The Chartered Institute of Taxation of Nigeria (CITN) on Saturday, October 18 held the Investiture Ceremony of the 7th Chairman, Taofiq Alabi and Inauguration of the Executive Committee, Ilorin & District Society.

The event held at Ilorin Innovation Hub, Ahmadu Bello Way, GRA, Ilorin, Kwara state.

President of the Institute, Innocent Ohagwa in his goodwill message commended the Ilorin & District Society for its commitment to professionalism, consistency in capacity-building programmes, and its continued support for the Institute’s vision. He congratulated the newly invested Chairman and members of the new Executive Committee, urging them to build on the solid foundation laid by their predecessors.

On the newly introduced tax reforms, Ohagwa assured that it will benefit low-income earners and small business owners more than the wealthy, dismissing fears that the reform will further impoverish citizens.

“For example, any small company with an annual turnover of up to ₦100 million or assets worth up to ₦250 million will be exempted from paying tax,” he said. “However, such businesses must still file returns, because the authorities can only determine your exemption status if you comply with that process. There are several incentives embedded in this reform.

All that is needed is for Nigerians to give it a chance by doing their part. Being exempted from tax does not mean exemption from having a tax identification number. That ID will help businesses transition smoothly once they move beyond the exemption threshold. As a tax expert, I consider this the best reform we’ve ever had,” he said.

The new Chairman, Taofiq Alabi in his inaugural speech, appreciated the Institute’s leadership and members of the District for their confidence in him. He pledged to uphold the ideals of the Institute, deepen stakeholder engagements, and enhance professional development among members through impactful programmes and collaborations.

Alabi noted that Ilorin & District Society under him will partner with key stakeholders to educate the public and dispel misinformation about the new tax framework.

“In terms of sensitisation, we’ll work closely with the state government, business community, and trade associations such as the Kwara Chamber of Commerce, Industry, Mines and Agriculture. Many people at the grassroots have been misled about what the new reform entails. We plan to bring accurate information to them directly, especially to market women and small business operators,” he explained.

Born some 55 years ago to the family of Yusuf Alabi in Lagos, Alabi is an indigene of Okeola Oro in Irepodun LGA in Kwara State. He had his primary, secondary and higher education in Lagos and Kwara states respectively.

The investiture and inauguration ceremony had in attendance distinguished personalities from the Institute, government, academia, traditional institutions, and professional bodies. They include: Mr. Innocent Ohagua, FCTI – President of CITN, who led the Council delegation; Mrs. Folake Osho, FCTI – Registrar, CITN; Dr. Hauwa Nuru, FCTI – Honourable Commissioner for Finance, Kwara State; Mallam Alayande Fatai, Auditor-General of Kwara State; Mrs. Shade Omoniyi, ACTI – Executive Chairman, Kwara State Internal Revenue Service (KW-IRS), ably represented; HRH Oba Joel Olaniyi Oyatoye Titiloye – The Oloro of Oro Kingdom, ably represented by three high Chiefs and other guests.