Lagos CIBN Chair Dispels Concerns Over New Tax Regulations

The newly elected Chairman of the Chartered Institute of Bankers of Nigeria (CIBN), Lagos State Branch, Akinwunmi Lawal, has assured Nigerians that the recently enacted tax law is not designed to burden the poor but to strengthen government revenue and support economic growth.

Lawal gave the assurance on Saturday during the 2025 Annual General Meeting and election of new executive committee members of the Lagos branch, where he was elected as the 18th chairman.

Lawal, the immediate past Managing Director and Chief Executive Officer of NPF Microfinance Bank, succeeded Adeyemo Adeoye, the Managing Director/CEO of Chem & Eleos Capital. He and other newly elected executives will steer the affairs of the branch for the next two years.

Speaking after his election, Lawal noted that Nigeria’s tax-to-GDP ratio had increased to 13.5 per cent from below 10 per cent and was projected to rise further when the new tax law takes effect in January.

“The new tax law is not about placing additional pressure on existing taxpayers,” he explained. “It is about expanding the tax base to fund national development and providing relief to low-income earners.”

Delivering his acceptance speech titled ‘Repositioning the Lagos State Branch for Sustainable Growth, Inclusiveness, and Professional Excellence,’ Lawal commended President Bola Tinubu’s ongoing economic reforms, describing them as bold and transformative.

“Nigeria’s economy is recovering steadily. The reforms initiated over the past two years are now yielding measurable results,” he said. “The country’s GDP grew by 4.23 per cent in the second quarter of 2025 — the fastest in four years — surpassing the IMF’s projection of 3.4 per cent. Inflation also dropped to 20.12 per cent in August, the lowest in three years.”

He outlined key focus areas for his tenure, including membership expansion, financial sustainability, academic–industry partnerships, and health and wellness initiatives.

In his valedictory address, the outgoing chairman, Adeoye, reported that the branch’s income rose from ₦27.19 million when he assumed office to ₦54.82 million in 2024 — a 101.65 per cent increase. Cash balances also grew by over 30 per cent during his tenure.

“The results recorded in the year under review represent the branch’s strongest performance in more than a decade,” Adeoye stated, expressing optimism that the momentum would continue.

Other newly elected officers include Dr. Abosede Yinka-Ogundimu as first vice chairman, Oyelayo Adekanye as second vice chairman, Nze Nnaji as secretary, and Damilola Owoeye as treasurer, among others.