Finance
Swiss govt has returned over $1.04b Abacha loot to Nigeria in 10 years – Magu


By: Oliseama Okwuchukwu
SINCE 1999, Swiss Government has returned about $1.040 billion looted by the late Head of State, Gen. Sani Abacha and his family members to Nigeria, it was learnt yesterday.
Economic and Financial Crimes Commission (EFCC) Acting Chairman Ibrahim Magu gave the information in a presentation at the International Association of Anti-Corruption Authorities, (IAACA), in Vienna, Austria where he spoke about the need for an effective international collaboration by law enforcement agencies to combat corruption.
He said the cost of corruption was enormous and needed a broader approach to be tackled.
The excerpts of Magu’s submission were made available to reporters by the EFCC’s Acting Head of Media and Publicity Mr. Tony Orilade.
Magu said: “Successes recorded in recovery of stolen assets have been achieved through Memoranda of Understanding, (MoU) signed between Nigeria and several countries, including Switzerland, the United Kingdom (UK), the United Arab Emirates (UAE), and the United States (U.S.) in line with Article 57 paragraph 5 of the United Nations Convention Against Corruption, UNCAC.
“The UK government returned stolen funds to Nigeria in the cases of Dariye and Alamieyeseigha, with over five million pounds recovered from the former Bayelsa State governor in 2012.
“In the case of Joshua Dariye, a former Governor of Plateau State in Nigeria, the British government also returned £48,000 to Nigeria in fulfillment of the UK’s commitments under Chapter V of the United Nations Convention Against Corruption.
“In 1999, the Swiss authorities, pursuant to a request for mutual legal assistance, returned about $723m to Nigeria.
“A tripartite MoU between the Swiss government, the World Bank and Nigerian government also led to the return of additional $320 million Abacha loot.
“Other classes of recoveries made by the EFCC included whistleblowers cash recoveries, subsidy payment cash recoveries, third party cash recovery for NNPC, FIRS, NPA, AMCON and banks.
“In 2017, EFCC made a total recovery of N473, 065,195,977.50, $142,504,121.12, and most of the recoveries, were non-conviction based asset recovery.”
Magu listed some of them to include, real estates belonging to Mrs. Diezani Alison-Madueke, a former Petroleum Minister and her associates; $43,449,947, £27,800 and N23,218,000 recovered in an apartment at Osborne Road, Ikoyi, Lagos in 2017; $9,772,800 and £74,000 cash in Kaduna, belonging to Andrew Yakubu, a former Group General Manager of NNPC in 2017.”
Magu called for more international collaboration and synergy on repatriation of stolen wealth.
“Corruption is acknowledged to have been an impediment to sustainable development in Africa, and the cost is so enormous that there is an urgent need for international collaboration for success to be achieved,” he said.
According to him, “though the international community has created legal and institutional frameworks for the prevention and recovery of proceeds of corruption, recovery of stolen assets stashed away in foreign lands still remains a major issue to be tackled.”
Source: The Nation
Finance
Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness
By ORJI ISRAEL


President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.
The tool is expected to make compliance easier and improve transparency in the system.
In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.
“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.
Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.
The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.
Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.


The Federal Inland Revenue Service (FIRS) says that no fewer than 1,000 companies, representing 20% of total eligible firms, have begun integrating its newly launched electronic invoicing (e-invoicing) system less than two weeks after it went live.
The FIRS e-invoicing platform, which went live on August 1, 2025, after a successful pilot phase that began in November 2024, was designed to modernise Nigeria’s tax administration, curb evasion, and enhance transparency in revenue generation. It also provides the FIRS with real-time visibility into commercial transactions, ensuring authenticity and completeness of invoices.
According to a statement by Dare Adekanmbi, special adviser on Media to FIRS Chairman Zacch Adedeji, at least 1,000 companies, representing 20% of more than 5,000 eligible firms, have already adopted the system and begun integrating with the FIRS platform.
Adekanmbi noted that the initiative, also known as the Merchant-Buyer Model, will be rolled out in phases. “Large taxpayers, which are companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the platform,” he said.
FIRS revealed that MTN Nigeria was the first taxpayer to transmit live electronic invoices to the platform, while Huawei Nigeria and IHS Nigeria have concluded test transmissions and are expected to go live soon.
The agency added that the initial compliance deadline of August 1, 2025, has been extended by three months to accommodate companies currently facing onboarding challenges. The new deadline is now November 1, 2025.
Finance
NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025
By Our Correspondent


Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.
The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.
In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.
“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”
Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.
He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.
The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.
He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.
Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.
He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.
Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.
He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).
-
Education4 days ago
Delta-Five and Oborevwori’s education vision
-
News1 day ago
PRCAN Mourns the Passing of NIPR Council Member, Bashir Chedi
-
Sports2 days ago
Hope Uzodimma Backs Chiney Ogwumike’s Vision for Girl-Child Empowerment Through Sports
-
News4 days ago
Mbah to NBA: “Law, the Conscience of the Nation, Justice Sector Reform, a Cornerstone of Our Administration”
-
Energy15 hours ago
Gov Mbah Revamps, Upgrades Nigergas after 30-year Dormancy
-
Culture18 hours ago
Okhma hosts high-level investment pitch for 70 brands ahead of Carnival Calabar 2025