“The luxury wristwatch, a Patek Philippe Golden Ellipse from the renowned Golden Ellipse Collection, ranks among the world’s most exclusive timepieces. The brand is widely associated with wealth, exclusivity, and elite status, favored by billionaires and royalty worldwide.”
As millions of Nigerians struggle with economic hardship and the burden of a 7.5% Value Added Tax (VAT), the Executive Chairman of the Nigeria Revenue Service (NRS), formerly the Federal Inland Revenue Service (FIRS), Zacch Adedeji, was recently spotted wearing a luxury Patek Philippe wristwatch valued at ₦25.57 million.
The watch, identified as a Patek Philippe Golden Ellipse from the prestigious Golden Ellipse Collection, is among the world’s most exclusive timepieces. The brand is synonymous with wealth, prestige, and elite status, favored by billionaires and royalty.
vibeslyfe’ checks reveal that Adedeji’s watch features a sunburst blue dial crafted from an 18K gold plate, with white gold baton-style hour markers and cheveu-style hands, blending minimalism with opulence.
The model closely resembles the Patek Philippe Golden Ellipse Ref. 5738P-001, a highly sought-after platinum variant with an elliptical case, navy blue alligator strap, and a single diamond at 6 o’clock.
It also houses Patek Philippe’s ultra-thin Calibre 240 automatic movement with a 22K gold micro-rotor and is water-resistant up to 30 metres.
Introduced to mark the 40th anniversary of the Golden Ellipse collection, the Ref. 5738P-001 remains one of the most coveted watches worldwide due to its limited production and enduring prestige. The collection itself, dating back to 1968, draws inspiration from the Golden Ratio, highlighting harmony, balance, and understated elegance.
Luxury retailer FARFETCH lists a similar 27mm Golden Ellipse watch at $18,008, emphasizing the timepiece’s elite status.
The sighting of such an expensive accessory on a senior tax official has sparked public outrage, particularly as citizens contend with inflation, rising fuel and food prices, and increased taxation. Many Nigerians on social media have criticized the display of extreme wealth by the head of the nation’s tax authority, responsible for enforcing VAT collection.
This controversy coincides with the recent implementation of a 7.5% VAT on selected banking services, including mobile bank transfers and USSD transactions, effective January 19, 2026. Moniepoint, a leading financial services provider, informed its customers that the tax, mandated by the NRS, would apply to certain electronic banking fees, including card issuance charges.
The juxtaposition of public hardship and a lavish lifestyle has reignited debates on the ethics of wealth display by government officials tasked with revenue collection.