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.
Thenationonlineng.net
The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Saturday.
Daily Voice reports that data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,321.2160/1$ on Sunday.
The latest rate is the same as Saturday’s rate of ₦1,321.2160/1$.
At the parallel market (black market), however, the naira closed on Sunday at ₦1,400 to the dollar.
The offers by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates due to transaction margins and prevailing demand and supply conditions.
Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indications of whether the naira can sustain its gains through the month.
Cement prices in Nigeria remain elevated, with a 50kg bag selling for between ₦12,000 and ₦15,000 in many markets, putting further pressure on builders, contractors and Nigerians planning construction projects.
The latest market data shows that although some brands are currently available below the ₦15,000 mark, the industry remains significantly more expensive than it was at the end of 2025 and early 2026.
Recent market quotations show the following indicative prices for a 50kg bag:
Note: prices may vary by location and transportation costs.
These figures are based on a September 1 market report and can vary depending on location, transportation costs, dealer margins and supply conditions.
However, July industry data painted a more expensive picture. CementNet reported retail prices of ₦12,000 to ₦15,000, with Dangote selling for about ₦13,000–₦15,000, BUA at ₦12,000–₦14,500, and HBM Nigeria, formerly Lafarge Africa, at ₦12,000–₦13,500.
The latest figures suggest that cement prices may have eased from the highest quotations seen earlier in the year, but the broader trend remains upward.
In July, The Guardian reported that a 50kg bag typically sold for ₦12,500–₦15,000 across major markets including Lagos, Abuja and Abia.
The Federal Competition and Consumer Protection Commission (FCCPC) also reported that prices had reached between ₦13,000 and ₦15,000 in some locations during the first half of 2026.
This means the current ₦12,000–₦14,000 quotations for several major brands should be viewed as some market-level moderation rather than a broad collapse in cement prices.
Why cement remains high
High energy and transportation costs continue to weigh heavily on the industry. Cement manufacturing requires significant amounts of energy, while moving cement from factories and depots to retail markets adds further costs.
Location is also playing an important role. Buyers in areas farther from production centres can pay substantially more because of haulage and distribution expenses.
The situation is particularly significant because Nigeria has substantial cement production capacity, yet retail prices remain high. The Guardian reported that domestic production exceeds consumption, with surplus output exported to neighbouring countries.
Nigerian civil servants on Grade Level 8 now earn between N1,479,276 and N1,914,514 annually, depending on their step within the scale, following the new minimum wage signed under President Bola Tinubu’s administration.
The figures fall under the Consolidated Public Service Salary Structure (CONPSS), the framework that governs pay across Nigeria’s federal civil service.
CONPSS covers 17 grade levels in total, and a worker’s position within each level is shaped by their qualifications, length of service, and performance record.
Grade Level 8 has 14 steps, with each step representing a progression in earnings. Below is the full breakdown:
The gap between the lowest and highest steps at this level amounts to N435,238, reflecting how significantly length of service can affect take-home pay within a single grade.
Interest in the salary structure has grown since Tinubu’s government approved a new national minimum wage, which triggered a review of earnings across the public sector. Civil servants and job seekers have been keenly examining each grade level to understand what the adjusted structure means in practical terms.
Workers at Grade Level 8 are typically mid-level employees with some years of experience in the civil service. Their earnings sit above the entry-level grades but below the senior cadre, making this level a reference point for many who are planning career progression within the federal workforce.
New Files Allege Sudan Military Built Chlorine Weapons Program
Former Nigerian Senator dies At 62
2027: ADC Suffers Setback As Popular Reps Aspirant Dumps Party
Former Super Eagles Star Loses Life Savings, Duped By A Pastor of ₦1.2 Billion
I’m A Married Man, I Can Never Get Myself Involved With Such A Thing, Delta Gov Aide Reveals Why He Offered Comfort ₦500,000 Job
