News
Meet Urum Eke who rejected Tinubu’s CBN appointment

A consultant with the World Bank, Urum Eke, on Thursday, rejected President Bola Tinubu’s appointment to serve as a member of the Central Bank of Nigeria Board of Directors.
Tinubu had, on February 13, forwarded the names of Eke and four others for confirmation as members of the board for the CBN.
However, during the confirmation, the former Governor of Abia State, Senator Orji Kalu, ( APC, Abia North ) told the Senate that Eke, who is his constituent, had called him on the phone to reject the offer, noting that it would conflict with his present job as a consultant with the World Bank.
This came to the fore during the Thursday plenary when the Senate began the process for the confirmation of the nominees.
The Senate, however, has confirmed the appointment of four other members of the Board of Directors of the CBN – Robert Agbede; Ado Yakubu Wanka; Professor Murtala Sabo Sagagi and Mrs. Muslimat Olanike Aliyu.
In this piece, PUNCH Online highlights 13 facts about Eke:
Born on November 20, 1964, Eke attended the Comprehensive Secondary School, Aba and Government College, Umuahia, the state capital, for his West African School Certificate and Higher School Certificate respectively.
He obtained a bachelor’s degree in Political Science from the University of Lagos in 1985.
Afterwards, Eke earned his Master in Business Administration in Projects Management Technology from the Federal University of Technology, Owerri in 2008.
The 59-year-old is an Alumnus of the prestigious Lagos Business School and the Wharton Business School, amongst others.
Eke is a recipient of Nigeria’s National Order of Merit and National Honour of Member of the Order of the Federal Republic.
He began his career in 1986 with Deloitte Haskins & Sells International as a senior auditor till 1991.
Eke further went on to serve as an Executive Director at Diamond Bank Plc for 19 years from 1992 – 2011.
Eke, a consummate financial services expert, is a former Group Managing Director at First Bank of Nigeria Holdings Plc.
He also served as a Non-Executive Director on the Boards of FBN Limited and FBN Merchant Bank Limited.
In 2017, he was appointed to the board of the Nigeria Sovereign Investment Authority (Sovereign Wealth Fund) and served until 2021.
Eke is the Executive Chairman, Fairchild Group which comprises Fairchild Capital Ltd, Fairchild Base Investment Ltd, Fairchild Ventures Ltd, among others.
He is also the Chairman, Board of Directors of NSIA-LUTH Cancer Centre, a foremost cancer treatment centre in West Africa.
Eke has over 35 years of experience in financial services covering auditing, business assurance, consulting, amongst others.
News
Reps Advance Tax Reform Bills Amid Unanimous Support

…as legislators overcome initial opposition to move key revenue laws forward
…weigh concerns over VAT, multiple taxation, Economic Impact
The House of Representatives on Wednesday passed through second reading the four tax reform bills submitted by the President, with no opposition from lawmakers.
The proposed laws include the Nigeria Revenue Service (Establishment) Bill, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, and the Joint Revenue Board (Establishment) Bill.
Originally introduced on October 8, 2024, deliberations on the bills were delayed due to concerns raised by northern leaders and the Nigerian Governors Forum, particularly over the Nigeria Tax Administration Bill, but Speaker Tajudeen Abbas had urged members to consult widely with their constituents before debating the proposals.
Naijablitznews.com reports that ahead of plenary on Wednesday, the four bills were merged into a single document for debate. Despite highlighting potential conflicts with certain constitutional provisions and a few contentious clauses, lawmakers overwhelmingly supported moving the bills forward.
House Minority Leader, Rep. Kingsley Chinda (PDP Rivers, representing minority voices, acknowledged broad support for the reforms but pointed out concerns regarding specific provisions. He emphasized that while the bills aim to restructure the tax system for better revenue generation, the interpretation of certain provisions requires careful review.
The House of Representatives, on Wednesday, continued deliberations on the tax reform bills, with lawmakers expressing mixed reactions to various provisions, including proposed changes to Value Added Tax (VAT) and streamlining of multiple taxes.
Leade of the House, Rep. Julius Ihonvbere commended the President for initiating the reforms, and stated that the bills aim to modernize Nigeria’s tax system, eliminate multiple taxation, enhance revenue collection, and boost economic diversification. He acknowledged opposition to the bills but noted that differing perspectives had strengthened the final proposals.
Ihonvbere highlighted key benefits, including incentives for small businesses, improved revenue generation, and the reduction of tax burdens on low-income earners. He revealed that the reform would consolidate over 60 different taxes into just nine, ensuring quicker resolution of tax disputes within 14 days.
Minority Whip, Rep. Ali Isa (PDP, Gombe) raised concerns over Clause 146 of the Nigeria Tax Bill, which proposes a gradual VAT increase from 7.5% to 10% and later 15%, and cautioned that higher VAT could worsen economic hardship and urged the House to address areas requiring adjustments.
Chairman House Committee on Public Accounts, Rep. Bamidele Salam (PDP, Osun), emphasised that while tax reforms can be challenging, they are necessary for national development. He criticized Nigeria’s complex and duplicative tax laws, arguing that they deter investors and hinder economic growth.
Rep. Stanley Olajide (PDP, Oyo) pointed out that the House regularly establishes new agencies that require funding, making tax reform essential for sustaining government institutions.
Deputy Chief Whip, Rep. Isiaka Ibrahim Ayokunle (APC, Ogun) described the bills as a major step toward tax harmonization but stressed the need for penalties not only for taxpayers who default but also for government agencies failing to implement tax laws effectively.
In his submission, Rep. Sada Soli (APC, Katsina) raised constitutional concerns, particularly regarding Section 141 of the Tax Administration Law, which he said conflicts with existing legislation and creates jurisdictional overlaps. He also criticized ambiguities in VAT and fiscal policies that could overburden taxpayers.
Rep. Babajimi Benson (APC, Lagos) praised the bills for promoting fairness and increasing revenue for states. He also backed the decision to retain key agencies like TETFund, NITDA, and NASENI, stating, “I commend the President for having the guts to push these reforms now.”
Rep. Gboyega Nasiru Isiaka (APC, Ogun) reinforced the House’s commitment to reforms, stating, “From day one, we promised Nigerians a tax overhaul. Our system is outdated, and this is the change we need.”
The debate, which lasted over three hours, showcased a broad consensus on the need for tax reform while highlighting critical areas requiring fine-tuning before the final passage.
During deliberations on the tax reform bills, Rep. Marian Onuoha (APC, Imo) emphasized that the proposed laws aim to create a fairer tax system by placing a heavier burden on high-income earners.
Rep. Abubakar Hassan Fulata raised concerns over the absence of an interpretation clause in three of the four bills, warning that without clear definitions, the laws could be misapplied or exploited by those enforcing them.
Rep. Ademorin Kuye (APC, Lagos) stressed that Nigeria must reform its tax laws to remain globally competitive, while Rep. Leke Abejide (ADP, Kogi) praised President Tinubu for taking decisive steps to rescue the economy from collapse.
Addressing the derivation principle, which had been a contentious issue, Rep. Ahmed Jaha (APC, Borno) insisted that the law must clearly define the specific type of derivation it refers to in order to avoid ambiguity.
Rep. Donald Ojogo (APC, Ondo) highlighted the importance of integrating modern technology into tax administration to curb revenue leakages and boost collection efficiency.
Former House Leader, Rep. Alhassan Ado Doguwa commended lawmakers for their patriotism and Speaker Abbas Tajudeen for allowing thorough consultations before proceeding with the bills. He also praised the President for respecting the legislative process, particularly in retaining key government agencies.
Former Deputy Speaker Rep. Ahmed Idris Wase recalled how the tax reform debate initially caused divisions within the House but credited the Speaker’s diplomacy for maintaining unity. He welcomed the retention of TETFund, arguing that removing it would have harmed the education sector.
In a unanimous decision, the House passed the bills for second reading via a resounding voice vote, with no opposition. The bills have now been referred to the House Committee on Finance, which will conduct a public hearing for further scrutiny and stakeholder engagement.
News
HAJJ! Saudi Arabia releases fresh 2025 rules, bars kids, updated visa policies

By Kayode Sanni-Arewa
Saudi Arabia has announced fresh changes to the 2025 Hajj pilgrimage, including a new restriction barring children from participating.
The Ministry of Hajj and Umrah stated that the move aimed to protect children from potential dangers posed by heavy crowds during the pilgrimage.
The decision is part of broader efforts to ensure a safer and more seamless Hajj experience.
According to the ministry, the large crowds during Hajj pose serious risks to children, making this precautionary measure necessary.
Additionally, priority for the 2025 Hajj will be given to first-time pilgrims to allow more Muslims the opportunity to undertake this religious obligation at least once in their lives.
● Changes in visa regulations
Starting February 1, 2025, Saudi Arabia will issue only single-entry visas for pilgrims from 14 countries, including India, to prevent unauthorized Hajj participation.
Authorities noted that unauthorized pilgrimages had contributed to overcrowding at key sites, making crowd management and safety more challenging.
The updated visa policy aims to improve the overall Hajj experience by controlling the number of attendees.
Saudi authorities continue to refine Hajj regulations to make the pilgrimage safer and more organized.
Pilgrims are encouraged to register through official channels and follow the new guidelines to avoid complications.
Meanwhile, Saudi Arabia had also introduced significant changes to its visa policy, effective February 1, 2025, limiting travellers from 14 countries to single-entry visas.
This move aims to address concerns over unauthorized Hajj pilgrims entering the country on long-term visit visas.
● Affected Countries
The new regulations target travellers from the following nations: Algeria, Bangladesh, Egypt, Ethiopia, India, Indonesia, Iraq, Jordan, Morocco, Nigeria, Pakistan, Sudan, Tunisia, and Yemen. As part of the policy shift, the Saudi government has indefinitely suspended the one-year multiple-entry visas for tourism, business, and family visits from these countries.
●¡Hajj registration and new payment options
Saudi citizens and residents can register for the 2025 Hajj season via the Nusuk app or the official website. Applicants are required to verify their personal details and register their travel companions.
A new instalment-based payment plan has also been introduced for domestic pilgrims. Payments can be made in three stages: a 20% deposit within 72 hours of booking, followed by two 40% instalments due by Ramadan 20 and Shawwal 20. The ministry clarified that reservations will only be confirmed once the final payment is received.
News
EFCC drags man to court for refusing to accept naira as legal tender

By Kayode Sanni-Arewa
The Economic and Financial Crimes Commission (EFCC) on Wednesday, February 5, 2025, arraigned Precious Uzondu on a two-count charge bordering on alleged refusal to accept naira as a legal tender before Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos.
One of the counts read: “That you, Precious Chimaobi Uzondu, on the 10th of December 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept Naira (Nigeria’s legal tender) by accepting the sum of $5700 (Five Thousand Seven Hundred USD) as a means of payment for a purchase of a Carter diamond bracelet with serial number (12345678) and you thereby committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”
The defendant pleaded not guilty to the charges.
Given his pleas, prosecution counsel, Hannatu Naisa, prayed the court for a trial date and for the defendant to be remanded in a correctional centre.
Counsel to the defendant, Jennifer Achinuagole, informed the court of a pending bail application and prayed the court to adopt the same as her oral application.
Responding, Naisa informed the court about a counter-affidavit and a written address to the application. She prayed the court to accept the same and discount the application by the defendant.
After listening to both parties, Justice Owoeye admitted the defendant to bail in the sum of N5 million, with two sureties in like sum. The sureties must own landed property in Lagos which must be verified by the court and also swear to an affidavit of means.
The judge also ordered the defendant’s remand in the Ikoyi Correctional Centre and adjourned till April 8, 2025, for the commencement of trial.
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