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Former FIRS Chairman Muhammad Nami Accused of Controversial N6 Billion Payments After Sudden Exit

Documents reveal questionable approvals and alleged backdating, raising concerns over financial misconduct

Published

2 months ago

on

Muhammad Nami

Muhammad Nami, the former chairman of the Federal Inland Revenue Service (FIRS), is under scrutiny for approving payments totaling N6 billion to contractors and consultants just days after his abrupt removal from office.

Documents obtained by TheCable shed light on these controversial transactions.

Nami, who was succeeded by Zacchaeus Adedeji, greenlit the payments on September 16, two days after his removal on September 14.

Sources privy to the situation, although not authorized to speak publicly, claim that Nami directed staff to work over the weekend to finalize these transactions.

Additionally, files were allegedly moved from the FIRS headquarters to his residence, where they were purportedly “backdated and signed.”

Perhaps the most eyebrow-raising revelation is that Nami transferred approximately N5 billion from the FIRS account to the Joint Tax Board (JTB) without apparent justification.

It is reported that the FIRS director of finance and accounts reluctantly approved these payments after warning Nami about potential repercussions.

Nami allegedly reassured his subordinates that the incoming FIRS chairman would remain oblivious to these approvals.

Also, documents indicate that Nami approved significant payments, including N1.4 billion for a ‘Business Case for Strategic Leadership’ retreat, N250 million for FIRS Data Mining Management and Analytics in Taxation Course, and N221 million for a ‘Skill Development and Management Improvement Workshop Training.’

Curiously, Nami also appropriated over N81 million for a study visit to the Inland Revenue of Malaysia.

The FIRS, when contacted for comment, remained tight-lipped about the situation. Spokesperson Abdullahi Ismaila stated that he had no knowledge of the payments, while Tobi Johannes, Nami’s former media aide, distanced himself from the matter, emphasizing that his role ceased when Nami’s tenure ended.

These revelations have ignited concerns about financial misconduct within the FIRS and have raised questions about the oversight and accountability of government agencies. The full extent of these allegations is yet to be determined as investigations into the payments and their legitimacy continue.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Finance

Currency Reforms Pose Challenges and Opportunities for Investment Banking, Says Former AIHN President

Published

12 hours ago

on

November 30, 2023

By

Central Bank of Nigeria (CBN)

The ex-President of the Association of Issuing Houses of Nigeria (AIHN), Ike Chioke, has shared insights on the dual impact of the Central Bank of Nigeria’s currency reforms, highlighting both challenges and opportunities for the investment banking industry.

Chioke made these remarks during the recently held Investment Banking Awards Night in Lagos.

Acknowledging the ongoing currency reforms, he emphasized the transformative nature of these policies, stating, “Nigeria is bracing up to the impacts of the new government and they are already making changes to what I will call non-unorthodox policies.”

He pointed out that the free-floating of the naira and the removal of fuel subsidies, while causing short-term hardships, are integral components of the evolving economic landscape.

Chioke urged industry professionals to leverage their skills and expertise to navigate and capitalize on the opportunities presented by these reforms.

“The investment banking industry is a critical one for the Nigerian economy, and we represent the best brains and the best expertise in that space,” he stated, emphasizing the pivotal role of investment banking in steering the nation’s economic course.

Meanwhile, the Investment Banking Awards Night recognized outstanding achievements in the Debt Capital Market and Equity Capital Markets categories.

Chapel Hill Denham Advisory Limited emerged as the winner in the Debt Capital Market Category, securing accolades such as Private Company Bond House 2022 Award, Best Commercial Paper House 2022 Award, and Best Bond House 2022 Award.

StanbicIBTC Capital Limited received the Best Commercial Paper House 2022 Award.

In the Equity Capital Markets Category, the Equity Deal of 2022 Award was shared among three distinguished companies: Stanbic IBTC Capital Limited, UCML Capital, and Rand Merchant Bank, underscoring their impactful contributions to the equity market.

This celebration of excellence reflects the resilience and dynamism of the Nigerian investment banking sector amid a changing economic landscape.

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Banking Sector

FirstBank UK Enhances Fixed-Income Workflow Through Bloomberg Integration

Published

2 days ago

on

November 29, 2023

By

FirstBank Headquarter - Investors King

FirstBank UK, the UK subsidiary of First Bank Nigeria Limited, has announced its onboarding on Bloomberg’s Trade Order Management System (TOMS) to enhance its fixed-income workflow.

The integration with TOMS is expected to provide FirstBank UK with access to a comprehensive suite of data and analytics, communications, order, and execution management solutions, streamlining its fixed-income bonds business.

As a niche market-maker for its customers in Africa, FirstBank UK plays a vital role in providing market liquidity in cash bonds, particularly in Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds, to manage risk and optimize its inventory.

Olukorede Adenowo, CEO-designate at FirstBank UK, expressed enthusiasm about the integration, stating, “Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets. The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”

Bloomberg’s TOMS is renowned for enhancing operational efficiency across enterprises. Lisa Bravo, Global Head of Sell-Side OMS at Bloomberg, commented, “We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS.”

FirstBank UK had previously digitized its order management workflow by offering clients access to liquidity on its Eurobond Single-Dealer Platform.

The recent integration with Bloomberg TOMS aims to centralize order handling, aggregated custom analytics, and liquidity tools within a single interface, facilitating real-time access to liquidity for customers.

Robert Hagenaars, Head of Markets at FirstBank UK, highlighted the unique feature of real-time access to liquidity in their markets, providing a distinct advantage for their customers.

This move signifies FirstBank UK’s commitment to leveraging advanced technological solutions to fortify its position in the African Fixed Income market and deliver enhanced services to its clientele.

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Finance

Retail Investors Could Raise $94 Billion for Climate Change Financing in Nigeria by 2030

Published

2 days ago

on

November 29, 2023

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A recent report from Standard Chartered’s Sustainable Banking Report 2023 reveals that retail investors have the potential to raise $94 billion towards climate change financing in Nigeria by 2030.

The report indicates a significant interest among Nigerian investors in climate investing with 95% expressing interest and 91% aiming to increase capital flows towards climate-related initiatives, making it the highest among all markets surveyed.

The research, based on a survey of 1,800 respondents in 10 growth markets across Asia, Africa, and the Middle East, identifies a global potential of $3.4 trillion for climate investing, emphasizing the role of individual investors in combatting climate change.

In the Nigerian context, the report suggests that approximately $60 billion could be directed towards mitigation themes, with renewables, energy storage, and energy efficiency expected to attract the most capital.

Additionally, around $34 billion could be mobilized for adaptation, including resilient infrastructure, the blue economy, and food systems.

While there is a high interest in climate financing, the report notes that various barriers are impacting investor participation.

It recommends concerted efforts from financial institutions, regulators, companies, and individuals to establish a wider range of climate assets, enabling greater retail participation.

The report also emphasizes the role of digital and fintech solutions in simplifying processes for investors and calls for industry-wide alignment on reporting standards and minimum disclosure requirements to boost investor confidence.

Lanre Olajide, Head of Wealth Management and Deposits Nigeria and West Africa, commented on the report, highlighting the critical challenge of financing the collective response to climate change and the need to bridge the funding gap through retail investor capital.

He stressed the importance of improving access to solutions, harmonizing reporting standards, and measuring impact to align investments with areas of interest for a more sustainable future.

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