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Subair Emerges Most Outstanding Public Sector CEO @TPP FEST 2024, As LIRS Wins Multiple Awards

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Executive Chairman, Lagos State Internal Revenue Service, LIRS, Mr. Ayodele Subair with the multiple legacy awards won by LIRS at the Peak Performer (TPP) Fest held at the MUSON Centre, Onikan, Lagos recently
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In a remarkable recognition of exemplary leadership and dedication to public service, Mr. Ayodele Subair, executive chairman, of Lagos State Internal Revenue Service, LIRS, has been named the Peak Performer FEST 2024 Most Outstanding Performance as a Public Sector CEO of the year.

Executive Chairman, Lagos State Internal Revenue Service, LIRS, Mr. Ayodele Subair with the multiple legacy awards won by LIRS at the Peak Performer (TPP) Fest held at the MUSON Centre, Onikan, Lagos recently

Subair received the prestigious award at the Peak Performer (TPP) Fest held at the MUSON Centre, Onikan, Lagos.

The event, which brought together key stakeholders in the public and private sectors to celebrate excellence and innovation, highlights Subair’s unwavering commitment to excellence and innovation within the public sector, sterling transformative initiatives that significantly enhance service delivery.

His leadership has been pivotal in driving transformative policies and improving service delivery within the agency.

A standout moment of the festival was the LIRS emerging as a major highlight of the event, winning four awards for its exemplary performance in revenue collection and taxpayer engagement strategies. The agency has continually demonstrated innovation in enhancing its operations, thereby contributing significantly to the state’s economic development.

The LIRS was recognised as the ‘most outstanding revenue collection agency of the year’, most outstanding performance as women-friendly revenue collection, as well as most outstanding performance in public engagement among others.

Accompanied by the LIRS directors, Subair, who received the five awards on behalf of the agency, dedicated them to the state governor, Mr Babajide Sanwo-Olu and the tax-paying Lagosians, saying that the awards would encourage the LIRS to perform much better as it’s always a good feeling when you have recognition for all the hard work and efforts you put into your work.

Calling on the people to support the state more by paying their taxes when due, the LIRS boss noted, “Because a lot of people don’t even connect the dot, people feel that when they go to the US or UK, they are very happy with what they see, good roads, light, security and so much support from the government but somebody has got to pay for it and the only way we can achieve such greatness is when all of us pay our parts.

“We have a lot of ideas and innovations that we apply because nobody wants to pay tax in any part of the world. Nigeria is not different from the other parts of the world. So, we spend a lot of time in advocacy because we realise that a lot of our citizens don’t avail themselves with all the various laws and procedures.”

He noted that payment of taxes is part of a social contract between the government and citizens as it helps the government to provide efficient infrastructure and qualitative social services.

“We have to show the people where the money goes to encourage them to pay their taxes as and when due. So, we have a lot of the projects that are going on. So, nobody who lives in Lagos would deny the fact that there are a lot of groundbreaking projects going on in Lagos, so many of them – the Blue Line, the Red Line, all the good roads, security.”

The Convener of The Peak Performer Festival, TPP Fest, Dr. Abiola Salami, said the award was instituted to appreciate individuals and organisations doing great things in Nigeria.

He noted that despite the challenges facing the country, “A number of things are going right in Nigeria, and on our continent, it is not all gloom and doom.

Salami submitted, “So when things are going right, let us say it. Of course, when things need to be improved, we should say it as well, but not by pontificating or knocking down the people who are not doing things right but by providing solutions to help them because generally, if people know better, they do better.”

According to him, TPP Fest focuses on deepening insights to help individuals and organisations thrive and succeed.

Others honoured with the Legacy Awards included Dr. Biodun Shobanjo, Chairman of Troyka and Insight Communications; Sir. Ademola Aladekomo, Chairman of SmartCity Resorts; Adire textile designer, Mrs Nike Okundaye-Davies; Mr Foluso Philips, founder, Phillips Consulting; Dr John Momoh, chairman of Channels Television, and Dr Cosmas Maduka, CEO of Coscharis Group.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

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Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

EFCC

The defendants, who are both top officials of FSDH Merchant Bank Limited, were arraigned on a 10-count charge bordering on alleged stealing and retention of stolen property to the tune of $306,667.81 and €50,250.
The petitioner, FSDH Merchant Bank Limited, alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads:
“That you, BAKARE OLADIMEJI SURAJUDEEN and JAMES OLUKAYODE IMOKWEDE, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), property of FSDH Merchant Bank Limited.”
Another count reads:
“That you BAKARE OLADIMEJI SURAJUDEEN AND JAMES Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took sum of $306,667. 81 (Three Hundred and Six Thousand, Six Hundred and Sixty Seven dollars, Eighty one cents) property of FSDH Merchant Bank Limited”.
The defendants pleaded “not guilty” to all the charges preferred against them.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and also prayed that the defendants be remanded in a Correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of the defendants and also urged the court to grant them bail on liberal terms.
They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum.
The court ordered that one of the sureties must be a relative, who is gainfully employed.
The sureties must provide evidence of tax payment in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court, and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25, 2026, for the commencement of trial.

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AfDB Supports Francophone Africa Start-ups with €6.5M

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The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.

This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.

Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.

The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.

The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.

In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.


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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

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Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.

Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.

The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.

SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.

The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.

Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.

Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.


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