Financial institutions must invest in skilled tax professionals, study new tax laws- Okauru

Ifueko Okauru, former Executive Chairman of the Federal Inland Revenue Service, has urged businesses and financial institutions to invest in skilled tax professionals.

Okauru, who made this call in her business lecture at the AIESEC Alumni Nigeria National Congress in Lagos, warned that ignorance of the consolidated tax legislation could expose businesses and families to avoidable risks, calling for urgent study of new tax laws as the reforms become operational in January 2026.

“The first step for the general public, particularly the private sector, is to read the laws. Numerous consultations took place during the work of the presidential committee led by Taiwo Oyedele. So, the tax laws represent, quite frankly, a part of what a lot of people wanted.”

Okauru, who is also the Group Chief Executive Officer of CPP Group, disclosed that Nigeria had for the first time in decades consolidated all related tax laws into a single framework, lamenting the fact that many Nigerians still refer to outdated laws and risk misinterpreting their obligations.

“In the past, you could move from one law to the other, but now it’s all consolidated under one law.

She also urged citizens and businesses to maintain proper financial records, emphasising that documentation is essential for defending tax positions.

“Tax needs evidence. If you want an expense to offset your tax, keep your records. Put your receipts together,” she said.

She warned that many Nigerians still avoid proper record-keeping, relying instead on shortcuts to obtain tax clearance certificates.

Okauru also advised organisations to recruit the right people to manage their tax affairs, saying poor staffing could expose them to liabilities.

On tax education, she insisted that learning should start early. “We should teach taxes from primary school,” she said.

Members of AIESEC Alumni Nigeria also appraised the new tax laws while addressing other issues in business leadership.

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