Adeosun opens up on tax reforms, trials in office, life of purpose beyond government

Under her tenure as Nigeria’s Minister of Finance, Kemi Adeosun oversaw the recovery of more than N554.047 billion through key fiscal transparency initiatives, including the Whistle Blower Policy, the Treasury Single Account (TSA) and the Bank Verification Number (BVN) policy, reforms widely regarded as redefining Nigeria’s economic governance framework.

In this report, Adeosun reflects on her personal ordeal in public office, how she was eventually vindicated by the courts, and her enduring commitment to social impact, philanthropy and nation-building beyond government service.

During her tenure as Minister of Finance, who served under President Muhammadu Buhari from 2015 to 2018, Kemi Adeosun implemented a number of far-reaching fiscal and institutional reforms aimed at strengthening transparency, efficiency and accountability in public finance. One of the most notable was the introduction of the Whistle-blower policy, which became a powerful tool in the fight against corruption.

Through the policy, the Federal Government recovered N554.047 billion, while an additional N13.8 billion was recovered from companies involved in tax evasion.

The initiative rewarded citizens who provided credible information on financial crimes and helped expose entrenched corruption.

Adeosun also established the Efficiency Unit, designed to reduce waste and improve value for money in government spending.

Through tighter controls and better management practices, including cuts in expenditure on stationery and consumables, the unit recorded significant savings. In 2016 alone, N34 billion was saved on office stationery and computer consumables compared to the previous year.

She further strengthened the Treasury Single Account (TSA) policy, which helped uncover and eliminate ghost workers, a reform she had earlier implemented during her tenure as Commissioner for Finance in Ogun State.

Under her leadership, the continued enforcement of the Bank Verification Number (BVN) policy was also ensured, while the Nigeria Customs Service adopted software solutions to enhance operational efficiency.

Adeosun’s time in office also saw improvements in transparency in payment systems, procurement processes and government asset management.

The harmonisation of insurance processes for government assets and liabilities across Ministries, Departments and Agencies (MDAs) was prioritised. In addition, the Green Bond and Sukuk Bond initiatives were launched under her watch, leveraging her experience in the capital market to support sustainable development and infrastructure financing.

Speaking recently on tax reform, Adeosun stressed that Nigerians must embrace tax compliance if the country is to achieve prosperity.

She noted that Tax was one of the problems she tried to tackle during her tenure with the VAIDs programme that allowed an amnesty for those who had evaded taxes.

“I was excited when I saw moves to harmonise data,” she said. “We’ve had TIN, NIN, BVN—too many numbers. Once you harmonise data, it becomes very difficult to hide.” According to her, integrated data systems, combined with technology, make it easier to identify those benefiting from public resources without meeting their tax obligations. “Once you have data, and with AI, you can see very quickly who is not playing the game fairly,” she said.

Commenting on the broader management of Nigeria’s economy, she acknowledged its complexity, stressing that macroeconomic indicators alone are not enough if ordinary citizens do not feel tangible relief.

Reflecting on the controversy that followed her tenure, Adeosun said, ’’Powerful interests wanted me out, saying No is part of the job, so naturally, you create enemies’’. She had been cleared of all the NYSC certificate allegations by a court of competent jurisdiction.

She added that her professional body, the Institute of Chartered Accountants in England and Wales (ICAEW), also investigated the matter and fully vindicated her.

She explained that resigning was part of her resolve to clear her name completely.

“I knew I would need to go to court to clear my name, and doing so was not compatible with being Minister of Finance representing Nigeria at the highest level,” she said.

“These names are leased from our children and our grandchildren. You don’t destroy your name because you want to stay as minister,” she added. Incongruence of being in court and representing Nigeria at the highest levels.

She also recalled the goodwill she received during that difficult period.

“What moved me the most was the goodwill that I encountered during that period. For instance, Chief Olanipekun said, ‘I will represent you.’ Femi Falana offered support. Governors reached out. People in ministries.

Since leaving public office, Adeosun has devoted herself to philanthropy, focusing on uplifting vulnerable children and supporting the less privileged. She said this phase of her life has deepened her appreciation of the resilience and ingenuity of ordinary Nigerians.

According to her, working closely with vulnerable communities has revealed their strength, creativity and determination to survive against the odds.

“One thing I’ve come to understand is that vulnerable people are not passive. Far from it. All over Nigeria, I’ve seen remarkable strength, women running tiny businesses on margins so thin it feels impossible.

“Communities quietly building their own safety nets. Young people are doing everything they can to keep their brothers and sisters in school and create a better future for their families.”

She added that Nigerians possess immense creativity, resilience and enterprise, and what many truly desire is a fair and enabling environment.

“But Nigerians themselves carry so much creativity, resilience and enterprise. What most Nigerians I’ve spoken to want is simple: a fair system, fewer obstacles, and room to build.

“The real transformation will happen when the environment is created that allows our people to thrive. I’ve always believed that compassion should guide policy, competence should guide execution, and honour should sit at the centre of every decision.”

Reflecting on her journey, Adeosun concluded that her experiences have reinforced a deeper understanding of purpose beyond public office.

“My experiences over the years have only strengthened that belief. I’ve also learnt that your identity shouldn’t rest on a title, and that if one lives with integrity, purpose and impact, the respect you earn will outlive any position.”

Ifeoma Okeke-Korieocha is the Aviation Correspondent at BusinessDay Media Limited, publishers of BusinessDay Newspapers.

She is also the Deputy Editor, BusinessDay Weekender Magazine, the Saturday Weekend edition of BusinessDay.

She holds a BSC in Mass Communication from the prestigious University of Nigeria, Nsukka and a Masters degree in Marketing at the University of Lagos.

As the lead writer on the aviation desk, Ifeoma is responsible and in charge of the three weekly aviation and travel pages in BusinessDay and BDSunday. She also overseas and edits all pages of BusinessDay Saturday Weekender.

She has written various investigative, features and news stories in aviation and business related issues and has been severally nominated for award in the category of Aviation Writer of the Year by the Nigeria Media Nite-Out awards; one of the Nigeria’s most prestigious media awards ceremonies.

Ifeoma is a one-time winner of the prestigious Nigeria Media Merit Award under the 'Aviation Writer of the Year' Category.

She is the 2025 Eloy Award winner under the Print Media Journalist category.

She has undergone several journalism trainings by various prestigious organisations.

Ifeoma is also a fellow of the Female Reporters Leadership Fellowship of the Wole Soyinka Centre for Investigative Journalism.

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