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Emefiele’s manner of removal smark of political revenge – Report
The manner in which Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN), was removed from office was more of a political revenge than a reform agenda, says the Financial Times (FI) of London.
President Bola Tinubu had on June 9, suspended Emefiele as Governor of Nigeria’s apex bank. He was subsequently arrested by the Department of State Services and charged with illegal, unlawful possession of firearms, a charge that was later dropped.
Writing in an October 3rd editorial, FI noted that while the removal of the former apex bank Governor was overdue, but the process where he was initially charge with unlawful firearms’ possession, was odd and smark of political revenge.
Emefiele had in his deposition before a High Court in Lagos State, argued then that his suspension was a political vendetta.
According to the former apex bank Governor, his ordeal was not unconnected to the Naira redesign policy, which according to former President, Muhammadu Buhari, was intended to halt vote buying and restore sanity in the electoral process.
The editorial, also pointed out that four months into Tinubu’s administration, Nigerian economic reforms needed to regain momentum as there are signs of things going awry.
It reads: “Bola Tinubu, Nigeria’s new president, started off with a bang. In removing a costly fuel subsidy andin shifting towards a market-driven exchange rate,which has sharply weakened a previously overvalued currency, he has gone some way towards persuading investors he is serious about reform. But four months into his presidency, there are signs of things going awry.
“The new president moved quickly to raise expectations. In his inauguration speech in May, he used five words — “the fuel subsidy is gone” — to scrap a policy that had cost the Treasury $10bn in 2022. Previous administrations had tried, and failed, to remove it.
“His instincts were right. Because Nigeria imports most of its refined petroleum products, the subsidy had become a licence for middlemen and crooks to profit from arbitrage. Middle class car owners were the biggest beneficiaries. Perversely, the higher the oil price, the higher the subsidy — and thus the greater the drain on the Treasury.
“Now that the government is $10bn better off, it needs to explain how it is going to use the money to improve people’s lives. It could make direct payments to the most vulnerable or set out plans to bolster public services such as health and education. So far, it has been silent.
“Tinubu has not done nearly enough to explain the rationale of apolicy that, to many Nigerians, seems like the withdrawal of the only thing the state had ever done for them. As petrol prices rise, millions of people — already under pressure from rising food prices — are having to walk miles to work.
“Changes at the central bank are similarly half-cooked. The removal of Godwin Emefiele, the previous governor, was overdue. But its manner, initially via a charge of firearms’ possession, was odd and smacked of political revenge.
“More substantively, the new exchange rate regime has yet to be properly explained. After a signal was given in June that banks could bid freely for foreign currency, the naira fell nearly 30 percent, pushing inflation up still further to an 18-year high of nearly 26 percent. Still, the move to a more realistic exchange rate was a vital step in persuading investors that they could obtain dollars, either to invest in manufacturing inputs or to repatriate as profits.
“But dollar liquidity has since tightened as investors seek to clear a backlog of $7bn in previously unsatisfied demand. After a convergence of the official and black market rate, a gulf has reopened: the parallel rate has fallen to N1,000 versus an official rate of N785. Opacity about the true level of net foreign reserves — by one estimate as low as $4bn — has exacerbated the problem. So has Nigeria’s inability to sell its full Opec quota because of chronic oil theft. Curbing the looting of Nigeria’s patrimony is one of Tinubu’s most urgent tasks.
“The Senate confirmation last week of Olayemi Cardoso as central bank governor may steady the ship at that institution. Markets consider Cardoso, a former Citibank Nigeria chair, to be a sound appointment. (The same cannot be said of all of Tinubu’s picks.) The incoming governor will probably need to raise rates at the next policy meeting to establish his inflation-busting credentials. It is vital that Tinubu restores institutional independence by leaving the bank to get on with its job.
“In other areas the president needs to be more active — and more articulate. He should spell out his policies to a sceptical public. He should also refrain from announcing plans — including the restoration of democracy in Niger — without any real idea of how to implement them. Execution is key. Only four months into his presidency, what started out with a bang risks becoming a whimper. Tinubu needs to regain the momentum.”
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Sanwo-Olu, Lai Mohammed, Gbenga Daniel to discuss 2027 elections, insecurity at 7th Freedom Online lecture
Challenges facing the economy and insecurity, especially associated with elections in a developing economy like Nigeria, will be the focus of discussion at the seventh yearly lecture of Freedom Online (www.freedomonline.com.ng) on September 3 in Lagos.
Freedom Online, according to a statement by its Managing Director/Editor-in-Chief, Gabriel Akinadewo, is focusing on how to tackle insecurity during the lecture “because it has become a monster, threatening to consume the nation-state called Nigeria.
“What does the future hold for Nigeria after the 2027 general elections? How will the election be conducted in a way that will be acceptable to all? Will the outcome lay a solid foundation for the future of the country?
“We believe that actions of politicians, security agents and INEC officials, before, during and after the election will, one way or the other, decide the fate of the more than 200 million Nigerians in this geographical space. Obviously, insecurity, part of which is thuggery during elections, leads to poverty, underdevelopment and other social vices. Nigeria’s political, economic and social fabric is disintegrating because of this time bomb and the outcome of the election will go a long way to decide Nigeria’s future in global affairs”.
Akinadewo said Governor Babajide Sanwo-Olu of Lagos State is the Special Guest Speaker while former Information & Culture Minister, Alhaji Lai Mohammed and former Ogun State Governor, Senator Gbenga Daniel, are the Chairman and Special Guest of Honour respectively.
The President of the Nigerian Guild of Editors (NGE) and Editor of Vanguard, Eze Anaba, is the Chief Host.
…Property Enumeration App to drive new land revenue regime
The Enugu State Internal Revenue Service (ESIRS) has announced a drastic reduction in land use charges payable by property owners across the state as part of measures to encourage tax compliance and broaden the state’s revenue base.
The Chairman of ESIRS, Mr Emmanuel Ekene Nnamani, disclosed this on Monday while briefing journalists on the activities and achievements of the agency in its three years under his leadership.
Under the revised arrangement, property owners in Independence Layout now pay N70,000 annually, while those in Abakpa pay N20,000. Owners of village houses, according to Nnamani, will pay N10,000 annually as land use charge.
Nnamani also announced plans to commence the implementation of a Property Enumeration App, which will facilitate the identification and enumeration of properties across the state and provide a database for the assessment and collection of land use charges.
He said students would be engaged to participate in the enumeration exercise, with each student expected to receive payment on a weekly basis, based on the number of houses enumerated.
According to him, the initiative would help ESIRS establish an accurate property register while creating opportunities for students to earn income through the exercise.
Nnamani explained that the Property Enumeration App would assign identification to properties and their owners, making it easier for the government to determine taxable properties and improve compliance.
He said the exercise was part of ESIRS’ broader strategy to expand the tax net and bring previously untapped sources of revenue into the formal revenue system.
The ESIRS chairman said the agency was also expanding its revenue collection activities to o other areas including haulage fees, land use charges, capital gains tax, stamp duties and withholding tax.
He disclosed that withholding tax would soon become operational in the state, urging individuals and organisations required to deduct the tax to ensure that the deductions were properly remitted to the government.
Giving an insight into the performance of ESIRS under his leadership, Nnamani said the agency had recorded a significant increase in internally generated revenue since 2023.
He said the state generated N37 billion in 2023, rising to N108.5 billion in 2024, while revenue increased substantially to N406.7 billion in 2025, representing tax and non-tax revenues.
Nnamani attributed the growth to the reforms introduced under Governor Peter Mbah’s administration, particularly the autonomy granted ESIRS and the deployment of technology for revenue collection.
He said the agency inherited a system characterised by poorly motivated personnel and fragmented revenue collection, but the autonomy granted by the state government enabled ESIRS to embark on fundamental reforms.
“Our Governor came with disruptive innovation and now it is time to give account,” Nnamani said.
He explained that the autonomy granted to ESIRS was backed by legislation, transforming the agency into a one-stop shop for revenue collection in the state.
According to him, ESIRS moved away from a mono-payment gateway operated through Interswitch and expanded the system to seven payment gateways, including UPS and Flutterwave.
He said taxpayers could now make payments through banks, transfers and more than 300 Point-of-Sale (POS) terminals, including from the comfort of their homes and even during weekends.
The development, he said, had significantly improved convenience and reduced opportunities for revenue leakages.
Nnamani said the agency also embarked on extensive training of its personnel and declared an emergency in which every staff member was required to have access to a laptop or tablet.
He added that ESIRS invested in reliable internet connectivity and solar energy to ensure that its operations were not disrupted by power challenges.
The ESIRS chairman said the agency had also banned cash payments as part of measures to strengthen transparency and accountability in revenue collection.
He said several revenue agencies that previously operated independently had been unbundled and brought under a centralised system, while ESIRS collaborated with relevant unions and revenue agencies to improve its operations.
According to him, the reforms were particularly significant in the informal sector, where revenues were previously paid to non-state actors before the new system was introduced.
Nnamani urged residents and businesses to familiarise themselves with the state’s tax laws, stressing that the agency was not interested in imposing arbitrary taxes but in ensuring compliance with existing legislation.
He said the law provides for certain exemptions, but taxpayers seeking exemption must undertake the required tax filing.
He noted that ESIRS was currently not implementing some provisions of the tax law to their full extent, citing the provision requiring the payment of one per cent of turnover in certain circumstances.
“We are only collecting N36,000 and people are complaining. I’m a tax collector and you have to convince me why you should not pay,” he said.
He urged taxpayers to study the tax laws and understand their obligations rather than evade payment.
The ESIRS boss further disclosed that the state was collecting Development Levy from new construction projects, noting that between 20 and 25 new buildings were being commenced daily across the state.
He said the levy was N150,000 in Enugu North Local Government Area, N100,000 each in Enugu South and Enugu East, N80,000 in Nsukka, while the rate for other local government areas stood at N50,000,”and you must pay to be permitted to commence development of the property”.
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He said ESIRS was also strengthening the collection of capital gains tax, particularly from property transactions, as well as stamp duty.
Nnamani maintained that the objective of the reforms was to create a sustainable and transparent revenue system capable of funding government programmes without placing undue pressure on taxpayers.
The chairman also dismissed concerns that the ongoing tax reforms were designed to frustrate businesses, particularly Igbo traders.
He said the forthcoming implementation of enhanced tax-compliance measures at both the federal and state levels should not be misconstrued as an attempt to shut down businesses.
According to him, the reforms are aimed at ensuring that individuals and businesses fulfil their statutory tax obligations.
“It is not aimed at shutting down Igbo business. People should pay their taxes and not evade it,” he said.
Nnamani said ESIRS would continue to expand the tax net while deploying technology to make payment easier, improve transparency and ensure that revenue due to the state was properly collected.
He said the agency’s ultimate objective was to build a modern revenue administration system in which taxpayers could meet their obligations conveniently while the state would accurately account for every naira collected.
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