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Nigeria Targets Hidden Billions as FIRS Unleashes New Anti‑Leakage Measures
The Federal Inland Revenue Service (FIRS) has raised alarm over the massive revenue losses Nigeria suffers through illicit financial flows, especially those masked as legitimate business transactions.....KINDLY READ THE FULL STORY HERE▶
Speaking in an interview with Sunday PUNCH, the Coordinating Director of the Proceeds of Crime Management and Illicit Financial Flows Coordination Directorate at FIRS, Prof. Bolaji Owasanoye, expressed concern that these practices are draining resources critical to the country’s development.
Owasanoye, who is also the immediate past chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), revealed that the FIRS is preparing to host a national conference on illicit financial flows as part of its efforts to strengthen revenue generation.
He stressed that tax revenue remains the most reliable source of funding for national development, and tackling illicit financial flows is key to enabling the agency meet its mandate.
“Illicit financial flows have a direct and significant impact on tax revenue,” Owasanoye explained. “If people do not understand how these practices erode the tax base, they cannot appreciate how it undermines the ability of the tax authority to deliver on its core mandate.”
Breaking down the sources of these losses, he noted that commercial transactions account for over 60 per cent of illicit flows, while corruption and criminal activities combined make up just over 30 per cent.
Many of these commercial transactions, he added, are orchestrated by corporations that appear to be engaging in legitimate trade but are in fact using cross‑border arrangements to shift profits and avoid tax liabilities in Nigeria.
“When corporations deliberately structure deals to reduce their taxable profits, they directly shrink what the FIRS can collect. That is why this conference is crucial— to shed light on these practices, to foster collaboration among key agencies, and to work collectively to plug the loopholes,” he said.
The planned conference, according to Owasanoye, will also build the capacity of FIRS field officers, equipping them to detect irregularities in complex financial transactions.
He further emphasised that stronger inter‑agency cooperation is vital if Nigeria is to significantly cut losses from illicit flows:
“We are liaising with other agencies, but we still need accurate data to close the knowledge gap on how much we are losing. Part of what we aim to achieve with this conference is to deepen collaboration, share information, and train our people to better understand what to look for,” he stated.
FIRS reiterated its commitment to enhancing transparency, tightening oversight, and holding defaulting entities accountable as it works with stakeholders to safeguard the nation’s revenue base.
According to Nivo News, the General Overseer of the Living Faith Church Worldwide, Bishop David Oyedepo, has declared what he described as divine judgment on bandits and their alleged sponsors responsible for insecurity across parts of Nigeria.....KINDLY READ THE FULL STORY HERE▶
Speaking on Sunday at the church’s headquarters in Ota, Ogun State, during a sermon themed “Covenant Day of Vengeance,” Oyedepo stated that those behind killings, kidnappings, and violent attacks would face divine retribution. He further claimed that within the next seven days, consequences would begin to manifest against those he accused of fueling unrest in the country, assuring worshippers that the coming week would be marked by “testimonies of vengeance.”
He was quoted as saying that judgment had been pronounced on individuals responsible for such acts and their supporters, adding that the outcome he referenced would unfold within a week.
In a related remark during a recent midweek service, Oyedepo also acknowledged the presence of fraudsters within and outside religious spaces, warning that his identity and images were being exploited for fraudulent schemes. He urged members of his congregation to remain vigilant and committed to truth to avoid falling victim to scams involving impersonation.
He recounted a case where an individual allegedly posed as him in an attempt to defraud unsuspecting victims, noting that such incidents highlight the growing sophistication of fraudulent activities.
A political disagreement has emerged within the All Progressives Congress (APC) in Nasarawa State following Governor Abdullahi Sule’s reported endorsement of Senator Aliyu Wadada as his preferred successor ahead of the 2027 governorship election.....KINDLY READ THE FULL STORY HERE▶
According to Nivo News, the move has sparked tension between the governor and his predecessor, Umar Tanko Al-Makura, who faulted the decision, describing it as premature and not properly consulted within party structures.
Al-Makura, a prominent figure in the state’s political landscape, expressed displeasure that he only became aware of the endorsement through media reports. He argued that the decision should have involved wider consultation, warning that such early endorsements could undermine internal party processes.
He further noted that the APC had not begun its formal nomination process, insisting that declaring support for a candidate at this stage was inappropriate and ahead of schedule.
The controversy was further heightened by former Inspector-General of Police, Muhammad Adamu, who is also aspiring for the APC governorship ticket. He rejected the endorsement, stating that no individual has the authority to impose a candidate, and reaffirmed his intention to contest in the party primaries.
In response, Governor Sule, through his media aide, defended the endorsement, stating that it was consistent with political traditions in the state. He referenced past succession arrangements, including Al-Makura’s own endorsement of him, arguing that the current process was in line with established practice but being conducted more transparently.
The governor’s camp clarified that Senator Wadada remains a preferred aspirant and not the party’s official candidate.
Senator Wadada, reacting to the development, called for calm among party members, describing the situation as part of normal political competition. He also downplayed tensions with other aspirants, noting that the contest should be seen as a democratic process.
Meanwhile, support for Adamu continues to grow in parts of Nasarawa South, where youths, women, and stakeholders have openly backed his ambition, alongside broader endorsements for President Bola Ahmed Tinubu’s re-election bid.
Adamu, however, maintained that he remains firmly in the race, accusing some political actors of inconsistency in the unfolding succession dynamics.
The Sultan of Sokoto, Muhammadu Sa’ad Abubakar, has described as unnecessary the denial issued by the Christian Association of Nigeria (CAN) regarding an invitation allegedly extended to him for the groundbreaking ceremony of an ecumenical chapel at the Nnamdi Azikiwe International Airport, Abuja.....KINDLY READ THE FULL STORY HERE▶
According to Nivo News, the Sultan’s media team maintained that an official invitation was duly sent to His Eminence requesting his attendance as Royal Father of the Day. The statement explained that the event also listed key dignitaries, including the Senate President, Godswill Akpabio, as Distinguished Guest of Honour, and Senator Oluremi Tinubu as Mother of the Day.
The Sultan’s office emphasised that his participation in the proposed Christian event would promote interfaith harmony, noting his role as Co-Chairman of the Nigerian Inter-Religious Council (NIREC). It added that globally, religious leaders often engage in events outside their faith traditions as part of efforts to encourage unity and peaceful coexistence.
The response follows an earlier clarification from CAN, which denied issuing any invitation to the Sultan and stated that the document circulating in public was not from the association. CAN further explained that the communication in question originated from the Office of the Secretary to the Government of the Federation (SGF) and insisted that it had no involvement in inviting the Sultan to the event.
While acknowledging that the SGF’s office was linked to the invitation process, the Sultan’s media team expressed concern over CAN’s denial, describing it as unnecessary and capable of creating misunderstanding, especially since the Sultan did not request to attend the ceremony.
The statement also urged religious bodies to focus on messages that strengthen unity and promote peaceful coexistence among Nigerians of different faiths and ethnic backgrounds.
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