Business
CITN To Sustain Developments In Tax Industry
The newly inaugurated Chartered Institute of Taxation of Nigeria (CITN) President, Innocent Ohagwa has promised to consolidate on the successes achieved in the institute’s 2021 to 2027 Strategic Plan titled ‘Developing the Tax Profession’.
Speaking during his inauguration as the 17th president of the institute, he said he will also be preparing the grounds for the development of the next strategic plan for the years 2027 and beyond.
Ohagwa was decorated with his insignia of office at the investiture that took place in last Saturday in Lagos.
Ohagwa is a Chartered Accountant, Chartered Tax Professional, former banker, and Certified Information Systems Auditor with a 36-year career spanning expertise in finance, taxation, and information systems.
In his acceptance speech, Ohagwa said, “I am greatly humbled and honoured today and forever, as we gather together to celebrate this momentous occasion of the investiture as the 17th President of our illustrious Institute. I express my profound appreciation to our revered past Presidents, Council members and Members for entrusting me with this important responsibility.
“It is a privilege to lead an organisation that has played a pivotal role in shaping the taxation landscape of Nigeria.”
Present at the investiture were the Lagos State Governor, Babajide Sanwo-Olu, who was represented by his Special Adviser on Taxation and Revenue, Opeyemi Ogungbo, the Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, and former Vice Chancellor, Nasarawa State University, Prof. Muhammad Mainoma, who delivered the keynote address, among others.
Sanwo-Olu in his speech said, “As the president of the institute, his leadership will no doubt inspire confidence among stakeholders and catalyse reforms that would benefit Nigeria and its citizens.
“I also deeply appreciate the outgoing president, Samuel Agbeluyi, who served with distinction throughout his two-year tenure bringing a wealth of experience and strategic vision to the institute.”
The immediate past president, Agbeluyi, in his valedictory speech, hailed the values of the new president.
“I’m happy to be handing over to a man who offers service without expecting a reward, who has a lot a strength. The Institute is blessed to have a man to lead us in the next two years. We can only support him,” he said.
Mainoma, in his keynote address, highlighted that the future of taxation lies in collaboration between tax professionals, government agencies, technology providers and the public.
According to him, collaborative tax platforms, such as open APIs, allow integration of private systems with government portals, simplifying filing and reporting.
“Engagement with taxpayers through education, surveys and feedback loops enhances voluntary compliance and trust. Furthermore, collaboration between regulators and professionals leads to more practical, inclusive and adaptive tax policies,” he said.
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The Federal Government has clarified that it is not increasing taxes, noting that Nigeria only needs more taxpayers.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this remark on Thursday while receiving a delegation from the Chartered Institute of Taxation of Nigeria, CITN, at his office in Abuja.
Oyedele hailed the institute for introducing a National Tax Awareness Day and for supporting the current tax reforms of the Federal Government.
The minister charged the institute to double its effort in public enlightenment, stressing that many Nigerians still view taxation as a means for the government to take money from citizens.
He reiterated that the priority of the government is not to increase tax rates but to broaden the tax base by ensuring that all eligible taxpayers meet their obligations.
“We are still not getting enough revenue from taxes.
“It is not about increasing taxes but making sure that those who are supposed to pay tax pay. We want to promote fairness in tax administration,” he said.
Source: Daily post
The Nigerian government has released a list of six persons and three entities sanctioned for terrorism financing.
In a statement on Tuesday, Secretary of the Nigerian Sanctions Committee, Beatrice Jedy-Agba, said the list was approved and published on 18 June.
This comes a day after the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the sanctions on Mukhtar Adamu, and three bureau de change companies over their alleged involvement in financing the terrorist group Islamic State West Africa Province (ISWAP).
OFAC, in its announcement on Tuesday, accused Mr Adamu, a Lagos-based bureau de change operator, of facilitating financial transactions and money transfers on behalf of ISWAP.
On Wednesday, the Nigerian Sanctions Committee, released a broader list of six persons and three entities similarly sanctioned in Nigeria for terrorism financing activities.
The list includes Mr Adamu and two companies – Nine to Nine BDC and Generation BDC Limited – named in the US sanctions on Monday.
Mrs Jedy-Agba, who doubles as the Solicitor-General of the Federation and Permanent Secretary, Federal Minister of Justice, said the US sanctions followed “the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on 18th June 2026.”
She welcomed the inclusion of Mr Adamu and the two firms in the US designations.
The fresh list of designations by the Nigerian government, including Mr Adamu and the two firms linked to him, is as follows:
1. Ibrahim Yakubu Ogirima (NLISWi.19)
2. Muktar Muhammad Adamu (NLISWi.20)
3. Adamu Chiroma (NLISWi.21)
4. Ibrahim Abubakar (NLISWi.22)
5. Abdullahi Umar Usman (NLISWi.23)
6. Babangida Muhammed Adamu Hammajam (NLISWi.24)
7. Abbal Bako & Sons Bureau De Change Limited (NLISWe.25)
8. Generation Currency BDC Limited (NLISWe.26)
9. Nine to Nine BDC Limited (NLISWe.27)
Mrs Jedy-Agba asked banks and designated non-financial businesses and professions, including lawyers, accountants and others, in Nigeria to immediately give effect to the designation of the six persons and three entities by freezing their assets and reporting them, any matches and their transactions to the appropriate authorities.
“The Federal Government reiterates its directive to all financial institutions and designated non-financial businesses and professions to continue to comply with all sanctions’ obligations, including asset-freezing requirements, the filing of Suspicious Transaction Reports and the reporting of all relevant matches to the appropriate authorities,” the statement said.
The US sanctions also mean that all property and interests in property belonging to the designated individuals and entities that are within the United States or under the control of US persons are blocked. Also, US citizens and businesses are also generally prohibited from conducting transactions with them unless authorised by OFAC.
OFAC further warned that foreign financial institutions and other persons that knowingly facilitate significant transactions or provide material support to the sanctioned individuals or entities could themselves face US sanctions.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) had said in a statement on Monday that Mr Muhammad, also known as “Mukhtar Adamu Muhammad”, of facilitating financial transactions and money transfers on behalf of ISIS-West Africa, popularly known as Islamic State West Africa Province (ISWAP).
Sanctioned by OFAC along with Mr Muhammad are Nine To Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited, and Manhattan Bureau De Change Limited, which OFAC alleged are owned, controlled or directed by Mr Muhammad and were used to move funds for the terrorist organisation.
PREMIUM TIMES reported that ISWAP, a second breakaway faction of Boko Haram, has been responsible for years of deadly attacks across Nigeria’s North-east and the Lake Chad region.
Pump prices of Premium Motor Spirit (PMS) have begun to drop at filling stations in some parts of Lagos and Ogun states following the recent reduction in the gantry price of petrol by the Dangote Petroleum Refinery. This price adjustment responds to the reduction in global crude oil prices as Iran and the United States reached an agreement.
Punch reports that at the SGR filling station in Mowe, Ogun state, a litre of petrol sells for N1,199, the lowest price encountered at the stops we visited. NIPCO, SAO, AP and MRS filling stations dispense a litre of fuel at N1,205 per litre, while Mobil petrol stations sell at N1,220 per litre.
A litre at Heyden’s station in Iperu went for N1,285 per litre. Other filling stations selling petrol at N1,245 per litre include NNPC Retail outlets in Ogun state.
Chinedu Ukadike, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), told Legit. during an interview that many filling stations are yet to reduce prices below N1,300 per litre because they are still managing old stock purchased at higher rates.
He explained that immediate price cuts could lead to losses for marketers still holding expensive inventory.
Ukadike said: “This announcement is enabling people who have old stocks to clear out their stocks, not only clearing out their stocks but also enabling them to prepare to take the fresh stocks.”
“Once the Dangote refinery announces a new price, there is a serious pause in loading. It will enable people who just bought new products to see how they can clear the old stocks within a window of a day or two.” He said once new products enter circulation, pricing adjustments will naturally follow.
Ukadike identified the cost of funds as another key factor affecting petrol pump prices, noting that financing expenses influence how quickly marketers adjust prices.
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