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BREAKING: US agrees to return $308m Abacha loot

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Jersey, Nigeria and the United States of America have signed an agreement to return over US$308 million in confiscated funds to the people of Nigeria.

This was made public in a statement on the official website of United State Embassy & Consulate in Nigeria on Tuesday.

The statement reads in full:

On Monday, 3 February 2020, the Government of Jersey, the Federal Republic of Nigeria and the Government of the United States of America entered into an Asset Recovery Agreement to repatriate over US$308 million of forfeited assets to Nigeria.

The funds were laundered through the US banking system and then held in bank accounts in Jersey in the name of Doraville Properties Corporation, a BVI company, and in the name of the son of the former Head of State of Nigeria, General Sani Abacha. In 2014 a U.S. Federal Court in Washington DC forfeited the money as property involved in the illicit laundering of the proceeds of corruption arising in Nigeria during the period from 1993 to 1998 when General Abacha was Head of State.

This case is a result of extensive co-operation between the Jersey authorities, the Money Laundering and Asset Recovery Section of the United States Department of Justice and the Federal Bureau of Investigation, and the Federal Republic of Nigeria, with crucial assistance from other governments around the world.More in Home

At the time the case was filed as part of the U.S. Department of Justice’s Kleptocracy Asset Recovery Initiative in 2013, it was the largest U.S. kleptocracy forfeiture action ever commenced. In 2014 the Attorney General of Jersey applied for, and was granted, a Property Restraint Order over the Jersey bank account balance of Doraville. This was challenged in the Royal Court of Jersey and Court of Appeal, and an application for permission to appeal to the Privy Council by Doraville was refused. France and the United Kingdom restrained additional funds at U.S. request.

General Abacha and his associates stole and laundered many hundreds of millions of dollars of public money during his military regime, doing vast harm to the futures of his own people.  The monies were laundered by his family, including his sons Ibrahim and Mohammed, and a number of close associates. The laundering operation extended to the United States and European jurisdictions such as the UK, France, Germany, Switzerland, Lichtenstein and Luxembourg.

In 2018, Governments of the Federal Republic of Nigeria, United States of America and the Bailiwick of Jersey commenced the negotiation of the procedures for the repatriation, transfer, disposition and management of the assets. The tripartite agreement signed this week represents a major watershed in international cooperation in asset recovery and repatriation, and will provide benefit to people throughout Nigeria.

The projects on which the funds will be expended will be administered by the Nigeria Sovereign Investment Authority and  independently audited. The Federal Republic of Nigeria will establish a Monitoring Team to oversee the implementation of the projects and to report regularly on progress. The Nigerian government, in consultation with the other Parties, will also engage Civil Society Organisations, who have expertise in substantial infrastructure projects, civil engineering, anti-corruption compliance, anti-human trafficking compliance, and procurement to provide additional monitoring and oversight.

The Solicitor General and Attorney General designate of Jersey, Mark Temple QC, who signed the Agreement on behalf of Jersey, commented:

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Finance

Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness

By ORJI ISRAEL

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Bola Ahmed Tinubu
President Bola Tinubu

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.

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Finance

FIRS e-Invoicing Hits 20% Adoption in Two Weeks

Reporter: SANDRA ANI

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VAT controversy | FIRS e-Invoicing

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.

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NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025

By Our Correspondent

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NGX Boss, Umaru Kwairanga
NGX Boss, Umaru Kwairanga

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).

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