The Nigerian was meant to join Real Madrid, PSG or an elite English club this summer – but he’s ended up at a Europa League team instead

Victor Osimhen was a man with a plan. He may have signed a new contract with Napoli last December in order to significantly increase his salary, but he never had any intention of staying at Stadio Diego Armando Maradona beyond the end of the 2023-24 campaign.

The striker knew where he wanted to go and, more importantly, how he was going to get there. “Since I’ve started [playing professionally], I’ve been the one making my own decisions,” he told CBS Sports in January, “and everything is working out well for me.” Not anymore, though.

In the early hours of Tuesday morning, Osimhen was given a rapturous welcome after arriving in Istanbul ahead of the completion of his loan move to Galatasaray. He may have been all smiles – but this was not part of the plan. This was a most unexpected humiliation, an utterly calamitous conclusion to a transfer saga involving Osimhen and Napoli that has yielded no winners – only losers.

Extension that wasn’t really an extension
Napoli president Aurelio De Laurentiis admitted in January that the club had known since last summer that Osimhen wanted out – and they were willing to let him go, too. Just not right away.

De Laurentiis understandably didn’t want to sell Osimhen immediately after the striker had scored 26 times to finish as the capocannoniere at the end of a historic Serie A title triumph. Osimhen, for his part, was willing to spend another year playing for a club and fanbase that had shown him so much love and support since his arrival from Lille in 2020.

So, after painfully protracted negotiations a compromise was reached: Osimhen would sign a contract extension until 2026 and see his salary rise to approximately €11m (£9m/$12m) per annum, but the new deal would also feature a buyout clause of €120m (£100m/$130m), which was significant as De Laurentiis had claimed during the summer of 2023 that it would take an offer of €200m (£170m/$220m) for him to even consider parting with his most valuable asset.

According to reports, he had even turned down a €140m (£120m/$154m) offer from Al-Hilal. But De Laurentiis was happy to accept slightly less money if he meant getting another season out of Osimhen, and there was not a doubt in his mind that a top European team would meet the fixed asking price.

Indeed, in January, the Partenopei president went so far as to publicly proclaim that Osimhen would join “Real Madrid, Paris Saint-Germain or an English team” during the 2024 summer transfer window. So, how on earth did he end up in Istanbul instead? A combination of greed, pride and complete incompetence.

It quickly became clear that this summer’s transfer market would not be awash with the same amount of money as last year for a couple of key reasons.

Firstly, most English clubs were wary of breaching the Premier League’s Profit & Sustainability Rules (PSR), which had resulted in both Everton (twice) and Nottingham Forest being deducted points last season.

Secondly, the Saudi Pro League clubs backed by the Public Investment Fund (PIF) were more focused on retaining the stars they signed last summer, rather than buying new ones, which meant less money flowing into European football.

This minor depression of the market could not have come at a worse time for Napoli and Osimhen.

No bids from Madrid or Paris
Even though Madrid had more need of an orthodox centre-forward than another left winger, they prioritised signing Kylian Mbappe over Osimhen – and had no money left to further strengthen their attack after committing so much money to bringing the France captain to Santiago Bernabeu.

As for PSG, the nature of their project had already shifted significantly. Under Luis Campos, they’re now prioritising potential rather than established stars, as underlined by the acquisitions of Joao Neves and Desire Doue.

And while Goncalo Ramos was ruled out of the first couple of months of the season, PSG felt that they still had sufficient options up front to cope without the Portugal international. Based on what we’ve seen so far from Luis Enrique’s team this term, they were right, with the French champions having scored 13 times in their first three games.

Wage demands ruled out EPL clubs
Of course, there was still Premier League interest in Osimhen, who has never hidden his desire to play in England. According to reports, Liverpool explored the possibility of signing Osimhen but were put off by his wage demands, thus immediately scuppering any hope of a move to a team that already looks capable of doing some serious damage in both the Premier League and Champions League under Arne Slot this season.

Chelsea, by contrast, tried until deadline day to get a deal done but, again, could not agree terms with Osimhen. The Blues may be willing to throw plenty of money around, but their wild recruitment strategy is founded upon signing players on long contracts but relatively low wages.

Consequently, Osimhen appeared almost certain to move to the Middle East, but a transfer to Al-Ahli collapsed because Napoli allegedly tried to increase the agreed fee at the last minute, prompting the enraged Saudi side to pull out of the deal.

Both Napoli and Osimhen were, therefore, left with no option to thrash out a loan agreement with Galatasaray that will, at least, give both parties a chance to find a far more agreeable conclusion to this affair either in January or next summer.

Counting the cost of hubris
However, the fact that it’s come to this is an absolute shambles, and reflects horribly on everyone involved: the club, the player and his agent.

De Laurentiis never should have so flagrantly flagged the fact that Osimhen was leaving unless he already had a buyer lined up. He has paid a heavy price for his hubris and lack of foresight, as interested parties tried to take advantage of Napoli’s mounting desperation to sell their wantaway striker.

Osimhen’s continued presence at the club also stalled their own recruitment strategy for more than a month – much to the frustration of new coach Antonio Conte – and the best-case scenario for Napoli now is recouping the €70m they paid to sign Osimhen from Lille when they had hoped to make just under double that figure.

Embarrassing step down
As for Osimhen, he can use all of the superlatives he wants to describe Galatasaray and their famously fanatical supporters, but this is an embarrassing step down in class for one of the game’s best No.9s. Even if it is only a temporary transfer, Osimhen is simply too good to have ended up in Turkey.

After all, the initial reason for his reluctance to join a Saudi Pro League side was his desire to play in the Champions League and even his representative, Roberto Calenda, pointed out in one bitter attack on Napoli for trying to hawk the No.9 to the highest bidder that there was “still much to do in Europe” for his client.

However, while Osimhen is still in Europe, he’s now joined a club that just got knocked out in the play-off round of this season’s tournament by Young Boys of Switzerland. It’s also worth remembering that just eight months ago he reacted furiously to the suggestion that he would move to Saudi Arabia this summer – and yet he was on the verge of doing precisely that until Al-Ahli withdrew their interest.

Now, he’s neither got the bumper pay packet on offer in the Middle East nor the prestigious switch to one of Europe’s elite he so desperately wanted.

Perhaps most depressingly of all for such a likeable character who overcame so much hardship and heartbreak growing up in Lagos to become a hero in Naples, Osimhen has ruined the remarkable relationship he had cultivated with the city and its fans by exiting in such sorry fashion.

Questions clearly need to be asked of his agent, as Osimhen not been well advised here at all, while Napoli have also played their part in this perfect sh*tstorm. But Osimhen was the man with the plan, so the fact that it’s been left in tatters is sadly all on him.

Culled from goal.com

By Arabinrin Aderonke

As Nigeria dives into the world of digital currencies, one man is stepping up to make sure the country’s tax laws don’t get left behind, Dr Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS) has shared in his recent plans to revamp Nigeria’s tax system to change the game for how cryptocurrencies are taxed.

Cryptocurrencies have rapidly gained popularity worldwide, and Nigeria is no exception. With its engagement in digital currency trading, the country faces the pressing challenge of integrating these assets into a coherent tax framework. Current regulations, such as the Stamp Duty Act of 1939, are outdated and inadequate for addressing the complexities introduced by digital currencies. Recognizing this gap, the Tax Boss is bringing a major update to Nigeria’s tax system to make it fit better with today’s financial realities.

Cryptocurrency has become a major financial phenomenon in Nigeria. With substantial trading volumes and a growing base of users, digital assets like Bitcoin and Ethereum are not just a trend but a growing sector of the economy. This rapid growth presents both opportunities and challenges, highlighting the need for a regulatory framework that can effectively manage the evolving financial world.

Countries around the world are working to figure out how to regulate and tax cryptocurrencies. In the United States, cryptocurrencies are treated as property, and any profits from them are subject to capital gains tax. The United Kingdom and Germany also classify digital currencies as assets and impose capital gains tax on them. Japan has a more detailed approach, taxing cryptocurrency gains based on whether they are considered miscellaneous income or capital gains. These global practices provide useful examples of how different regions are addressing the challenges posed by digital assets.

Dr. Zacch’s changes to Nigeria’s tax system, especially regarding this new update on cryptocurrency, bring with it benefits for Nigerians. By setting clear rules for digital assets, these reforms make it easier for people and businesses to understand and meet their tax responsibilities. This clarity helps boost confidence in the cryptocurrency market and encourages more people to get involved.

The new rules also protect consumers by reducing the risk of fraud and scams, making the market safer. Additionally, better regulation means more tax revenue for the government, which can be used to improve public services and infrastructure. By tackling issues like tax evasion and illegal activities, the changes help create a more stable financial environment. Aligning Nigeria’s tax policies with global standards also helps attract international business and investment. It suffices to say that this move is set to create a more transparent, secure, and thriving financial system for Nigeria.

As the digital economy evolves, keeping tax regulations up to date with technological advancements is important. Dr. Zacch, in his efforts, is taking charge to modernize Nigeria’s tax system to effectively incorporate cryptocurrencies. His approach involves establishing clear, practical guidelines for digital assets, simplifying tax reporting, and leveraging technology to ease compliance.

The Tax Boss’s commitment ensures that Nigeria’s tax policies adapt to the growing influence of digital currencies. By collaborating with businesses and taxpayers, he aims to build a tax framework that supports innovation while making it easier for everyone to meet their tax responsibilities. As other nations refine their approaches to cryptocurrency taxation, Dr. Zacch’s leadership is making the necessary change and keeping Nigeria’s system flexible and responsive to new developments in the digital financial economy.

_Arabinrin Aderonke is an Award-Winning investigative journalist and 2016 Finalist of the CNN African Journalist Award. She currently serves as Technical Assistant, Broadcast Media at the Federal Inland Revenue Service, FIRS._

In 1999, six (6) oil producing states rejected Obasanjo’s suggestion of a Niger Delta Development Commission (NDDC) when Obasanjo first attempted to shove it down their throats.

What the states wanted at the time was for the Federal Government to deliver world class infrastructure intervention which was beyond the scope and capacity of most of the states. They were not looking for a body that will try to duplicate the roles of a state ot local government albeit with far less quality.

Governors like Peter Odili wanted a National Railway line that extended from Lagos to Port Harcourt and passed through high density cities and towns in Rivers State like Ahoada and Omoku.

Victor Attah, an archietct who was Governor of Akwa Ibom State at the time, wanted a National Super Highway that traverses Uyo, Calabar, Port Harcourt and Lagos. He envisaged Akwa Ibom as a Center of Tourism that was well connected to the other economic power houses of Southern Nigeria.

Donald Duke of Cross River was desperate for a Super Highway and Fast rail that connects his hometown Calabar with the city he grew up in, Lagos. He knew that would fire up his dreams of Tinapa as well as help Cross River State evacuate the more than $1 billion worth of agricultural produce target he expected to achieve at the end of his tenure.

Bayelsa’s Diepreye Alamieyeseigha always fantasized about driving from Amassoma, his home town to Lagos in less than 5 hours in any of his 8- or 12-cylinder automobiles.

None of them wanted NDDC. Their reasons were real and true. There were political, fiscal, social and economic concerns that made at the time and it all made sense.

Yet Obasanjo shoved his NDDC down their throat. Tried as they may, their attempts all fell by the wayside.

At the time, it would have cost less than ₦200 billion to successfully reconstruct East West Road.

It would have cost just about ₦1 Trillion to successfully construct a Lagos to Calabar Coastal Road, or Lagos to Calabar Coastal Railway or a Coastal Superhighway with a median railway line as the Tinubu Administration has proactively chosen to do.

And so the strong-headed and strong-willed retired General had his day at the end, and until this day, NDDC remains, unstable to find its feet in the midst of shattering corruption, mind boggling incompetence and baseline malfeasance.

It was not only the Governors and key regional stakeholders who had a problem with Obasanjo over the creation of NDDC. The National Assembly too had a running battle with Obasanjo over the NDDC Bill.

As a matter of fact, muscle flexing between Obasanjo and both houses of the National Assembly over this matter hindered and slowed down the delivery of the 2000 Budget with aides of the presidency and national assembly exchanging combative words over the media within the first quota of 2000.

In July 2000, the NDDC Act of 2000 was passed by both houses of the National Assembly and endorsed by Speaker of the House of Representatives Umar Ghali N’Abba and President of the Senate, Chuba Okadigbo who was impeached the following month (August 2000) after the 109-man Senate overwhelmingly voted 81-14 in favour of removing him as Senate President after he refused to comply with a House resolution asking him to resign or step down.

Since then, more than N7 Trillion has been spent on NDDC.

From 2001 to 2019, NDDC had received more than N6 Trillion from the Federal Government, with N3.3 Trillion being budgetary allocations and N2.4 Trillion from statutory and non-statutory sources.

In 2023, the Managing Director of NDDC stated that the Federal Government was owing NDDC about N2 Trillion being sums owed by the Federal Government in budgetary allocations

In July 2024, the National Assembly passed the N1.9 trillion NDDC Budget for 2024. The management of NDDC has also publicly stated that they will be borrowing about One Trillion Naira to fund the 2024 budget.

The challenge with such borrowings is that NDDC will end up awarding contracts to incompetent companies owned by politicians and their cronies who will end up delivering projects that will not stand the test of time and will not add any value to the development of the Niger Delta which is supposed to be the purpose.

For instance, after borrowing One Trillion Naira, NDDC might decide to award a major contract like rehabilitation of East West Road to a company owned by a former Governor of Delta State and then in less than two years, the road project begins to disintegrate. Is that not a loss to the Niger Delta?

With the massive investments that the Federal Government has made on NDDC in these years, one wonders why NDDC has not been able to ensure corresponding GDP improvement in the Niger Delta region.

Would it not have been better for the Federal Government to use the funds that have been expended on NDDC and the Ministry of Niger Delta to build long term infrastructure projects like a well designed East West Road? Or a well designed Lagos to Calabar Railway or Super Highway?

Would it not have been better if the Federal Government had invested that same amount in improving the quality and quantity of road distribution in the Niger Delta?

Would it not have been better IF the Federal Government had used that same amount of money to improve the quality and standard of all Federal Universities in the Niger Delta?

So the question that Niger Deltans should continue to ask themselves for generations to come is: Was NDDC an Obasanjo Trojan Horse? that has ended up shortchanging the people of the Niger Delta?

Time will tell.

Kerley S George writes from Port Harcourt

By Arabinrin Aderonke

Femi Otedola’s endorsement of the windfall tax shows its potential to promote economic fairness and stability in Nigeria. Mr. Otedola, who has long been an influential voice in the country’s financial sector, argues that the windfall tax could be a game-changer for Nigeria’s economy.

The windfall tax offers an opportunity to redirect substantial unexpected profits towards the betterment of Nigerian citizens. By targeting the exceptional gains that banks have recently enjoyed, this tax enables the government to channel resources into public services such as healthcare, education, and infrastructure. This move is not just about financial rebalancing; it’s a deliberate effort to tackle deep-rooted social inequalities and provide much-needed relief to Nigerians battling rising living costs. The infusion of these funds into essential services promises not only to enhance the quality of life for many but also to drive long-term, sustainable development across the nation. Mr. Otedola’s stance on this issue is both timely and necessary.

Implementing the windfall tax, while important, does come with its set of challenges. One concern is the possibility that banks might shift the financial burden of the tax onto their customers, leading to increased costs for banking services. Additionally, administering the tax, ensuring compliance, and managing its collection might present operational difficulties. However, these challenges are manageable with proactive strategies.

By instituting a well-defined implementation plan and enforcing strong regulatory measures, the adverse effects can be effectively mitigated. With careful planning and oversight, the windfall tax can be successfully enacted, achieving its goal of supporting public welfare and addressing economic disparities.

The long-term impact of the windfall tax promises to have a lasting and transformative effect, shaping Nigeria’s future in many ways. For instance, directing funds into healthcare could improve access to medical care, while investments in education can enhance learning opportunities for young Nigerians. Upgrading infrastructure will support economic development and create more jobs. The windfall tax, therefore, is not merely a temporary fix but a move towards building a stronger, more resilient Nigeria. The benefits of such a policy will extend far beyond today, leaving a lasting impact on generations to come.

For Mr. Otedola, the immediate implementation of the windfall tax is imperative. In the face of Nigeria’s urgent economic needs, expediting this tax will enable the government to channel resources into vital areas swiftly. Taking prompt action is important to harness the tax’s full potential and address pressing challenges effectively, without unnecessary postponements and delays.

In the face of Nigeria’s economic challenges, banks must adopt a more disciplined approach to spending. Embracing the windfall tax promises to turn exceptional banking profits into a force for national good. By swiftly enacting this measure, we can transform unexpected gains into enduring benefits for all, paving the way for a more balanced and prosperous Nigeria.

Arabinrin Aderonke is an Award-Winning investigative journalist, finalist, 2016 CNN African Journalist Award. She currently serves as the technical assistant, Broadcast Media, Federal Inland Revenue Service FIRS.

By Arabinrin Aderonke

Why is the Nigerian government introducing a windfall tax, and what does it mean for the economy? As part of economic reforms, President Bola Ahmed Tinubu’s administration has proposed a one-time windfall levy aimed at addressing the substantial gains made by Nigerian banks due to changes in exchange rates.

The Windfall Tax, recently introduced under Nigeria’s Finance Act, promises many benefits for the nation. By redistributing these unexpected gains, the tax will channel funds into important public services, including infrastructure development, healthcare, and education.

This redistribution is expected to improve public amenities, support the quality of education and healthcare, and address economic disparities. Moreover, the funds are likely to stimulate job creation and promote economic growth.

The Federal Government proposal to amend the Finance Act through the windfall tax on the foreign exchange extraordinary gains realised by banks. This measure shows a commitment to ensuring that the financial benefits derived from recent economic reforms are shared with the public. This proposal is framed in such a way as to drive national development while avoiding additional tax burdens on ordinary citizens.

The concept of windfall taxes is not unique to Nigeria. Globally, windfall taxes have been implemented in many ways with different outcomes. The Czech Republic has levied a 60% tax on energy firms and banks, raising $3.4 billion to help those affected by energy price hikes. Hungary has used its tax to promote government bond purchases and introduced a new social tax. Lithuania allocates its windfall revenue to military funding, while Sweden uses it to strengthen public finances. In the United Kingdom, Parliament is considering a windfall tax on banks to address economic inequality and support public services. All these international contexts indicate that windfall taxes are a standard method for managing and redistributing unexpected profits.

In discussions at the National Assembly recently, both Mr. Wale Edun, the Minister of Finance, and Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), provided information on the rationale behind this tax. Mr. Edun highlighted that imposing such levies is a common practice worldwide and is designed to ensure that the benefits resulting from government policies are shared with the public.

Dr. Adedeji, in his own comments, emphasized that the windfall tax would help mitigate economic inequalities, particularly in light of recent harmonisation policies in the foreign exchange market. The Federal Inland Revenue Service (FIRS) has worked hand-in-hand with the Central Bank of Nigeria to ensure the levy supports rather than disrupts the banking sector.

Moving forward, banks must work closely with the federal government on the windfall tax. This partnership ensures the efficient allocation of funds to enhance public services, promote economic stability, and maximise benefits for all Nigerians. Together, they pave the way for a prosperous nation.

Arabinrin Aderonke is an Award-Winning investigative journalist, 2016 finalist, CNN African Journalism Award. She currently serves as the Technical Assistant, Broadcast Media at the Federal Inland Revenue Service.

By Eke David

Nigeria’s problems are fundamentals. No man can lead Nigeria with these fundamentals in place.

1. He came and removed petroleum subsidy. The previous government was borrowing to fund it, and the nation was at the brisk of collapse because we were not only subsidizing for Nigerians but for the whole of sub-Saharan Africa.

Today, after subsidy removal our fuel import is down by 51.4%. Subsidy cabals are not happy with him.

2. He floated the Naira so that market forces would determine the actual rate.

Currency racketeers are not happy with him. This alone comes with some harsh economic realities.

3. Flying from next door Benin Republic to Europe or America used to be half the price the same airlines charge in Nigeria, this is because those airlines pay “royalties” to vested interests, especially those that helped to kill Nigerian Airways for these airlines to dominate our sky. He brought in Air Peace against all odds to crash the price and these untouchable airlines were forced to crash their fares. Those vested interests who fed from the fare excesses in Nigeria, will not like him.

4. He dares almighty governors, to give you local government autonomy, a man who doesn’t have the people at heart will never do that.

5. The war in Ukraine has disrupted the supply chain of wheat and fertilizers. This and the current harsh global economic realities of which Nigeria is not in isolation, are hitting us hard and Nigeria is far better compared to other African countries.

When UAE was using oil money to build Dubai, your fathers and uncles were burning down Kaduna, Kano, Jos, Maiduguri etc. Today, you want Nigeria to be like “Dubai”.

When Russia was laying petroleum pipelines to dominate Europe’s oil markets, your fathers and uncles were bursting pipelines across Nigeria. Their actions crippled NNPC depots across Nigeria. This is how tankers took over our roads.

Your fathers killed our refineries, destroyed our textile industries, ate our national airline to extinction, and looted our treasury over four decades that took life out of our capability to produce. Today you are shouting Tinubu.

Nigeria’s problem didn’t start overnight and no “ariaria overnight” approach can take us out.

He gave your governor money and even more money, but you choose to face him.

The cost of goods is alarming, and it is your right to peaceful protest, to voice your frustrations. But when “your peaceful protest” is being hijacked by elements loyal to either oil cabals, currency racketeers, political interests, or any other vested interests, we may have no option than to storm the street in a counter-protest, because so far, the man is taking life out of fundamental ideals that have clogged our wheel of progress over several decades.

May President Tinubu Succeed!

God bless Federal Republic of Nigeria