Business
Tax enforcement: Oyo govt says closure of Obasanjo farms, others not political
OYO state government on Thursday denied the insinuations that it sealed up Obasanjo farms and over 40 other business firms in the state for political reasons.
Rather, the government said, the seal off of the business premises was as a result of the failure of the affected firms and business interests to comply with tax laws of the state after every known efforts to compel the defaulting companies to comply failed.
The Chairman, Oyo State Board of Internal Revenue (OYBIR), Mr Bicci Alli made the disclosure during the OYBIR sensitization and enlightenment meeting with the members of the Organised Private Sectors and Chambers of Commerce under the aegis of Manufacturers Association of Nigeria (MAN), Oyo State Chapter, at MAN House, Jericho Road, Ibadan
The meeting which was attended by representatives of manufacturing companies and business organisations operating in the state saw the OPS expressing the willingness to collaborate with the government to ensure tax compliance in the interest of both the companies and the government.
Alli, whose office coordinated the Inter -ministerial joint tax force team that is enforcing tax compliance, informed that the government is never political in its enforcement exercise but more concerned about instituting a culture of voluntary tax compliance among all individuals and corporate residents in the state.
While vowing that the exercise would be continuous, Alli stressed that the Board will not relent in its effort until all monies due to the government are paid promptly.
He assured business owners that the government is not interested in disrupting businesses but doing the needful to ensure a conducive environment for business prosperity, adding that only a mutually beneficial relationship between the government and the business sector can help both parties.
“I must state that government does not have any interest in disturbing business interests of the private sector because we believe strongly that the Organised Private Sector contributes tremendously to the state economy as we will also acknowledge the fact that the government is doing well in making the environment very conducive for businesses to operate.
“However, we need you (OPS) as you need us (government). We will not want to embark on enforcement unless it is absolutely necessary.
“Our process and procedures are not driven by political considerations. OYBIR work for the state government and our intention is to rake in revenue after following due process. We did some enforcement and unfortunately, people are trying to read some political meanings to the exercise. We never shut down any business for political reasons.
“There was an enforcement and we distrain activities at Obasanjo farms, it was not done politically but because that organization did not pay what they were supposed to pay and I am glad to tell you that the company, just like many others also affected have come back to pay what they are supposed to pay and the business premises have since been re-opened.
“Our system is not political. We did our job basically on what the firms were supposed to pay and where they don’t pay, we do the needful by enforcing. People should not read political colourations to our efforts.
“And everybody should be able to separate statutory duties and functions from politics. Payment of taxes is statutory. It is law. It is the moral duty and civil responsibilities of everybody. So, there is no relationship between tax payment and politics as far as we are concerned and we will do the needful and whoever is involved, we will make sure that they pay”, Alli said.
Earlier in his remarks, the Chapter chairman, Mr Kola Akosile commended the efforts of the board noting that a forum where members of the OPS and government agency would interact and consider intended policies before they are introduced would soon be launched in the state.
Akosile stressed, “the Organised Private sector under the Manufacturers Association of Nigeria and chamber of commerce has had a peaceful deliberation with the Oyo State Board of Internal Revenue led by its chairman, Mr Bicci Alli and its staff.
“It was very interactive and useful and we believe it is going to result in high level of compliance from the private sector, build a cordial relationship with the government and create a conducive environment to do our business. We hope we will have this forum continuously.
“We are going to have what we called the Private Sector Legislative Forum soon so that we can engage the government before some of these decisions are out. So we believe this is just the beginning of a good relationship with the government.”
Sedabuk Oil and Gas Industry Limited has been listed among the 100 Safe Companies to Do Business With in Africa for 2025 by Emerging Elites Magazine International, in recognition of the firm’s integrity-driven operations, strict compliance culture, and employee-focused policies.
The award was presented to the Managing Director of the company, Engr. Adunola Oseni, at a ceremony attended by members of Sedabuk’s management and staff, alongside the editorial board and team of Emerging Elites Magazine in Lagos.
Presenting the award, the Editor-in-Chief of Emerging Elites Magazine International, Princess Olivia Chukwuma, said Sedabuk emerged after a “thorough, transparent and merit-based selection process” designed to identify African businesses that exemplify excellence and ethical conduct.
According to her, the 100 Safe Companies to Do Business With in Africa Award is an international initiative created to recognise indigenous African companies with proven records of integrity, safety, and best business practices, noting that awardees are continuously monitored and recertified every three years if standards are sustained.
The MD of Sedabuk Oil and Gas Industry Limited, Engr. Adunola Oseni, poses with the Certificate of Award shortly after the company was recognised among Africa’s 100 safest companies to do business with.
Chukwuma said Sedabuk was selected for its employee-centric culture, stressing that the company has no record of unpaid salaries since inception, maintains fair wages, and prioritises staff welfare through initiatives such as its “One Nutritional Meal a Day” programme, which she described as “rare and commendable” in Nigeria’s oil and gas sector.
She also cited the firm’s zero-tolerance policy for fraud, recalling a June 2022 incident in which a pump attendant was sanctioned for under-dispensing fuel while affected customers were compensated, an action she said “clearly reflects Sedabuk’s philosophy of integrity in service delivery.”
Other factors that earned the company the award, she said, include its reputation for honouring contracts, absence of contract-related court cases, strict adherence to safety standards, and voluntary compliance with regulatory obligations, taxes, and statutory dues without coercion.
“With these attributes and more, Sedabuk Oil and Gas has become a beacon of hope—a new breed of Nigerian company that is trustworthy, valuable, and safe to do business with,” Chukwuma said, as she inducted the firm into the Hall of Fame of the 100 Businesses Safe to Do Business With in Africa 2025.
MD, Engr.Adunola Oseni and staff of Sedabuk Oil and Gas Industry Limited during the presentation of a Certificate of Award by The Emerging Elites Magazine International, honouring the company’s adherence to safety standards and best business practices.
Responding, the Managing Director, Engr. Adunola Oseni described the recognition as “a validation of our core values and a strong motivation to do more,” adding that the award belonged to the entire workforce of the company.
“We will continue to uphold integrity, safety, and transparency in all our operations, remain committed to staff welfare and regulatory compliance, and set standards that others in the industry can emulate,” the Sedabuk boss said.
Sedabuk Oil and Gas Industry on Tuesday reinforced its reputation as a people-centred organisation as it rewarded outstanding employees with cash prizes totalling over ₦10 million at its 2025 Employee Recognition and Awards ceremony held in Lagos.
The event, which attracted over 300 staff members alongside top management officials from across the company’s divisions and subsidiaries, was organised to celebrate excellence, dedication, and loyalty within the Sedabuk workforce.
Speaking at the ceremony, the Managing Director, Engr. Adunola Oseni, described the occasion as one of the proudest moments in the company’s journey, noting that Sedabuk’s steady growth has been deliberately anchored on staff welfare and well-being. She said the company, from inception, made a firm commitment to put its people first, stressing that no organisation can truly thrive if its workforce is neglected.
Oseni disclosed that Sedabuk has never owed or delayed salaries since it commenced operations, describing prompt payment as a mark of respect and responsibility. She added that the company reviewed and increased salaries twice in 2025, improved wages across the board, and sustained its seven-year-old One-Day-Meal Programme to ensure employees do not work hungry.
The managing director announced cash awards spanning retail operations, station-based roles, marts, laundromats, and group-wide excellence categories, explaining that the initiative was not just about financial rewards but about recognising hard work and reinforcing a culture of appreciation. According to her, a loyal and motivated workforce remains the company’s most valuable asset.
She assured staff that management is entering 2026 with stronger welfare policies, better incentives, and more opportunities, with the aim of positioning Sedabuk as one of the best organisations to work in Nigeria. Oseni further urged employees to raise the bar in the coming year by working harder, smarter, and together.
Several employees emerged winners across key categories, including Pump Attendant of the Year, Station Captain of the Year, Mart and Laundromat Excellence Awards, and Special Recognition honours.
The highlight of the ceremony was the Group Chairman’s Spirit of Excellence Award, where Adediran Segun Aderonke emerged Sedabuk Star of the Year with a ₦2 million prize, while Ibiloye Olayinka won the Most Outstanding Employee of the Year award with ₦1 million.
In his remarks, the Group Head, Human Resources and Administration, Mr. Adeleye Olusanjo, lauded the managing director for her consistent leadership and unwavering commitment to staff welfare, assuring employees that more incentives and improved support structures are already being planned for 2026.
The event was attended by senior executives, including the General Manager, Finance and Strategy, Mr. Aderoju Sola; the Group Head, Operations and Logistics, Mr. Rufus Enioshunwa; and the Group Head, Corporate Audit, Risks and Ethics, Mrs. Tolulope Omotola, among others.
Established in 2018, Sedabuk Oil & Gas Industry Ltd operates over 12 petrol stations across Lagos, Ogun, and Oyo states.
The Securities and Exchange Commission (SEC) has raised a red flag over two cryptocurrency products — Zugacoin and Samzuga GPT — warning the Nigerian public to steer clear of them.
In a strongly worded statement issued on Wednesday, the apex capital market regulator described the digital assets as unauthorised crypto schemes with no legal backing or regulatory approval in Nigeria.
According to the Commission, neither the promoters nor issuers of Zugacoin and Samzuga GPT are registered to operate in any capacity within the Nigerian capital market.
“Preliminary investigations revealed that Zugacoin and Samzuga GPT are meme coins,” the SEC said. “Meme coins generally have no use case, intrinsic value, or tangible projects backing them.”
The regulator added that the only perceived value of such coins often stems from aggressive promotion by their creators or community hype, making them prime candidates for “pump-and-dump” fraud — a deceptive scheme where promoters artificially inflate the price of a coin through misleading information before dumping it at peak value, leaving unsuspecting investors with massive losses.
“Once the promoters dump their coins and stop hyping the coin, the coin price typically falls and investors lose money,” the SEC warned.
The Commission urged members of the public to avoid engaging in the purchase or promotion of Zugacoin, Samzuga GPT, or any similar crypto assets, noting that anyone who chooses to invest in such schemes does so entirely at their own risk.
To further safeguard investors, the SEC advised the public to always verify the legitimacy of any virtual, crypto, or digital assets and their promoters through its official platforms:
https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/
www.sec.gov.ng/cmos
This warning is the latest in the SEC’s ongoing crackdown on fraudulent digital asset operations targeting unsuspecting Nigerians amid a rise in crypto-related scams.
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