The Economic and Financial Crimes Commission (EFCC) has recovered more than N38.66 billion in cash and assets in an ongoing investigation into the alleged diversion of funds allocated for the rehabilitation of Nigeria’s state-owned refineries.

The anti-graft agency is also preparing possible criminal charges against several former and serving officials of the Nigerian National Petroleum Company Limited (NNPCL), as well as contractors linked to the refinery rehabilitation projects.

Findings by investigators indicate that the EFCC has so far recovered N9.4 billion, $21.2 million and several landed properties allegedly traced to individuals under investigation. The recovered dollar component is valued at about N29.26 billion using the Central Bank of Nigeria’s official exchange rate.

The probe, described by investigators as one of the largest corruption investigations in Nigeria’s oil sector, centres on the management of approximately $2.79 billion released between 2021 and 2023 for the rehabilitation and turnaround maintenance of the Port Harcourt, Warri and Kaduna refineries.

According to the EFCC, the investigation involves allegations of criminal conspiracy, diversion of public funds, abuse of office, money laundering, procurement fraud and economic sabotage. Those under scrutiny include officials of the NNPCL, its subsidiary, the NNPC Engineering and Technical Company Limited (NETCO), former and serving managing directors of the refineries, and major contractors involved in the projects.

Records show that the Federal Government approved about $1.56 billion for the rehabilitation of the Port Harcourt Refining Company, $740.7 million for the Kaduna Refining and Petrochemical Company, and $492.3 million for the Warri Refining and Petrochemical Company.

Despite the huge financial outlay, investigators reportedly found little evidence of corresponding improvements in refinery operations, raising concerns that substantial portions of the funds may have been diverted or improperly disbursed.

The EFCC had earlier arrested several senior NNPCL officials in connection with the investigation, including former Chief Financial Officer Umar Isa, Warri Refinery Managing Director Tunde Bakare, and former Port Harcourt Refinery Managing Directors Ahmed Dikko and Ibrahim Onoja.

Investigators have also interrogated more than 30 senior NNPCL officials and over 50 representatives of contracting firms and subcontractors involved in the refinery rehabilitation programme.

As part of the investigation, the commission reviewed procurement records, payment approvals, project execution reports and banking transactions, while also obtaining information from the Corporate Affairs Commission, the Central Bank of Nigeria and commercial banks.

Sources familiar with the probe disclosed that investigators uncovered widespread violations of procurement procedures and questionable payment approvals allegedly facilitated by officials at different levels of management.

One of the officials under investigation, former Port Harcourt Refinery Managing Director Ahmed Dikko, is accused of authorising direct payments to contractors from provisional sum funds contrary to contractual provisions. Investigators said assets valued at N983.9 million, $227,030 and three landed properties were traced to him, with an interim forfeiture order already secured.

Similarly, a senior official linked to the Warri Refinery rehabilitation project, Jimoh Yisawu, is alleged to have approved payments to unqualified contractors and authorised inflated invoices and contract mark-ups exceeding $10 million and nearly N8 billion.

The EFCC said it traced more than N1.4 billion and four landed properties to Yisawu, assets investigators claim he could not satisfactorily explain. The properties have also been placed under interim forfeiture pending prosecution.

Sources disclosed that the recovered N9.4 billion and $21.2 million have been lodged in the EFCC’s recovery accounts, while an additional $2.32 million was recovered through the Federal Inland Revenue Service (FIRS).

Investigators also revealed a separate alleged revenue fraud case involving $28.39 million and N665 million linked to the management of the Port Harcourt Refining Company, with efforts ongoing to recover the funds.

The investigation remains ongoing, with the EFCC indicating that additional recoveries, arrests and prosecutions are expected as more evidence emerges.

The latest revelations have renewed concerns over the effectiveness of Nigeria’s refinery rehabilitation programme despite the expenditure of billions of dollars over the years.

Nigeria’s four state-owned refineries, with a combined installed capacity of 445,000 barrels per day, have remained largely underperforming for decades despite repeated turnaround maintenance and rehabilitation efforts.

While the Warri Refinery briefly resumed operations in December 2024 before shutting down a month later over safety concerns, the Port Harcourt Refinery was taken offline in May 2025 for scheduled maintenance.

In October 2025, the NNPCL announced a technical and commercial review of the refineries aimed at improving operational efficiency and profitability. The company also recently signed a Memorandum of Understanding with two Chinese firms to support the completion, operation and possible expansion of the Port Harcourt and Warri refineries.

Efforts to obtain reactions from the NNPCL and officials named in the investigation were unsuccessful as of the time of filing this report.

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The Federal Inland Revenue Service (FIRS) has announced that Nigeria’s National Identification Number (NIN) will automatically serve as the Tax Identification Number (TIN) for individual taxpayers, while Corporate Affairs Commission (CAC) registration numbers will now function as tax IDs for registered businesses.

The clarification was made through a public awareness campaign on Nigeria’s new tax laws shared by the Service on its official X (formerly Twitter) account on Monday.

According to the FIRS, individuals will no longer be required to apply separately for a Tax Identification Number, as their existing NIN—issued by the National Identity Management Commission (NIMC)—now fulfils that role under the new tax framework.

Similarly, registered businesses will not need a separate tax ID, as their CAC registration (RC) numbers will automatically serve as their official tax identifiers.

The announcement comes amid growing public concerns over provisions in Nigeria’s revised tax laws that require a Tax ID for certain financial transactions, including the ownership and operation of bank accounts.

Explaining the policy, the FIRS stated that the Nigeria Tax Administration Act (NTAA)—scheduled to take effect from January 2026—mandates the use of a Tax ID for specific transactions. However, it stressed that the requirement is not new, noting that it has existed since the Finance Act of 2019 but has now been strengthened.

“The Tax ID unifies all Tax Identification Numbers previously issued by the FIRS and State Internal Revenue Services into a single identifier,” the Service said.

“For individuals, your NIN automatically serves as your Tax ID, while for registered companies, your CAC RC number is used. You do not need a physical card, as the Tax ID is a unique number linked directly to your identity.”

The FIRS added that the new system is designed to simplify identification, reduce duplication, close loopholes that enable tax evasion, and promote fairness by ensuring that all eligible taxpayers contribute appropriately.

The agency urged Nigerians to disregard misinformation surrounding the reform, assuring the public that the revised tax framework is aimed at improving efficiency, transparency, and compliance in tax administration.

Meanwhile, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, had earlier disclosed that banks will be required to request a TIN from all taxable Nigerians as part of the federal government’s tax administration framework, effective January 1, 2026.

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The Federal Inland Revenue Service has clarified that the controversial 4% Development Levy introduced under Nigeria’s new tax reforms is not a new tax, but a consolidation of multiple existing charges aimed at simplifying compliance and improving economic competitiveness.

The Federal Inland Revenue Service has moved to calm public concerns over the newly enacted Nigeria Tax Act and Nigeria Tax Administration Act, insisting that the 4% Development Levy being widely debated is not an additional burden on businesses.

In a statement issued on Tuesday, the agency said the levy merely merges several pre-existing payments—including the Tertiary Education Tax, NITDA Levy, NASENI Levy and Police Trust Fund Levy—into a single, predictable charge. According to the FIRS, this consolidation eliminates multiple agency-level collections, reduces compliance costs, and offers clearer fiscal planning for businesses.

The tax agency said the reform is part of a broader strategy to make Nigeria’s business environment more competitive, while providing long-term fiscal stability and restoring investor confidence.

It added that small businesses and non-resident companies remain exempt, ensuring that vulnerable enterprises are not exposed to additional financial pressure.

Tax analysts say the 4% levy reflects a global push for clearer and more coordinated tax structures. “The consolidation sends a signal to investors that Nigeria is moving away from fragmented, unpredictable levies and toward a modern tax regime,” a Lagos-based analyst told our correspondent.

Amid speculation that the government was rolling back Free Trade Zone incentives, the FIRS clarified that FTZs retain their tax-exempt status. Under the new law, FTZ companies may sell up to 25% of their goods locally without losing incentives, and have been granted a three-year transition period to adjust to the new rules.

On the newly introduced 15% minimum Effective Tax Rate for large domestic and multinational firms, the agency said the move aligns Nigeria with a global tax agreement endorsed by more than 140 countries under the OECD/G20 tax framework. Without adopting the rule, the FIRS warned, Nigeria risked losing substantial revenue to “Top-Up Tax” collections abroad.

The reforms also overhaul capital gains taxation—now termed “chargeable gains”—introducing incentives such as reinvestment relief for investors who redirect proceeds into Nigerian companies within the same year. Experts say this single provision could unlock new capital for startups, private equity, and emerging industries.

The FIRS maintained that the tax reforms were designed to strengthen fiscal stability, deepen investor confidence and ensure a more predictable environment for businesses.

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The Federal Government of Nigeria has commenced user acceptance testing (UAT) for the National Single Window (NSW), marking a key milestone toward a unified, technology-driven trade ecosystem expected to go live in March 2026.

The initial testing involved the first cohort of stakeholders, guided by technology partner CrimsonLogic, who trained agencies and trade participants on the platform’s features, system navigation, and operational workflows.

Key Government Oversight

The Minister of Finance, Wale Edun, and FIRS Executive Chairman Dr. Zacch Adedeji, visited the UAT sites to assess progress and interact with participants. Representatives from regulatory and trade bodies, including the Nigeria Agricultural Quarantine Service (NAQS), Standards Organisation of Nigeria (SON), National Environmental Standards and Regulations Enforcement Agency (NESREA), Nigeria Customs Service, and the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), as well as importers, exporters, and clearing agents, were part of the testing process.

Streamlining Trade Processes

The testing phase allows stakeholders to validate workflows, align expectations, and assess system functionalities. Once fully operational, the NSW will harmonize documentation, reduce trade costs, eliminate duplication, and cut clearance timelines from 21 days to under seven, aligning Nigeria with the Africa Continental Free Trade Area (AfCFTA) digital trade standards.

Economic and Operational Benefits

Kingsley Igwe, Registrar and CEO of CRFFN, highlighted the platform’s global adoption in countries such as Singapore, South Korea, and Rwanda. He emphasized the potential economic benefits for Nigeria:

• Reducing logistics costs by 25–30%
• Boosting trade competitiveness and attracting investment
• Facilitating faster clearance of raw materials for manufacturers
• Supporting SMEs with simplified trade access
• Improving digital tracking for freight forwarders

Government Commitment

President Bola Tinubu, represented by Vice President Kashim Shettima, assured stakeholders at the Customs Partnership for African Cooperation in Trade Summit that the NSW platform will enhance transparency, operational efficiency, and Nigeria’s role as a standard-setter in port automation.

Both Edun and Adedeji praised the collaborative effort of participating ministries, departments, and agencies, reaffirming the Federal Government’s commitment to creating a modern, transparent, and technology-enabled trade environment.

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In the aftermath of the tragic fire at Afriland Towers on September 16, which claimed ten lives and left several others injured, the Nigeria Social Insurance Trust Fund (NSITF) has pledged to expedite compensation payments to the victims’ families and the injured.

During a condolence visit to the Federal Inland Revenue Service (FIRS) office in Ikoyi, Lagos, as well as to United Capital Plc and the bereaved families, the NSITF reaffirmed its commitment to ensuring that all claims under the Employees’ Compensation Scheme (ECS) are processed without delay.

The delegation, led by Mr. Abdullateef Musa, General Manager of Compliance, who represented the Managing Director and Chief Executive, Barrister Olúwaseun Faleye, extended the Fund’s condolences. He stated that the NSITF stands in solidarity with the affected institutions and families, and reaffirmed the Fund’s statutory role in delivering social security to Nigerian workers. He assured those present that all benefits due to the dependents of the deceased would be processed promptly and transparently.

Musa acknowledged the deep impact of the incident not only on the organizations involved but also on the bereaved families, colleagues, and the wider workforce community. While emphasizing that the loss of life is irreplaceable, he underscored the Fund’s resolve to support and stand by the families left behind.

At FIRS, Assistant Director Mr. Innocent Ugwuoke expressed appreciation for the NSITF’s quick response and ongoing support. He noted that the Employees’ Compensation Scheme had proven to be a vital safety net during emergencies such as this and called for greater public awareness about the scheme so that more employers and workers understand its significance and benefits.

A similar sentiment was echoed during the visit to United Capital Plc, where the company’s Director of Human Resources, Oluseye Komolafe, commended the NSITF for its efficient handling of the situation. He praised the scheme’s structure and the professionalism of the Fund, describing its support as both timely and compassionate.

The fire, which engulfed Afriland Towers on September 16, 2025, led to the deaths of four FIRS employees and six staff members of United Capital Plc. The incident has raised fresh concerns around workplace safety and employee welfare in Nigeria.

The NSITF has reiterated its readiness to work closely with all affected parties to ensure that compensation is disbursed quickly and fairly, in keeping with its broader mandate to provide social protection for workers across the country.

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According to officials, the FIRS facility had failed to settle its statutory ground rent obligations for over 25 years, prompting the drastic action.

In a similar move, the FCTA enforcement team also closed a branch of Access Bank and a Total filling station, both located in the Wuse District. Authorities disclosed that the property housing the bank had not seen any ground rent payments for more than three decades—specifically, 34 years.

This clampdown comes in the wake of a major revenue recovery campaign initiated by the FCTA. In March, the administration revoked the titles of 4,794 properties whose owners had defaulted on ground rent payments for between 10 and 43 years.

The FCTA also issued a 21-day ultimatum to thousands of other property holders with arrears of less than 10 years, warning them to clear their debts or risk similar penalties. As of last Friday, the administration was still reviewing its financial records to identify which defaulters had complied within the grace period.

Officials indicated that repossession of the 4,794 revoked properties would begin in earnest this week.

Regarding the sealed bank facility, it was confirmed to be originally allocated to a private firm, Rana Tahir Furniture Nigeria Limited. It remains unclear whether Access Bank acquired the property from the original allottee or is occupying it on a lease agreement.

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Justice Obiora Egwuatu, who presided over the case, stated that Garunbaba failed to provide credible evidence showing that his real estate acquisitions were funded by legitimate earnings.

The confiscated properties include a four-bedroom terrace maisonette in Barumark Groove Estate, Abuja, bought under the name MYZ Venture, and a second property at No. 5 Lodge Road, Kano. Despite legal challenges, Garunbaba was unable to justify the origins of the funds used for these purchases.

The Economic and Financial Crimes Commission (EFCC), which filed the case under reference number FHC/ABJ/CS/876/2021, argued that these properties were acquired using illicit funds. According to the EFCC, the Advance Fee Fraud and Other Fraud Related Offences Act of 2006 empowers the court to confiscate assets linked to fraudulent activities. A prior interim forfeiture order had been publicized, but no valid counterclaim was presented, leading to the final ruling.

Investigations revealed a deep-rooted fraud scheme within the FIRS, where Garunbaba and his associates manipulated the Duty Tour Allowance (DTA) system between 2017 and 2018. They fabricated travel claims to divert millions of naira, with funds systematically distributed among senior FIRS officials.

EFCC investigator Apagu Wudah testified that Garunbaba’s written confession, made in the presence of his legal representative, exposed a wide-scale embezzlement network. His statement detailed how over N269 million was misappropriated, implicating high-ranking officials such as Peter Hena (who received N145 million), Bello Auta (who took N95 million), and Aminu Sidi (who pocketed N29.3 million).

The funds were funneled through multiple channels, including a bureau de change operator, Wan Jafar Shehu, and directly into Garunbaba’s Stanbic IBTC Bank account (9301540597).

Further forensic analysis confirmed that Garunbaba purchased the Abuja property for N65 million via First Bank transfers to Barumark Investment and Development Company Ltd, while the Kano residence was bought for N39 million from Alakhillau Enterprises, owned by Adamu Muhammed. Investigators concluded that these transactions far exceeded his legitimate earnings as a public servant.

With the forfeiture now finalized, the Nigerian government has assumed ownership of the properties, reinforcing its zero-tolerance stance on financial crimes. The EFCC has hinted at further probes and legal proceedings as part of its ongoing efforts to eliminate corruption within government institutions.

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FIRS presented its first witness, Mbami Shomgwan, Manager of the TaxPromax Technology Department, to the Federal High Court in Abuja.

Tax Evasion Allegations

The FIRS amended its lawsuit on May 17, 2024, accusing Binance of failing to collect and remit Value Added Tax (VAT) and Company Income Tax (CIT) to the federation.

The tax evasion charges follow an official claim that Binance violated Section 40 of the FIRS Establishment Act 2007.

The FIRS contends that Binance’s operations in Nigeria triggered VAT obligations that were not met.

Witness Testimony

During the court session, Shomgwan explained how FIRS’s TaxPromax system manages taxpayer registration, tax collection, and accounting.

He emphasized that any entity conducting business in Nigeria is expected to register on the platform and fulfill tax obligations.

The system, launched in June 2021, records all taxpayer transactions, which the FIRS claims supports their allegations of tax evasion by Binance.

Binance’s Defense

In cross-examination, Binance’s lawyer, Chukwuka Ikwuazom, questioned Shomgwan about the need for foreign companies to register in Nigeria.

The witness clarified that non-Nigerian companies must register if they have significant economic presence in Nigeria.

Court Adjournment and Future Proceedings

Binance’s legal team denied the tax evasion charges, which now form the basis for ongoing litigation.

Background on Binance’s Legal Troubles

The Nigerian government has placed Binance under scrutiny for its impact on the local economy.

In February 2024, authorities detained two senior Binance executives, accusing them of money laundering and foreign exchange violations.

The EFCC and FIRS have separately sued the company, which has denied all charges.

The case against Binance continues to unfold as Nigerian authorities pursue legal action to regulate cryptocurrency platforms more rigorously.

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There is no basis to entertain any fear about these bills. If anything, Nigerians are going to commend President Tinubu for focusing on laying a solid foundation that will ensure fiscal stability of the country. When Nigerians get to know the details of the documents, they will know that the president is actually working to bring reliefs to them and their businesses.

The four executive bills seek to tidy up the fiscal policy and legislation environment in the country. They are: Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill. These bills seek to translate the recommendations by the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, into implementable legislative framework for the benefits of Nigerians.

It is common knowledge that one factor which has continued to impede efficiency in Nigeria’s tax system and has negatively impacted revenue is multiplicity of taxes. President Tinubu, in his inauguration speech, had pledged to address the issue of multiple taxation and remove all hurdles against investment in the country. Multiplicity of taxes is one of the issues that the Nigeria Tax Bill seeks to end. This will certainly bring reliefs to corporate Nigeria. Imposition of tax by more than one agency or level of government, without a shadow of doubt, constitutes a chokehold on businesses, especially micro and small businesses as well as individuals.

How will this bill address multiplicity of taxes? In Nigeria today, laws dealing with various aspects of taxation are scattered in different legislations. Some of these laws are: Companies Income Tax Act, Personal Income Tax Act, Capital Gains Tax Act, Value-Added Tax Act, Stamp Duties Act, Petroleum Profits Act, Tertiary  Education Fund Act, Petroleum Industry Act and so on. In addition to the tax-specific laws, there are a plethora of tax provisions in non-tax laws such as the NLNG Act, Tertiary Education Trust Fund Act, NASENI Act, Lottery Act, Companies and Allied Matters Act, etc. The list is seemingly endless.

In enforcing these disparate tax provisions, unintended multiple taxation occurs and this is one of the things that the bill seeks to address. The Nigeria Tax Bill aims to codify of all taxing provisions into one single document to be known as the Nigeria Tax Act when passed into law. In the bill, chapters are devoted to the various tax types in a simplified format. The proposed tax law is also written in a simple language that anyone with basic literary education can read and understand. The complexity of the extant laws, for instance, is such that it will be pretty difficult for a Professor of Mathematics to compute his personal income tax on his own because of all the inter-twinning provisions that will befuddle him as to what income is taxable or what deduction is allowable. All these complications and complexities have been removed in the new proposals.

In the proposed law, companies doing businesses within the country have been re-classified into two: small and large. This is done in accordance with the companies’ respective turnover thresholds. A company will be deemed small if its turnover is N50 million or less in a year. Under the extant law, any company which records a turnover of N25 million or less is not required to pay Companies Income Tax (CIT). In the new tax bill, companies with yearly turnover that is up to N50 million will not pay CIT. As regards large companies, that is, those whose turnover thresholds are above N50 million, there is a proposal in the bill to give some relief to them through a significant reduction in their CIT rate. The objective of this succour for such companies is in line with President Tinubu’s avowed commitment to protect small businesses and eliminate inhibitions that negatively impact entrepreneurship in the country.

Perhaps the game-changer among the several pleasant provisions of this document is what the bill seeks to do with VAT. It is an eloquently testimony to the fact that President Tinubu has listened and harkened to the complaints by Nigerians, particularly the ordinary Nigerians who are bearing the substantial brunt of the initial pain of the government’s economic reformation policies. In the proposed law, VAT will not be charged on all items that have direct existential impact on the common people. Items such as food, medicals, education, transport business and agriculture are not chargeable to VAT.  For instance, tuition fee or rent paid by proprietors or purchases made by school owners for the purpose of the business of educating Nigerians will be free from VAT. It is the same for owners of hospitals, those in agric business as well as those who buy vehicles for transportation. These are the areas where the lives of the common people will be significantly positively affected, especially in view of the temporary pain of the ongoing reforms.

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Adedeji made this revelation while highlighting the significant progress made by FIRS in revenue collection during the year.

Speaking at the FIRS special day at the ongoing 35th Enugu International Trade Fair, Adedeji, represented by FIRS staff Mrs. Aisha Ribadu, attributed the success to FIRS’s commitment to nurturing and empowering its workforce.

He emphasized the importance of equipping employees with the skills, knowledge, and tools needed for success.

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Adedeji expressed appreciation to the Enugu State Chamber of Commerce, Industry, Mines, and Agriculture (ECCIMA) for choosing the theme “Promoting Made-in-Nigeria Products for Global Competitiveness,” which reflects the aspiration to dominate the African market and assert relevance globally.

He highlighted FIRS’s transformative reforms, including the introduction of Taxpromax Solutions, an innovative e-service platform that enables taxpayers to fulfill their obligations seamlessly from anywhere at any time.

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ECCIMA President, Mr. Odeiga Jideonwo, in a welcome address, emphasized the importance of bringing the business community and the public closer to FIRS’s activities. Jideonwo commended FIRS for its innovations aimed at voluntary compliance, which boosts the tax base and revenue while offering grace to tax evaders willing to comply.

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