Economy

South-West roads no longer safe, schools operating under fear – Gov. Akeredolu cries out [FULL SPEECH]

Published

7 years ago

June 26, 2019

Eric

Governor Rotimi Akeredolu of Ondo State on Tuesday raised an alarm that roads in the South West region are no longer safe, while schools in the region operate under palpable fear.

Akeredolu, who doubles as Chairman of Western Nigeria Governors Forum, made these revelations while speaking at a summit organised by the Development Agenda for Western Nigeria (DAWN) Commission.

The summit christened, “Stakeholders’ security summit: Focus on Western Nigeria” held in Ibadan, the Oyo state capital, had all the six governors from the region: Rotimi Akeredolu (Ondo), Seyi Makinde (Oyo), Babajide Sanwo-Olu (Lagos), Gboyega Oyetola (Osun) Dapo Abiodun (Ogun) and Kayode Fayemi (Ekiti), in attendance.

Others are security chiefs, traditional rulers, leaders of thought and prominent groups within the region among whom are a former deputy governor of Osun State, Senator Iyiola Omisore, Aare Ona Kakanfo of Yoruba land, Chief Gani Adams, Secretary of Yoruba Council of Elders (YCE), Dr. Kunle Olajide, Ewi of Ado Ekiti, Oba Rufus Adejuyigbe and Olukare of Ikare-Akoko Oba Akadiri Momoh among others.

The list also includes: Dr. Femi Majekodunmi, Oluwo of Iwo, Oba Abdulraseed Adewale Akanbi, AIG in charge of Zone 11 which consists of Oyo, Osun and Ekiti, Mr. Leye Oyebade, Commissioners of Police in the six states, among others.

Akeredolu, while addressing the audience, lamented that school children are now abducted for ransom while commuters are no longer safe on the highway.

He insisted that, “This aberrant phenomenon seems blind to class, religion and ethnicity. Nobody is spared. All of us have become victims, suddenly”.

Below is a full text of Akeredolu’s speech while speaking at the summit.

BEING THE KEYNOTE SPEECH DELIVERED BY THE GOVERNOR OF ONDO STATE AND CHAIRMAN, SOUTH WEST GOVERNORS’ FORUM, ARAKUNRIN OLUWAROTIMI ODUNAYO AKEREDOLU, SAN, AT THE SECURITY SUMMIT HELD AT THE THEOPHILUS OGUNLESI HALL, OPPOSITE UNIVERSITY COLLEGE HOSPITAL, QUEEN ELIZABETH ROAD, IBADAN, OYO STATE ON TUESDAY, 25TH JUNE, 2019

PROTOCOL

INTRODUCTION

I welcome, most heartily, my fellow brothers from all South Western States and, indeed, all dignitaries invited to this very important gathering in Ibadan, the political capital of the Yoruba people. This meeting has become exigent considering the spate of insecurity in the country. The anxiety of our people is palpable. The growing fear among the populace makes nonsense of any plans conceived for the development of our God-given space.

It is my fervent hope that this engagement will not be limited to the current challenge which threatens to wreck our collective peace. I look forward to future interactions on matters as important and affective as this one which compels this assembly. There is no gainsaying the obvious; the issue of socio-economic integration in the region must be taken seriously for any aspiration towards development to be meaningful. No remarkable progress can be achieved amidst chaos. No State in the Region can achieve greatness in isolation.

We should extend the possibility of cooperation on other socio-economic fronts. Our people stand to benefit from our resolve to ensure that they remain at the centre of all permutations and considerations. Partisan coloration should not delimit the extent of collaboration aimed at maximum service for our people. With shared yearnings for the development of the region, there should be no difficultyin agreeing to provide the best services possible in the interest of our people.

There should be no disagreement in aspiration for service, if altruism is the focus. Our seeming difference, considering political platforms, should not stand in the way of commitment to promote the collective well-being of our people. Convinced of our shared heritage, propelled by the desire to proceed on the enviable tradition of excellence for which our ancestors are reputed, we cannot harbour any extraneous preferences to this inherited and established course of development.

We are particularly lucky; we have many examples to draw from history considering exemplary courage in the face of adversity, uncommon display of hospitality, even in privation, industry and distinctive virtues, all of which mark us as a unique people. The influx of peoples from other parts of the country and beyond attest to our urbanity and humane disposition which accommodate divergence.The evidence of great successes recorded by those who seek refuge in our geo-political space is sufficient reason for the sustenance of our hospitable disposition, provided that our people’s interests are not in jeopardy.

Again, our history compels us to be cautious when confronted with strange occurrences. Our past experiences should teach us that understanding a phenomenon will assist us, tremendously, in proffering useful solutions. As leaders of our people we cannot afford to be emotive in taking decisions for their benefit. Any step taken must reflect the collective will to protect them. No sacrifice is too much to preserve this heritage of peace and prosperity.

The pervasive presence of persons not indigenous to our space bears eloquent testimony to the quality of our upbringing. The preponderance of thriving businesses owned and controlled by our brothers and sisters from other parts of the country is evidence of sophistication. Our land is indeed a lesson to other parts of the country. There is no limit to the aspiration of anyone who lives, peacefully, among us. Nobody is persecuted in our midst. We protect the weak, even against our own. Our borders are thrown open to all and sundry in the spirit of brotherhood and oneness.

There is, however, the urgent need compelling a review of this liberal policy of openness. Our people are under siege, the harbingers of death, sorrow, tears and blood threaten the existing fraternity among the peoples of this country. Narrow-mindedness gloats over the horrendous crimes perpetrated by these criminal elements. Some fail to see beyond partisan parochialism. The situation on ground should compel a broader and open-minded analysis of this strange incursion with a view to ascertaining the real reasons responsible for this disquiet.

We should be particularly worried by the current spate of an insidious phenomenon, hitherto unknown and uncommon in our immediate clime, creeping into our erstwhile peaceful and prosperous ambience. The incessant perpetration of anti social behaviours, occasioning pervasive despair, and the seeming helplessness of our security agencies to stem the tide of these aberrant attitudes, which threaten the very existence of our region as an autonomous socio-political entity, call for serious scrutiny. We must review these unfortunate incidents individually and collectively. Every State must be able to ascertain the extent of this current threat. We must locate the sources of compromise within our space with a view to curtailing same effectively in both the short and long run.

Our collective goal should be the security of our space and safety of our people in all ramifications. On this, there should be no compromise. We must, consequently, be proactive in tackling the current security issues. The adoption of a scientific approach towards the resolution of the current crisis will bear far-reaching effects. Our State will be looking forward to working with other States in the South Western Region to eradicate the menace of armed robbery, drug abuse, cultism, kidnapping, among others.

There can be no argument on the assertion that insecurity has becomea major issue in the polity today. There is virtually no part of the country which is spared at the moment. All the six geo-political zones experience one form of crisis or the other. From Zamfara to Katsina, the current trends are banditry and cattle rustling. Kano, Sokoto and Bauchi are not spared. Kaduna faces an uphill task in combating security challenges.

The Middle Belt Region is also affected seriously. The crisis between the Jukun and Tiv in Taraba State appears intractable. Jos has witnessed a serious upheaval recently. Benue State was practically under siege at a moment. The North East has been waging a seemingly endless war against insurgents who have now introduced an international dimension to the mindless killings and destruction of properties. The South East and South South battle with communal clashes, banditry, armed robbery and kidnapping.

The South West had enjoyed some moments of respite until recently. What started as isolated cases have now become a daily occurrence. Some cases are obviously exaggerated and there are many fictive narratives out there. Some unscrupulous persons hope to derive political mileage from this confusion, no doubt. There is no denying the fact that the region which had enjoyed some relative peace, is currently under siege. Everybody is concerned about the ease with which these fiendish characters operate. Some victims have been unlucky, they paid the supreme price.Others live with bodily scars and bruised psyche. The morale of our people had never been this low. Our security agencies appear overwhelmed by the incessant and sustained attacks on our people in different parts of the country. Our roads are no longer safe. Our schools operate under palpable fear. School children are now abducted for ransom. Commuters are no longer safe on our roads. This aberrant phenomenon seems blind to class, religion and ethnicity. Nobody is spared. All of us have become victims, suddenly.

There have been attempts by some to create disaffection among Nigerians. Others have tried to take advantage of the unfortunate crisis to further compound the problems. A traditional ruler and a pastor have been accused of feigning kidnap to extort money from sympathisers. Crime, of varying hue, is gradually becoming a very lucrative business in Nigeria.

SECURITY CHALLENGES: THE ONDO STATE EXPERIENCE

The Ondo State Government, recognizing the gravity of the current challenges, held a Security Summit early this year. The enormity of these problems made the convocation of the event exigent. There was unanimity in the belief that the location of our state explains the seeming vulnerability of both the government and its people. The assemblage of security experts, personnel and representatives of agencies agreed on the pathway towards the resolution of the current crisis.

Ondo State occupies a very strategic location in the country. Her littoral shores are the longest and, arguably, the deepest. Her northern borders lead to the North Central and the Federal Capital Territory, Abuja. The volume of human and vehicular traffic coursing through the State requires constant alertness. The State is the gateway to the South-West. She shares common borders with Kogi, Edo, Osun and Ogun States. The state is easily accessible from Lagos State by the Lagoon and Atlantic.

These geographical realities dictate that our security architecture be honed, constantly, to reflect the dynamic nature of the challenges faced by our people. Some fugitive criminal elements believe that our State provides a safe haven for them by the simple logic of her heterogeneous composition. Our porous borders encourage seamless ingress and egress, especially by these undesirable elements whose nefarious activities excite anxieties.

The State has had her own share of socio-economic adversities, chief among which has been the issue of crime and the embarrassing presence of army of unemployed youths. We have been contending with common anti- social attitudes like stealing, thuggery, even armed robbery. We have had to resolve crisis between farmers and herdsmen and a new understanding has been reached. The introduction of the novel phenomenon of kidnappinghas, however, been quite unsettling. We are not unaware of the antics of some unscrupulous elements who seek to employ this unfortunate development to divide the people. The pernicious attempt to bring in ethnicity and religion must be condemned by all well-meaning citizens in the country.

The Ondo State Security Summit produced a Security Policy Document for the State. This document considers the current situation and suggests ways through which the problems can be tackled. The Summit identified high level of insecurity, wide gaps in available security architecture, constraints occasioned by these challenges, future institutional arrangements, sustainable structure and funding. It also came up with both medium security and safety strategic plans.

Our administration has exhibited sufficient political will which leaves no one in doubt of its readiness to confront the challenges headlong. This Security Policy Document (SPD) promises to address these problems realistically. The provision of adequate security architecture will enhance the socio-economic development of the people of Ondo State and promote investment and tourism.

The document contains five key Security Policy Objectives which the government proposes to boost public confidence. These are enunciated as follows:

1. Ensuring Public Safety: providing for, and mitigating risks to, the safety of citizens and communities;

2. Preserving Domestic peace and safety: protecting the physical security of residents and their properties;

3. Protecting Public Assets: this is both physical and virtual. The citizens are allowed to communicate, trade and engage in socio-economic activities without any fear of molestation from any quarters;

4. Sustaining economic prosperity: maintaining and advancing the economic well-being of individuals, families, business and communities; and

5. Maintaining democratic institutions and national values: preventing activities aimed at undermining or overturning government institutions, principles and values that underpin the society.

OVERALL STRATEGY

The Ondo State Government has adopted a holistic and integrated strategic approach to manage security risk. We will be relying on the 4Rs to combat the menace. These are:

1. Reduction: this administration believes in the drastic reduction in crime rate through identification and analysis of long term and short term risks with a view to eliminating them.

2. Readiness: developing operational systems and capabilities to prevent crimes.

3. Response: moving swiftly to nip in the bud any significant event before, during and/or directly after occurrence.

4. Recovery: using coordinated efforts and processes to engender immediate, medium-term and long term prevention of crimes.

In achieving these lofty aims, heavy reliance will be placed on collaboration with certain government agencies which deal with crime and delinquency prevention. These include:

Law Enforcement and Investigations

Criminal Prosecution

Justice Administration

Legal Defence, Victims and Witness Protection

Prisons and Offender-Correction.

SPECIFIC STRATEGIES

Need for a proper coordination of the activities of all formal and informal security groups in the State.

Free flow of information regarding crime from members of the public as encouraged by the State.

Need for a toll-free line for crime reporting in the State.

Need for joint border patrols with neighbouring States.

Above all, the need for inter-agency cooperation and collaboration.

We must ensure that we fill the gaps in legislation to sanction deviance promptly, firmly and comprehensively.

The role of the people is vital in the implementation of any conceived ideas. The people must be informed adequately on the strategic importance of collaboration with the agencies of the State. Unless they are made to own the programme, it will be very difficult for the government to make any appreciable impact in its bid to confront insecurity.

CONCLUSION

The South-Western States must ensure that their strategies are harmonized to achieve a common purpose. We cannot afford to work in isolation at this moment. We must cast aside all partisan considerations in the interest of our people. Our ultimate aim must be the socio-economic integration of the Region which reflects our collective aspirations for a peaceful and prosperous environment.

As we seek to collaborate to combat a common challenge, it should also not be tasking for those of us in the saddle to begin to think of the socio-economic benefits accruable from working together to make our Region less dependent, almost solely, on external sources for survival.

I shall be listening, attentively, to the presentations of my brothers. I look forward to gaining more from the practical examples to be presented.

I thank you all for your patience.

ARAKUNRIN OLUWAROTIMI O. AKEREDOLU, SAN

GOVERNOR, ONDO STATE & CHAIRMAN, SW GOVERNORS’

FORUM

Economy

New Tax Laws: Presidential Committee Tackles KPMG over Criticisms of ‘Gaps’, ‘Errors’ and ‘Omissions’

Published

1 day ago

January 11, 2026

Eric

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has pushed back strongly against observations by KPMG on Nigeria’s new tax laws, saying the firm largely misunderstood the policy intent and misrepresented deliberate reform choices.

In a detailed statement shared on Saturday on X, Oyedele said the committee welcomed constructive feedback but argued that most of KPMG’s claims were flawed. “We welcome all perspectives that contribute to a shared understanding and successful implementation of the new tax laws,” he said. However, he added that “the majority of the publication reflected a misunderstanding of the policy intent, a mischaracterisation of deliberate policy choices, and, in several instances, repetitions and presentation of opinion and preferences as facts.”

According to Oyedele, several issues described by KPMG as errors or gaps were either based on “the firm’s own errors and invalid conclusions” or stemmed from “issues not properly understood by the firm.” He stressed that policy disagreements should not be framed as technical mistakes.

Addressing concerns about the taxation of shares and potential stock market sell offs, Oyedele said such fears were unfounded. “The fact is that the applicable tax rate on share gains is not a flat 30%,” he said, noting that “a significant majority of investors (99%) are entitled to unconditional exemption.” He added that market performance at an all time high showed investors understood the reforms.

On the commencement date of the new laws, Oyedele dismissed KPMG’s suggestion of aligning reforms strictly with accounting periods, describing it as “a narrow view of the complex transition issues” involved in wholesale tax reform.

He also defended provisions on indirect transfer of shares, saying they were aligned with global best practices. “The assertion that it may affect the country’s economic stability is disingenuous,” he said, explaining that the measure was designed to block long exploited tax loopholes.

Responding to claims of gaps in VAT exemptions, Oyedele said a specific exemption for insurance premiums was unnecessary. “If it is not broken, don’t fix it,” he stated, arguing that insurance premiums were not taxable supplies under existing law.

Oyedele further criticised proposals he said would undermine reform objectives, including calls to exempt foreign insurance companies from tax and allow deductions tied to parallel market foreign exchange. He said disallowing such deductions was “a critical fiscal policy choice designed to complement monetary policy, strengthen, and stabilise the Naira.”

On personal income tax, Oyedele rejected claims that higher rates would harm growth. He said the top marginal rate was competitive globally and ensured fairness without discouraging investment.

He also accused KPMG of factual errors, including references to the Police Trust Fund, noting that its taxing provisions expired in June 2025. “KPMG’s point that the new tax law should be amended to repeal the taxing section of the Police Trust Fund Act is needless,” he said.

While acknowledging clerical issues may arise in any major reform, Oyedele said these were already being addressed internally. He urged stakeholders to engage constructively. “We urge all stakeholders to pivot from a static critique to a dynamic engagement model,” he said, stressing that the reforms marked “a bold step toward a self sustaining and competitive Nigeria.”

Economy

NANS Makes U-turn, Cancels Planned Nationwide Protest over Implementation of New Tax Laws

Published

6 days ago

January 6, 2026

Eric

The National Association of Nigerian Students (NANS) has expressed support for the recently enacted Tax Reform Laws, describing it as a well-intentioned fiscal policy aimed at strengthening Nigeria’s economy and protecting low-income earners.

Reports said the endorsement followed extensive deliberations at the maiden Expanded National Executive Council (ENEC) meeting of NANS under the theme; “National Executive Council and Structural Stakeholders’ Forum 2026 on the Tax Reform Act”, which brought together student leaders, policy experts, and key stakeholders from across the country.

The meeting, held amid public debate and controversy over the new tax law, was attended by members of the NANS National Executive Council, leaders of NAUS, NAPS, and NANCES, zonal coordinators, joint campus council chairpersons, female student associations, and other stakeholders.

Earlier concerns had prompted NANS to issue a 14-day ultimatum, threatening nationwide protests if implementation of the law was not suspended pending further investigations and public enlightenment.

However, following engagements with the National Assembly, the Department of State Services (DSS), and the Federal Inland Revenue Service (FIRS), as well as the publication of the National Assembly’s investigation report, student leaders reported being better briefed on the objectives and safeguards embedded in the law.

Chairman of the Communiqué Drafting Committee and NANS President, Comr. Olushola Oladoja, said students were satisfied with the explanations provided by the government. Tax experts from FIRS used the forum to clarify grey areas and respond to concerns raised by Nigerians, giving student leaders a clearer understanding of the reform’s intent and framework.

At the end of the meeting, ENEC resolved that the Tax Reform Law is designed to improve revenue generation, ensure fairness in taxation, and strengthen social protection for vulnerable citizens, while requiring higher-income earners to contribute more equitably. The council affirmed the authenticity of the law as released by the National Assembly and announced the cancellation of the nationwide protest that had been scheduled for January 14, 2025.

NANS also pledged to serve as ambassadors of public enlightenment, committing to educate Nigerians on the purpose and benefits of the reform to boost public confidence during its implementation.

The meeting further passed a vote of confidence in the former FIRS Chairman, Zacch Adedeji and commended President Bola Tinubu for his fiscal reforms and the NELFUND initiative, reaffirming support for his administration’s economic transformation agenda.

Economy

CBN Increases ATM Daily Cash Withdrawal Limit to N100k

Published

1 month ago

December 3, 2025

Eric

The Central Bank of Nigeria (CBN) has increased cash withdrawal limits on all channels to N500,000 weekly for individuals and N5 million for corporates.

Announcing the policy revision in a circular on Tuesday, the regulator pegged automated teller machine (ATM) withdrawals at N100,000 daily, with a weekly cumulative withdrawal of N500,000.

The development is a major shift from tighter cash policy measures introduced under the previous administration.

In December 2022, the central bank, under Godwin Emefiele, its former governor, had directed deposit money banks and other financial institutions to limit over-the-counter cash withdrawals by individuals and corporate entities per week N100,000 and N500, 000, respectively.

The CBN’s latest policy reversal, also removed the cumulative deposit limit, saying the fee on excess deposit “shall no longer apply”.

According to the regulator, the policies form part of efforts to moderate the rising cost of cash management, address security concerns, and “reduce the potential for money laundering associated with the economy’s heavy reliance on cash”.

The bank said the policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.

However, with the “effluxion of time”, the apex bank said the need has arisen to streamline the policies’ provisions to reflect present-day realities.

“Consequently, effective January 1, 2026, the following cash-related policies, which are for mandatory compliance by all deposit-taking financial institutions in Nigeria, shall apply nationwide,” the circular reads.

“The cumulative deposit limit is hereby removed and the fee for excess deposit shall no longer apply.

“The cumulative weekly withdrawal limit across all channels shall be N500,000 for individuals and N5 million for corporates. Cumulative weekly withdrawals above these limits shall attract excess withdrawal fees as indicated in ‘5’ below.

“The special authorisation for withdrawal of N5 million and N10 million once monthly by individuals and corporates, respectively, shall no longer apply.

“Automated Teller Machine (ATM) withdrawal limit shall be N100,000 daily (per customer), subject to a maximum of N500,000 weekly. As indicated in ‘2’ above, cash withdrawals from ATMs and point of sale devices are part of the weekly withdrawal limit indicated therein.

“Excess cash withdrawals (withdrawals above the levels indicated in ‘2’ above) shall attract fees of 3 percent and 5 percent to individual and corporate customers, respectively, on the excess amount withdrawn. The fee shall be shared 40 percent to the CBN and 60 percent to the bank or financial institution.”

According to the circular, signed by Rita Sike, CBN’s director of financial policy and regulation department, said all currency denominations “may be loaded in ATMs”.

However, the CBN retained the limit on over-the-counter encashment of third-party cheques at N100,000.

“Account holders are advised that any withdrawal under this section will form part of the cumulative weekly set in ‘2’ above”.

“Banks shall render the following monthly returns (in a format to be advised) to the respective supervisory departments (Banking Supervision Department, Other Financial Institutions Supervision Department and Payments System Supervision Department) as applicable:

“a . Returns on cash withdrawal transactions above the specified limit;

“b. Returns on Cash Deposits

“Deposit Money Banks (DMBs) shall create separate accounts to warehouse processing charges collected on cash withdrawals above the limits.

“The following accounts/entities are exempted from the application of sections 2 and 5 of this circular:

“i. Revenue generating accounts of federal, state, and local governments; and

ii. Accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks.

The CBN also said the exemption of embassies, diplomatic missions and aid-donor agencies from specific cash policies “shall no longer apply”.