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Corruption Allegations: ‘Obasa does not operate multiple accounts with our banks’

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Officials of Ecobank, Wema Bank and Polaris on Friday denied that Speaker of the Lagos State House of Assembly, Hon. Mudashiru Obasa is operating multiple bank accounts with them.

Some representatives of the banks spoke before the 9-man House Adhoc Committee on fact finding and investigation on the corruption allegations against Speaker Mudashiru Obasa being circulated on the social media on Friday.

The bank officials stated that it was not possible for an individual to operate multiple accounts with one Bank Verification Number (BVN).

The Committee is headed by Hon. Victor Akande (Ojo Constituency 1).

Present during the meeting were Hon. Rotimi Olowo, Hon. Yinka Ogundimu, Hon. Lukmon Olumoh and Hon. Mojisola Alli-Macaulay.

A Business Development Officer with Wema Bank, Mr. Adekunle Adeleke said that the BVN server did not reserve with any bank, and that it is with the CBN.

“SaharaReporters stated the account number and other details in their reports, but they didn’t state the BVN. What SaharaReporters wrote is not BVN. There are a lot of errors in their report.

“The BVN and the accounts stated in the story are not correct and they don’t belong to the Speaker of the Assembly.

“It is not possible for a BVN to have two dates of births. If they do so, it would be rejected in another bank, they would have to swear to an affidavit so that it would be the same.

“If it should be changed, it would be backed up by marriage certificate or sworn affidavit,” he stated.

Adeleke stressed that the companies stated by SaharaReporters in their reports had no linkage with Rt. Hon. Mudashiru Obasa.

He added that the name, signature and other details in the story has no relationship with Rt. Hon. Mudashiru Obasa.

“You can write Wema Bank to confirm if the accounts mentioned by SaharaReporters had any relationship with the Speaker.

“The computer system in the bank has a digital footprint that would show any visit to any account. It will show imprint of anyone that checks the account. You can request the details of all the checks, but we will need written request from the owner of the account.

“BVN is a different server, it does not belong to any bank. You cannot punch BVN and get any financial details. It is only the regulator or the anti-corrupion agency that can do so through the CBN,” he said.

Polaris Bank was represented by Mr. Charles Osho and Mr. Rotimi Omotayo, Chief Internal Auditor of the bank.

Mr. Omotayo said that only three of the 64 accounts credited to the Speaker by SaharaReporters were with Polaris Bank.

He revealed that two of the accounts belong to one Mr. Adebayo Adeyemi David, while one belongs to Mr. Ajayi Mudashiru Obasa.

“Mr. Adebayo Adeyemi David is different from Mr. Ajayi Mudashiru Obasa and there is no linkage between the two personalities.

“Rt. Hon. Ajayi Mudashiru Obasa has one account with our bank and the BVN quoted for Obasa is correct. The other person has a separate BVN for the two accounts.

“It is not possible to check someone’s account without authorisation. There is what we call system log. Whoever accesses an account is logged on the system and we can see whoever does that.

“We know those who access any account at any point in time. We can avail you of the information if you require it,” he said.

General Manager of the Lagos State Public Procurement Agency (PPA), Mr. Onafowote Fati Idowu, who was also invited by the Committee, revealed that the 40 Toyota Corolla back-up cars bought for the 8th Assembly were with the notice of his office and that the purchase followed the due process.

He said that Certificate of Compliance was issued for the procurement of the vehicles on 30th April, 2019.

“We were communicated and we responded for the process to continue and we approved the purchase of the vehicles.

“The purchase of the vehicles was approved by the Management Committee of the House, led by the Speaker Mudashiru Obasa and the relevant documents were provided.

“Members of the Committee were Hon. Wahab Olumuyiwa Jimoh, Hon. Rotimi Olowo, Hon. Dayo Saka-Fafunmi, and Hon. Setonji David. The purchase was budgeted for and It is in tandem with the appropriate Procurement Law,” he said.

The committee subsequently adjourned sitting to Saturday 6th June, 2020 at 10am.

 

 

 

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Opeifa Defends Rail Reforms, Unveils Nationwide Expansion Roadmap

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Opeifa maintained that derailments are not peculiar to Nigeria, noting that such incidents occur across advanced rail systems globally.

“Derailments are regular occurrences in the rail sector worldwide. In February alone, there were incidents in countries like Britain and others. Around the same time we experienced one, there were multiple derailments across the world,” he said.

He disclosed that in 2025, Nigeria recorded three major derailments:
• August 26 at Asham in Kaduna State
• November 1 at Abraka on the Warri–Itakpe line
• November 8 at Agbor on the same corridor

He said the NRC responded swiftly, restoring services within 24 hours in one case, while others were resolved within 21 and 28 days respectively.

Opeifa stressed that derailments can result from factors such as weather conditions, signal glitches, human error, speeding, or aging infrastructure, but noted that in Nigeria’s recent cases, there were no fatalities.

“These incidents are preventable and efforts are ongoing to minimize them. However, they should not be seen as major setbacks to the overall progress of the railway system,” he said.

On Allegations of Mismanagement

Addressing allegations of financial mismanagement within the corporation, Opeifa declined detailed comments, citing ongoing legal processes.

“When a matter is in court, it is sub judice. Allegations of corruption or mismanagement should be handled by the appropriate authorities,” he stated.

He reiterated that his priority is to reposition the NRC in line with global best practices and ensure efficient rail services for Nigerians.

Expansion, Upgrades and National Connectivity

The NRC boss said efforts are underway to restore damaged coaches and upgrade infrastructure using local engineers and technicians.

“We are bringing back the lines and retrofitting coaches. The Warri–Itakpe line is operational. The Abuja–Kaduna line is running, and we are increasing trips from two to three,” he said.

On long-term plans, Opeifa disclosed that the NRC roadmap envisions rail connectivity across major cities nationwide, subject to funding and phased execution.

He dismissed claims of abandoned projects, explaining that rail developments are capital-intensive and implemented in phases based on available resources.

He cited progress on the Lagos–Ibadan corridor—part of the larger Lagos–Kano project—as well as ongoing work on the Kano–Maradi line linking key northern cities.

Lagos–South-East, Port Connections in View

Opeifa also highlighted plans to expand connectivity between southern ports and inland cities. These include proposed links from Warri to Abuja and from Lekki Deep Sea Port to Kajola, Benin, Onitsha, and Aba, enabling both passenger and cargo movement.

Toward Modern Signaling and Faster Trains

On modernization, he said Nigeria is gradually upgrading from older narrow-gauge systems to standard-gauge infrastructure with improved signaling technology.

He noted that metro rail projects in Kaduna, Kano, and Lagos are being developed with higher signaling standards, positioning the country for faster and more efficient train services in the coming years.

“We are not yet at the highest global level, but we are moving steadily upward,” Opeifa said.

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Ticket Reform Boosts Confidence in Lagos–Ibadan Rail Service, Says Opeifa

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A quiet transformation is reshaping the daily commute between Nigeria’s commercial hub and the historic city of Ibadan. Passengers on the Lagos–Ibadan standard gauge corridor say services have become more efficient and predictable following a clampdown on ticket racketeering led by Kayode Opeifa

The renewed confidence in the rail line linking Lagos and  is influencing residential and employment decisions among middle-income earners who once considered daily intercity commuting unrealistic.

“It is now possible to live in Ibadan and work in Lagos without the daily anxiety of securing a ticket,” said Adewale Bamidele, a financial analyst who travels three times a week. “Before, you needed connections. Now, you book, you board, you arrive.”

A Line Once Hindered by Middlemen

The Lagos–Ibadan railway, inaugurated as a flagship infrastructure project under the administration of former President Buhari was designed to ease pressure on the congested Lagos–Ibadan Expressway and deepen economic integration across the South-West.

However, in its early phases, passengers frequently complained of informal ticket rackets. Allegations included bulk-buying by intermediaries and artificial scarcity that forced travellers to pay inflated prices for seats on high-demand trains.

Industry observers say such practices undermined the railway’s credibility as a mass transit solution. “Transport systems thrive on predictability and fairness,” said a transport economist “Once access is perceived as compromised, commuters revert to road transport despite the risks and delays.”

Enforcement and Digitisation

Since assuming oversight responsibilities within the sector, Opeifa has reportedly intensified internal monitoring and strengthened digital ticketing protocols. Railway officials, speaking on condition of anonymity, said stricter verification processes and disciplinary measures against errant staff have curtailed unauthorised ticket sales.

Although the Nigerian Railway Corporation has not released detailed enforcement data, anecdotal evidence from regular commuters points to shorter queues, smoother boarding procedures and fewer last-minute cancellations.

For professionals with flexible work schedules, the improvement has been significant. The average journey time of about two to three hours—depending on the service type—now compares favourably with unpredictable road travel, which can take considerably longer during peak traffic.

Changing Urban Dynamics

Property agents in Ibadan report a modest rise in enquiries from Lagos-based workers seeking more affordable housing. Rents in many parts of Ibadan remain significantly lower than comparable neighbourhoods in Lagos, offering relief to households grappling with inflationary pressures.

“Rail reliability changes everything,” said Funke Adebayo, a real estate consultant in Ibadan. “When people trust the timetable, they are more willing to relocate.”

Economists caution, however, that long-term success will depend on consistent maintenance, adequate security along the corridor and transparent ticketing systems. Any return to informal practices could quickly erode recent gains.

The Lagos–Ibadan corridor is widely regarded as a litmus test for Nigeria’s broader rail ambitions. With additional standard gauge projects planned or underway nationwide, policymakers face mounting pressure to ensure that infrastructure investments translate into reliable public service delivery.

For now, passengers remain cautiously optimistic.

“It feels more organised,” Bamidele said while disembarking at Mobolaji Johnson Station in Lagos. “If this standard is sustained, rail can genuinely compete with road transport.”

Nigeria agree, the real challenge lies not just in laying tracks, but in sustaining public trust.

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Breaking : Finance Ministry Shake-Up: Tinubu Nominates Oyedele, Says Onanuga

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President Bola Tinubu has nominated the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Dr. Taiwo Oyedele, as the Minister of State for Finance.

Oyedele replaces Dr. Doris Anite-Uzoka, who has been redeployed to the Ministry of Budget and National Planning as Minister of State, her third portfolio in the administration.

The President on Tuesday conveyed Oyedele’s nomination to the Senate for confirmation in a letter to the Senate President, Godswill Akpabio, according to a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, on Tuesday.

Until Tinubu nominated him as a minister, Oyedele from Ikaram, Akoko, Ondo State, was the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.

The 50-year-old is an economist, accountant, and public policy expert who led the comprehensive overhaul of Nigeria’s tax system through the Presidential Committee on Fiscal Policy and Tax Reforms.

The committee, inaugurated in August 2023, delivered four executive bills that consolidated over 60 taxes into fewer than 10 statutes and introduced significant reforms, including zero income tax for Nigerians earning N800,000 annually or less.

The Tax Reform Acts, which became effective on January 1, 2026, also exempted small businesses with turnover below N50m from company income tax, capital gains tax, and development levy.

Other provisions include a 50 per cent tax deduction for companies hiring new workers for three years, a 50 per cent deduction for wage increases to the lowest-paid employees, and a five-year corporate tax holiday for agricultural enterprises.

Oyedele attended Yaba College of Technology, where he obtained a Higher National Diploma in Accountancy and Finance, before proceeding to Oxford Brookes University for a BSc in Applied Accounting.

He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

Oyedele spent 22 years at PricewaterhouseCoopers, joining in 2001 and rising to become the Fiscal Policy Partner and Africa Tax Leader before his appointment to head the tax reform committee.

He is currently a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.

As Minister of State for Finance, Oyedele is expected to oversee the implementation of the tax reforms he championed, particularly as the government seeks to improve revenue generation and deepen economic reforms.

Anite-Uzoka, who is being redeployed to the Ministry of Budget and National Planning, previously served as Minister of State for Industry, Trade and Investment before her appointment as Minister of State for Finance.

The Senate is expected to screen and confirm Oyedele’s nomination in the coming weeks, following which he will be sworn in to assume his ministerial duties.

The Finance Ministry, currently led by Wale Edun as substantive minister, oversees fiscal policy, revenue mobilisation, debt management, and economic planning.

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