Nigeria’s Tax Agency Boss Flaunts N25.5Million Patek Philippe Watch While Citizens Grapple With Rising VAT
Nigeria’s Tax Agency Boss Flaunts N25.5Million Patek Philippe Watch While Citizens Grapple With Rising VAT
The luxury wristwatch, identified as a Patek Philippe Golden Ellipse from the prestigious Golden Ellipse Collection, is one of the most exclusive timepieces in the world, a brand synonymous with wealth, exclusivity, and elite status among global billionaires and royalty.
As millions of Nigerians grapple with economic hardship and the burden of a 7.5 percent Value Added Tax (VAT), the Executive Chairman of the Nigeria Revenue Service (NRS), formerly called Federal Inland Revenue Service (FIRS), Zacch Adedeji, has been spotted wearing a luxury Patek Philippe wristwatch valued at ₦25,568,118.56.
The luxury wristwatch, identified as a Patek Philippe Golden Ellipse from the prestigious Golden Ellipse Collection, is one of the most exclusive timepieces in the world, a brand synonymous with wealth, exclusivity, and elite status among global billionaires and royalty.
SaharaReporters’ checks on the official Patek Philippe website reveal that the wristwatch worn by Adedeji features a sunburst blue dial crafted from an 18K gold dial plate, adorned with white gold applied baton-style hour markers.
The watch is fitted with elegant white gold cheveu-style hands, reinforcing its minimalist yet opulent aesthetic.
Further investigation shows that the watch closely matches the Patek Philippe Golden Ellipse Ref. 5738P-001, a highly sought-after platinum model renowned among luxury watch collectors.
The Ref. 5738P-001 is described as a prestigious timepiece featuring an iconic elliptical case design, a blue gold dial, and Patek Philippe’s ultra-thin Calibre 240 automatic movement.
The Golden Ellipse Ref. 5738P-001, often referred to as the “Jumbo” size, comes in a 34.5mm by 39.5mm platinum case and is paired with a navy blue alligator leather strap secured by a platinum prong buckle.
The watch also carries a discreet but symbolic single diamond set at the 6 o’clock position on the case, a signature distinction for platinum Patek Philippe models.
Technical specifications of the luxury watch include an ultra-thin Calibre 240 automatic movement with a 22K gold micro-rotor, a hallmark of Patek Philippe’s exceptional craftsmanship.
The watch is water-resistant up to 30 metres and is widely admired for blending classic Swiss watchmaking heritage with a refined modern aesthetic.
The Golden Ellipse collection itself dates back to 1968 and was inspired by the Golden Ratio, a mathematical principle associated with perfect harmony and balance.
The lugless elliptical case emphasises smooth curves and understated elegance, making the collection one of Patek Philippe’s most iconic designs. The blue gold dial is produced by infusing 18K gold with a metallic blue glow, a rare and technically demanding process unique to this reference.
According to watch industry records, the Ref. 5738P-001 was introduced to commemorate the 40th anniversary of the Golden Ellipse collection and remains one of the most coveted pieces among collectors worldwide due to its limited production and enduring prestige.
In a related price comparison, SaharaReporters also checked luxury fashion and accessories retailer FARFETCH, where a Patek Philippe Golden Ellipse 27mm watch is listed at $18,008.
The sighting of such an expensive luxury item on a senior tax official has triggered public anger, particularly as millions of Nigerians struggle under inflation, rising fuel prices, food insecurity, and increased taxation.
Meanwhile, many argue that it is morally troubling for the head of Nigeria’s tax authority, responsible for enforcing VAT collection from citizens and businesses, to publicly display symbols of extreme wealth.
Many Nigerians on social media have questioned whether public officials, especially those overseeing revenue generation, should maintain such lavish lifestyles while citizens are urged to tighten their belts in the name of economic reform.
SaharaReporters previously reported that Nigerians would begin paying a 7.5 per cent VAT on selected banking services, including mobile bank transfers and USSD transactions, from January 19, 2026, following a new government-backed regulatory directive.
SaharaReporters obtained a notice sent to customers by Moniepoint, informing users of the impending implementation of the VAT regime on certain electronic banking charges.
According to the notice, the development is tied to a directive from tax authorities mandating financial institutions to begin VAT collection and remittance.
“We would like to inform you of an upcoming government-endorsed regulatory change regarding Value Added Tax (VAT),” the notice stated.
It added, “From Monday, 19 January 2026, we are required to collect a 7.5% VAT, to be remitted to the Nigerian Revenue Service (NRS) (formerly known as the Federal Inland Revenue Service).”
The company disclosed that the tax will apply to “certain banking services,” including “electronic banking charges such as mobile banking fees (transfers), USSD transaction fees and card issuance fee.”
WATCH: Nigeria’s Tax Agency Boss Flaunts N25.5Million Patek Philippe Watch While Citizens Grapple With Rising VAT pic.twitter.com/rrNkrBLSEu
— Sahara Reporters (@SaharaReporters) January 19, 2026
