CIoDN Urges Businesses to Treat Tax as Core Fiduciary Issue

Dike Onwuamaeze

The Chartered Institute of Directors Nigeria (CIoDN) has tasked corporate entities in Nigeria to embrace tax compliance and treat tax obligations as core fiduciary issue by ensuring transparent reporting and robust record-keeping.

This view was expressed yesterday by Director General/Chief Executive Officer of CIoDN, Dr. Taiwo Noias-Alausa,in the institute’s “2026 New Year Message: From Transformation to Prosperity.”

Noias-Alausa said: “With the Nigeria Tax Act 2025 now in effect, tax compliance must evolve from being a mere ‘back-office function’ to a central element of corporate governance.

“Boards and directors are now required to treat tax obligations as a core fiduciary duty, ensuring that internal controls, transparent reporting, and robust record-keeping are rigorously applied.  These are the mechanisms that strengthen public trust and ultimately lower the cost of capital for the private sector.”

He also commended the landmark efforts of the federal government to overhaul Nigeria’s fiscal framework through the enactment of the Nigeria Tax Reform Acts.

“By consolidating the Nigeria Tax Act (NTA 2025), the Nigeria Tax Administration Act (NTAA 2025), the Nigeria Revenue Service Act (NRSA 2025), and the Joint Revenue Board Act (JRBA 2025), the government has replaced decades of fragmentation with a globally competitive system.

“This streamlined framework is the essential engine for enterprise productivity and the realization of our national developmental objectives,” he said.

The CIoDN also urged businesses to pursue strategic alignment with national priorities.

It said that “federal policy currently prioritises national stability, food security, energy sufficiency, and financial inclusion.

“With food costs remaining the most significant burden on Nigerian households, boards are encouraged to find the commercial opportunity within the social responsibility of optimizing supply chain efficiencies.”