale: The Autobiography of Alaiyeluwa Oba S. K. Adetona, Ogbagba II”, published by Mosuro Publishers 2010, pp. 187-195, which I attach to this letter was presented to me for my attention.

Your assertion in the publication was a tissue of lies and untruths. Olopade is one of my best friends and yes, I would be at his birthday celebration but I would not have invited Mike, your cousin, to meet me anywhere other than my office or official residence as President of Nigeria. Kabiyesi, do you think I would set the press up to capture me and Mike in a photograph for the newspapers? That would be puerile of me as President. Of course, I could not say that Mike could not do that. That you think that I, as President of Nigeria, would descend to such depravity makes me think of you much less than I thought of you, until now.

The invitation to Mike to contribute to the building of the Library block of Bells University was issued to him by the then Vice-Chancellor, Professor Julius Okogie, who never told me about inviting Mike to so contribute until Mike pulled out. And that I have not and I will not talk to Mike about it should convince you that I know nothing about its genesis.

Under my watch, Economic and Financial Crimes Commission, EFCC, was free to do its job as it saw fit. Common sense would suggest that wild rumours should not be perpetrated by an Oba of your calibre. Kabiyesi, your cousin did not tell you that My Chief of Staff, Abdul Mohammed, put his reputation on line by assuring EFCC that Mike would go nowhere and they should trust him to give him his passport. I did not even know that Abdul had done that until the Chairman of EFCC, Nuhu Ribadu, reported the case of my Chief of Staff seemingly colluding with Mike to run out of the country. But I had implicit confidence in my Chief of Staff and I was to resolve the issue. Should your cousin not have mentioned to Abdul who guaranteed the release of his passport his fears and intention to go on exile?

On several occasions, Nuhu Ribadu has asserted that, under my watch, he was a free agent to do his work as he deemed fit. Where it was necessary, he reported the outcome of his work to me and the subsequent or follow-up actions he intended to take. On no occasion did I guide, lead or direct him on what to do.

Mike did not need to send anything to me to satisfy me, he needed to satisfy EFCC and so your sending any documents to me was insinuating that I am the one to be satisfied rather than the EFCC. So, such documents were not paid any attention by me. You, as the cousin and part beneficiary from Mike as you have told me in the past, would not be able to see the tree from the forest as far as the mode of operation of Nuhu Ribadu was concerned viz-a-viz Mike. If the EFCC was investigating anybody, I did not consider it right for me as the President of Nigeria to be undermining EFCC by hobnobbing with that person. EFCC must be given free hand to do its work. Even if such a person was my child, the best I could do would be to secure a good lawyer to handle the matter before the EFCC for that child.

It is not only in the case of Obajana Cement that you were rumour-mongering about me. You have done that repeatedly on many occasions. The latest one you did in 2016 was you telling me that you heard that I had gone to Rasak Okoya to seek to marry her daughter, Abiola, when it was the girl that came to appeal to me to intervene to placate and appeal to her father to forgive her for all her misbehaviour to her father. I did and the father and daughter were reconciled. I told you even then that it was unbecoming of an Oba. Of course, I am used to such rumours, slandering and insinuations since my days as a Unit Commander in the Army and I have developed thick skin. If ten per cent of the rumours ascribing businesses and properties I know nothing about were true, I would be the richest man on earth.

But recently, when Aliko, yourself and myself were together, Aliko assured you that I never ever had a single share in any of Aliko’s business interests but whenever he has called on me to help within and without to promote his business interest, I have always helped and I will always do because that is part of my job as a Nigerian leader – to help Nigerians grow their businesses or interests – and I have done that for other Nigerians and indeed for non-Nigerians, Africans and non-Africans who have requested me for help.

It was revealing to me on that occasion when Aliko made the point that one of his directors on his cement company is somebody very close to you.

I owed nobody any apologies in the course of doing my work as I believe I should do it or in the course of defending the interest of Nigeria and defending my integrity. As I could not open the treasury for S. O. Bakare for your so-called political support to me, I did not regard that as an offence. To the extent that I believed and regarded as proper, I instructed Tony Anenih as Minister of Works to patronize S. O. Bakare as a Peugeot car dealer. I will not comment on Atiku issue that you touched upon in your book because I have dealt with that elsewhere and you were only dabbling into an area where and thing you are absolutely ignorant about.

All that you wanted me to do in respect of Mike was improper whether when I was President or when I was out of office. I must not be seen to be in the way of allowing law to take its natural course. All I should do is to help the course of the law and help secure a good lawyer to help the process.

It is of interest to me that Mike did not tell you that when he wanted national honour, he came to me and I did not react until Babangida recommended him and said, “Of all those I have helped, Mike is one of the most appreciative.”

Kabiyesi, if I have squandered all the goodwill I had, you would not have contacted me on behalf of All Progressive Party, APC, to receive them in 2014 and you would not have been personally present when I received them as I demanded. I probably have greater goodwill today internally and externally than I had in office.

Kabiyesi, the total sum of what you have put down in those pages of your book is that I dislike Mike. Maybe I need to remind you that if there was any iota of truth in such a position or mindset, Mike would not have been granted the mobile telephone licence which made him a billionaire. It was my prerogative as the President so to do. You may also be reminded that in the first round of the auction which Mike did not make, the country earned US$285 million for each licence. The country earned only US$200 million from the licence transaction with Mike and in the subsequent transaction with Etisalat, the country earned US$400 million. It was a deliberate action on my part that a Nigerian should own one of the licences. Anybody else but Mike could have been that Nigerian.

Kabiyesi, the type of hate propaganda you have tried to project in that section of your book against my person is grossly unbecoming of an Oba let alone an Oba of your status and stature.

However, I still accord you the respect which I believe an Oba should be accorded and one for that matter who I presume to be a friend. In spite of your unfortunate projection, my position remains the same – respect for you as an Oba and a friend.

Kabiyesi, I believe that I should set the record straight for posterity and to caution you from engaging in unedifying rumour-mongering and untruth. Accept the assurances of my highest consideration.

OLUSEGUN OBASANJO

 

 

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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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