Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC) has dismissed reports claiming that Taiwo Oyedele, minister of State for Finance, admitted errors in Nigeria’s new tax laws.

Taiwo Oyedele, minister of State for Finance,

In a statement posted on Sunday via Oyedele’s X handle, the committee described the reports as “misleading” and a misrepresentation of the minister’s comments.

“Our attention has been drawn to misleading media reports claiming that the Honourable Minister of State for Finance, Mr. Taiwo Oyedele has ‘finally admitted errors in the new tax laws.’

“These publications misrepresent the Minister’s statements, falsely alleging that he urged Nigerians to await the outcome of a ‘legislative probe’, a process that has long been concluded and the gazetted copies certified by the National Assembly published since early January 2026,” the statement said.

It warned that such narratives could distort public understanding of the reforms.

The committee said the minister, while speaking at a fireside chat during the Nigerian Bar Association Section on Legal Practice conference in Lagos, highlighted early gains from the tax reforms.

According to the statement, these include an increase in the number of informal businesses seeking registration with the Corporate Affairs Commission, as well as a rise in the number of registered taxpayers from about 10 million to over 100 million nationwide.

It attributed the outcomes to provisions in the new tax laws, including exemptions for small companies and low-income earners, as well as tax relief on essential goods and services.

“These impressive results stem from the robust design and progressive nature of the new laws,” the committee said, listing measures such as exemptions on food, education, healthcare, transportation and rent, as well as the introduction of a Tax Ombud to protect taxpayers’ rights.

The committee noted that Oyedele also acknowledged that no law is perfect and emphasised the need for continuous stakeholder engagement to address any gaps through future amendments.

“He, however, emphasized that no law is perfect. Therefore, ongoing stakeholder engagement is essential to identify and address any errors or gaps for appropriate legislative updates through Finance Bills as part of a continuous improvement process,” the statement said.

It urged the public to disregard what it described as sensational reports and rely on official sources for accurate information.

“We urge members of the public to disregard sensational headlines and twisted narratives and rely exclusively on official sources and credible media organisations for accurate information regarding the tax reform and other government policies,” the committee added.

Quest Merchant Bank Limited has unveiled its new brand identity, marking a significant step in the Bank’s ongoing evolution following its recent name change.

The refreshed identity reflects the Bank’s strategic direction as it deepens its role as a trusted partner to institutions and investors, providing insight-driven financial solutions and a disciplined approach to supporting long-term value creation.

With a strong legacy of execution and a deep understanding of key sectors, the Bank continues to differentiate itself through measured decision-making, strong risk management, and the ability to navigate increasingly complex market environments. The new identity brings these qualities into sharper focus, while signalling a renewed emphasis on growth, innovation, and relevance in a changing financial landscape.

Quest Merchant Bank remains focused on supporting clients across their growth journey, helping to unlock opportunities, structure transactions effectively, and provide the clarity required to make confident financial decisions in dynamic conditions.

Commenting on the development, the Ag. Managing Director/CEO, Afolabi Olorode, stated: “Our new brand identity represents an important step in our journey as Quest Merchant Bank. It reflects both who we are and where we are headed, an institution grounded in experience yet firmly focused on the future. As we continue to evolve, our priority remains to provide our clients with the clarity, confidence, and strategic support they need to achieve their long-term objectives.”

The refreshed identity will be progressively reflected across the Bank’s touchpoints, aligning its visual presence with its strategic ambition and ongoing investments in innovation, digital transformation, and service delivery.

Quest Merchant Bank remains focused on reinforcing its position as a leading merchant bank, trusted by institutions and investors to unlock value and deliver sustainable financial outcomes.

Central Bank of Nigeria (CBN) has debunked rumours suggesting that Polaris Bank is undergoing liquidation, assuring the public that the country’s banking system remains stable and secure.

Polaris Bank

The apex bank disclosed this in a post on X, where it shared a screenshot of a viral claim and flagged it as false.

It clarified that the claims, suggesting Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation, are entirely false and do not reflect the current state of the Nigerian banking sector

“The Central Bank of Nigeria has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions,” said Hakama Sidi-Ali, apex bank’s acting Director, Corporate Communications,  in a statement.

“To avoid any doubt, Nigerian banks are still safe and sound. The CBN advises the public to go about their daily lives without getting disturbed by reports regarding the health of Nigerian banks that have not come from the CBN.

“The CBN is fully equipped to carry out its statutory duty of ensuring the stability of Nigeria’s financial system. “We assure the general public and depositors that their funds are safe in Nigerian financial institutions. “Bank customers are therefore advised to proceed with their banking transactions as u

The clarification was after a viral post, claiming that Polaris Bank was facing liquidation for failing to meet the Bank’s recapitalisation requirements, and could soon lose its operating licence, with the Nigeria Deposit Insurance Corporation set to take over the process.

It further alleged that founder of the Eleganza Group, Razaq Okoya, had made a bid to acquire and revive the bank, pending approval from regulators and shareholders.

Sharing a screenshot of the viral claim, however, the apex bank flagged it as “fake content.”

It clarified that the claims, suggesting Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation did not reflect the current state of the Nigerian banking sector.

“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank said.

On April 1, the CBN confirmed that 33 banks successfully met the revised minimum capital requirements under its recapitalisation programme, marking a significant milestone in strengthening the financial system.