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Reps Quiz Polaris Bank MD Over $224m NNPC Alleged Hidden Account

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The House of Representatives Ad Hoc Committee on Assessment and Status of All Recovered Loots Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective Efficient Management and Utilisation, on Thursday, grilled the Acting Managing Director, Polaris Bank Limited, Innocent Ike, over an account belonging to the Nigerian National Petroleum Corporation.

Over $200m was said to have been allegedly hidden in the account, which was opened in 2012.

Polaris Bank, formerly Skye Bank, said it forwarded the balance to the Central Bank of Nigeria in compliance with the Treasury Single Account policy of the Federal Government.

The committee, however, invited the NNPC to come forward and explain the circumstances surrounding the account, while asking the bank to forward evidence of the remittance within one week.

Chairman of the committee, Adejoro Adeogun, had noted that a special prosecutor to the defunct Special Presidential Panel for the Recovery of Public Property, Mr Tosin Ojaomo, raised the alarm over the alleged maintenance of an account with the Deposit Money Bank against the TSA policy.

Adeogun noted that several top government officials had been summoned and appeared before the committee to account for recovered loot.

He said, “In the course of our ongoing inquiry, we did find out that there were depositions; they alleged that there were infractions by your bank and there were gaps in the records supplied by some of these agencies, and you have been invited to give your side of the story.”

Ike, in his presentation, recalled that the defunct Skye Bank was enmeshed in financial and administrative crises, making it difficult to meet its obligations.

According to him, huge credit facilities were granted to operators in the petroleum sector following there was a major crash in global oil prices.

He further recalled that the CBN, in July 2016, dissolved the board of the erstwhile Skye Bank and Polaris Bank took over the assets and liabilities of the erstwhile Skye Bank.

Ike noted that it was a normal banking service to the NNPC, adding that the account was opened before the TSA policy was introduced.

“Permit me to conclude that the money deposited at Skye Bank and Polaris Bank was at no time hidden from any government agency and, therefore, we do not believe that it should be classified as looted funds at all.

“At that same time, the bank, among other things, was unable to honor the directive to remit all government funds to the TSA, inclusive of the NNPC fund. So, when we came on board, it was one of the challenges we had to deal with.

“The account was opened in early 2012. The first transfer was about $30m. Subsequently, some more money actually came in.

“So, it was an all banking relationship. But then, when these instructions were issued, the bank was not able to remit this money as directed because of the liquidity issue.

“The bank lent out money, particularly to the oil and gas sector. Because of the challenges that the sector had gone through earlier, customers could not pay back all the money at the time required to enable the banker to pay the money.

“Somewhere along the line, the Federal Government, through the disbanded Special Investigation Panel for Recovery of Looted Property instituted a suit against Polaris Bank on the same matter.

“In 2019 February, in demonstration of our commitment to begin to repay the money, we proposed to begin to make an installment payment of $10m monthly and we started payment the same month.

“Because the Federal Government found merit in our case and since we began the payment, subsequently the government had pleaded that the monthly payment should be entered as consent judgment, and it was so done.

“As of today, we have made a total payment of $224,324,958.75 which was outstanding as of February 19. Today, we, therefore, have nothing – not a dollar, nor a cent – outstanding in Polaris Bank in favour of NNPC. We have attached evidence of payment and remittances.”

Reacting to the allegation of operating a secret account, the NNPC said all its accounts were with the Central Bank of Nigeria.

In response to an inquiry, NNPC’s Group General Manager, Group Public Affairs Division, Kennie Obateru, said the corporation had been complying with the Federal Government’s directive as pertaining to its accounts.

He said, “All NNPC accounts are with the CBN in compliance with the FG (Federal Government) directive. You may wish to investigate further to verify the claim.”

BIG STORY

Who Is Afraid of Zacch Adedeji? —– Seun Oloketuyi

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The recent call by a group identifying itself as the Arewa Consultative Youth Movement for the suspension and investigation of the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, raises more questions than it answers.

In a period when Nigeria faces profound economic challenges, it is curious that a body supposedly concerned with national progress has chosen to target the one institution that has consistently delivered measurable results. More troubling is the absence of any specific allegation. The group did not name an offence, cite evidence, or establish wrongdoing.

Instead, it issued a vague, ambiguous statement built around innuendo. Such an approach makes clear that this is not an act of patriotism but a sponsored campaign aimed at distracting a key figure in Nigeria’s economic recovery efforts.

At the centre of the storm is a technocrat whose performance is both documented and publicly verifiable. The question, therefore, is simple: Who is afraid of Zacch Adedeji? Record Revenue Performance Under Dr. Adedeji’s leadership, FIRS has delivered the highest revenue figures in Nigeria’s history.

In 2023, the Service collected ₦12.36 trillion, surpassing its target and setting a new national milestone. This performance was exceeded in 2024, with collections reaching over ₦21.6 trillion, far above the revenue benchmark for the year. Cumulatively, between 2023 and 2025, FIRS mobilised ₦47.39 trillion, representing more than 115% of its combined revenue targets. These numbers, widely published across reputable financial platforms demonstrate not just improved collection but renewed fiscal discipline within the Service.

Digital Transformation and Modernised Tax Administration.

One of Adedeji’s most significant achievements is the modernisation of Nigeria’s tax administration system. The upgrade of TaxProMax automated the majority of tax processes, reducing human interference and simplifying compliance for individuals and businesses alike. Additionally, the introduction of the 829# USSD tax service made Nigeria the first African country to allow taxpayers to access essential tax services through basic mobile phones.

The rollout of the National Single Window Project also integrated tax, customs, and port functions, improving trade efficiency and creating new pathways for improved revenue generation.

Expansion of the Tax Base

FIRS under Adedeji aggressively expanded the tax net by focusing on SMEs and informal-sector businesses traditionally outside the formal tax system.

Through digital tools, taxpayer education, and simplified registration processes, thousands of new taxpayers were onboarded, broadening Nigeria’s revenue base and reducing dependence on oil. Institutional Reforms and Improved Staff Welfare During his tenure, FIRS was restructured into functional clusters designed to improve service delivery and reduce bureaucratic bottlenecks. This modern, customer-centric model has significantly enhanced operational efficiency.

In 2024, he approved a substantial salary increase of over 60% for staff, an unprecedented welfare boost that improved staff morale and encouraged better service delivery. Commitment to Transparency and Taxpayer Protection The establishment of a strengthened Anti-Corruption and Transparency Unit (ACTU), in partnership with the ICPC, underscores the Service’s renewed focus on integrity.

Adedeji’s tax philosophy, “We tax prosperity, not poverty” has also guided policies that protect low-income earners while ensuring equitable taxation across economic groups. The Real Motive Behind the Attacks with this level of performance, it is not surprising that vested interests, those who benefited from loopholes, inefficiency, and opacity, now view the reforms at FIRS as a threat. Calls for suspension without evidence suggest that the attacks are less about patriotism and more about stopping a man whose work disrupts the old order.

An attack on Adedeji is, by extension, an attack on the fiscal reforms underpinning President Bola Ahmed Tinubu’s economic agenda. It is therefore imperative for security agencies to investigate the sponsors of these faceless campaigns. Conclusion Nigeria’s revenue system is experiencing its strongest period in over a decade, driven by reforms that are transparent, digitally driven, and effective.

At such a time, attempts to distract the Executive Chairman of FIRS should concern every patriotic Nigerian. The facts are clear, the achievements are verifiable, and the progress is undeniable. So the pressing question remains: Who is afraid of Zacch Adedeji and why?

 

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BIG STORY

We Will Get It Right With Security —- Obasa

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Speaker of the Lagos State House of Assembly, Rt. Hon Mudashiru Obasa has affirmed that with the support of all Nigerians, President Bola Ahmed Tinubu would get it right with his concerted reengineering of the nation’s security architecture.

Speaking at the APC Stakeholders and Progressives Governors Forum meeting held Saturday, December 6, at the Eko Hotel and Suites, Victoria Island, Lagos, Obasa said he did not doubt that President Tinubu and the All Progressives Congress, APC-led federal government, would do all that they can to ensure that they secure the life and property of every Nigerian.

According to Obasa, “We have seen the president in action and how he is innovating and working hard to resolve our many challenges, especially insecurity, and we believe he will get it done. He’s still the man who can do it. That is why we must do everything within our powers to ensure that he is returned in 2027.”

Speaker Obasa teed off with robust commendations for the governors for their shared dedication and commitment to helping President Tinubu resolve Nigeria’s insecurity problem.

He urged them to galvanise their people when they return to their various states to be a part of the solution to Nigeria’s security challenge, and not stay aloof.

Speaker Obasa added that security is not just about the governors, “It is about everybody. We must all be involved in fighting this problem. We must give the President all the support that we can so that he will succeed in his attempts to redirect the trajectory of Nigeria.”

The PGF had converged on Lagos between December 5 and 6 for a meeting convened by the Chairman of the Forum, Senator Hope Uzodimma, Governor of Imo State, and hosted by Governor Babajide Sanwo-Olu of Lagos State.

In a communique read by Governor Uzodinma, the governors passed a vote of confidence on President Tinubu’s administration, and pledged support for his Renewed Hope Agenda and re-election in 2027.

The Forum, according to Governor Uzodinma, reviewed the security situation across the country and expressed appreciation for the improved coordination between federal, state, and local security structures, as well as the courage and sacrifices of security agencies and community volunteers. They also resolved to strengthen local security architecture in all the states.

Governor Uzodinma said that their two-day engagement provided an opportunity to review the nation’s current trajectory, deepen coordination among the governors, and reaffirm their firm support for the Renewed Hope Agenda of President Tinubu. “The PGF commended President Bola Ahmed Tinubu for his steadfast commitment to stabilizing the economy, strengthening national security, and laying the foundations of sustainable growth through the Renewed Hope Agenda,” he said.

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BIG STORY

Nigerian Army Suspends Officer Retirements Amid National Security Emergency

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The Nigerian Army has suspended all statutory and voluntary retirements for certain categories of officers following the nationwide security emergency declared by President Bola Tinubu.

An internal memo dated December 3, signed by Maj. Gen. E. I. Okoro on behalf of the Chief of Army Staff, and sighted by our correspondent, stated that the suspension of retirements is aimed at retaining manpower, experience, and operational capacity as the Armed Forces expand in response to rising insecurity.

The document, referencing the Harmonized Terms and Conditions of Service Officers (HTACOS) 2024, noted that although officers are ordinarily expected to retire upon reaching their age limit, completing 35 years of service, or after repeated promotion or conversion failures, service extension is permissible under Paragraph 3.10(e) in the interest of the military.

The memo partly read: “Military service of a commissioned officer entails a period of unbroken service in the AFN from the date of enlistment or commissioning to the date of retirement. The period of service is determined by conditions enshrined in the HTACOS Officers 2024. These include attainment of age ceilings on various ranks, a maximum length of service of 35 years, and other criteria provided in Paragraphs 11.02(d) and 17.15, among extant regulations.

“Notwithstanding these provisions, Chapter 3.10(e) of HTACOS Officers 2024 allows for the extension of service to officers in the interest of the service.

“The President and Commander-in-Chief declared a nationwide security emergency on November 26, mandating the expansion of the AFN and other security agencies. In line with this, and to rapidly expand manpower, it has become expedient to temporarily suspend all statutory and voluntary retirements from the Nigerian Army with immediate effect.”

According to the circular, the temporary suspension applies to officers who fall into the following categories: officers who failed promotion examinations three times; officers passed over three times at promotion boards; officers who have reached the age ceiling for their ranks; officers who failed conversion boards three times; and officers who have attained 35 years of service.

“Officers in these categories who are not interested in an extension of service are to continue with the normal retirement procedure. Officers desirous of extension should note that upon extension, they are not eligible for career progression, including promotion, career courses, NA sponsorship, self-sponsored courses, secondment, or extra-regimental appointments,” the memo stated.

It directed all commanders to disseminate the directive and manage morale, adding that the policy would be reviewed as the security situation improves.

President Bola Tinubu, on November 26, 2025, declared a nationwide security emergency and directed the military, police, and intelligence agencies to expand recruitment and deploy thousands of additional personnel.

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