Finance
Presidential panel claims it has recovered $20m hidden in bank


BY: Oliseama Okwuchukwu
The Special Presidential Investigation Panel for the Recovery of Public Property on Wednesday said it had recovered sum of 20 million dollars from one of the commercial banks in the country.
The panel’s Head, Media and Communication, Ms Lucie-Ann Laha, in a statement quoted its chairman Mr Okoi Obono-Obla, as making the disclosure during a meeting with Prof. Muhammad Al-Amin, the Managing Director of Federal Housing Authority (FHA).
The News Agency of Nigeria (NAN) reports that the money is said to be part of the 232 million dollars unremitted to the Federal Government’s Treasury Single Account (TSA) by an unnamed agency.
The chairman refrained from naming the bank to avert customer panic, and other negative effects on the bank as well as the nation’s economy.
He said that “While investigating illegal charges and deductions by commercial banks from 2009 to 2015, the panel had inadvertently stumbled upon 232 million dollars deposited in a commercial bank by a government agency.
“The agency subsequently failed to transfer the money to the TSA Account in line with government directives.”
Obono-Obla said that the bank in question had owned up to the impropriety and agreed to pay back the money in installments of 10 million dollars per month.
“The bank pleaded that bulk deduction would cripple it.”
He added that as demonstration of good faith, the bank had paid an initial 20 million dollars to the Panel’s TSA Recovery Account domiciled with the Central Bank of Nigeria (CBN).
Meanwhile, the Chairman has promised that the panel would assist the Federal Housing Authority (FHA) to recover its property illegally appropriated by fraudulent individuals.
Obono-Obla, who re-echoed President Muhammadu Buhari’s position that corruption would always fight back, assured FHA’s Managing Director of the Panel’s commitment to deliver on its promise.
The MD said that the agency had also uncovered unwholesome dealings which resulted in zero documentation of about 800 houses in the Authority’s Gwarinpa Estate alone.
“We have decided to modernise operations of the agency, following which the FHA had studied, improved upon, adopted and deployed the Abuja Geographic Information System (AGIS) software in an effort to computerise data using the Gwarinpa FHA Estate as a pilot.
Al-Amin also added that efforts to correct some irregularities unearthed by the exercise and recover property from illegal possessors had met with stiff resistance from within and outside the agency. (NAN)
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).
-
Education5 days ago
Delta-Five and Oborevwori’s education vision
-
News2 days ago
PRCAN Mourns the Passing of NIPR Council Member, Bashir Chedi
-
Sports3 days ago
Hope Uzodimma Backs Chiney Ogwumike’s Vision for Girl-Child Empowerment Through Sports
-
Energy1 day ago
Gov Mbah Revamps, Upgrades Nigergas after 30-year Dormancy
-
Culture1 day ago
Okhma hosts high-level investment pitch for 70 brands ahead of Carnival Calabar 2025
-
News5 days ago
Mbah to NBA: “Law, the Conscience of the Nation, Justice Sector Reform, a Cornerstone of Our Administration”