As millions of Nigerians struggle under rising inflation, increasing fuel prices, food insecurity, and a newly imposed 7.5% Value Added Tax (VAT) on certain banking services, the Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has been spotted wearing an ultra-luxury Patek Philippe Golden Ellipse wristwatch, valued at ₦25,568,118.56.

The watch, identified as a Patek Philippe Golden Ellipse Ref. 5738P-001, is among the most exclusive timepieces in the world. It features a platinum elliptical case, blue gold dial, white gold hands, a navy blue alligator leather strap, and a discreet diamond at 6 o’clock—a hallmark of platinum Patek Philippe models. The watch also houses the ultra-thin Calibre 240 automatic movement with a 22K gold micro-rotor.

Luxury watch collectors prize the Golden Ellipse collection, which dates back to 1968 and was inspired by the Golden Ratio, celebrated for its perfect harmony and elegant design. The 5738P-001 “Jumbo” edition was released to commemorate the 40th anniversary of the collection and remains one of the rarest and most coveted models worldwide.

The sighting of such opulence on the head of Nigeria’s tax authority has sparked public outrage. Citizens have questioned the morality of a senior official displaying extreme wealth while enforcing taxes like VAT, particularly as new directives require financial institutions to collect 7.5% VAT on selected electronic banking services, including mobile bank transfers, USSD transactions, and card issuance fees.

Social media users criticized the apparent disconnect between the lifestyle of tax authorities and the economic struggles of ordinary Nigerians, arguing that such displays of wealth are tone-deaf amidst the financial burdens on citizens.

This controversy comes as Nigerians adjust to the new VAT regulations, effective January 19, 2026, and as public debate intensifies over accountability and ethical standards for officials responsible for revenue collection.