Executive Chairman, Edo State Internal Revenue Service, (EIRS), Otunba Oladele Bankole-Balogun on Wednesday, October 1, described the 12th Sunday Nosakhare Okundia Memorial Lecture as a watershed based on its timely reflection of the new tax regime, effective in Nigeria, on January 1, 2026.
The EIRS Chairman, Barr. Bankole-Balogun advocated this viewpoint during the 12th annual memorial lecture which was put together by the Institute of Chartered Accountants of Nigeria (ICAN), Benin and District Society in collaboration with the EIRS which held at the Sunday Nosakhare Okundia Training School, EIRS Headquarters, Benin City.
Balogun noted that though this was his first time attending the memorial lecture as the EIRS Chairman, it was worthy of note that on the day Nigeria celebrated its independence a good number of ICAN members, affiliate financial bodies, family and friends and even staffs of the EIRS turned up to honour the memory of a tax expert who left indelible marks behind in his chosen profession and at his work place, despite his transition on October 1, 2013.
“We are celebrating the 12th anniversary of a man who gave his all to the state and to his profession. He had significant achievements.”
Reigniting on the need for mass sensitization and education about the provisions of the new 2025 tax laws which take effect by January 1, 2026, against the backdrop that Elder Sunday Okundia was a taxation expert, Balogun told the body of Accountants, “I need your cooperation. By January 1, 2026, Nigeria is going to experience a massive, probably, the most significant change in our tax laws since 1964.
“It is going to affect businesses. It is going to affect individuals, and, it is going to affect, and I hope positively, the revenue of our state.
“And so, I am calling on you as professionals, to shun anything that will tantamount to unprofessionalism, whether be it in the area of tax avoidance or tax evasion. And, let your mantra be the highest of the calling of the profession.”
The lecture, “An overview of Nigerian tax laws: Recent developments and Impact” delivered by Prof. Osasu Obaretin, HoD, Department of Accounting, University of Benin, elicited animated but diverse responses from the professional body.
The speaker however noted that the lecture was a timely reminder for Nigerians to prepare for the new tax regime.
“The lifeblood of every government is taxation, it is revenue. And tax is one major source of government’s revenue.
“As citizens, if we want the government to perform, revenue must be generated. Tax is one sure way of generating that revenue.
“What we should be anticipating is for government to be sincere on their part so that revenue that will come from these taxes, they will use it well for the betterment of Nigeria. That, should be the focus.”
The ICAN “Benin and District Society Chairman,” Rev. Dr. Christopher Awili during his opening
remarks mentioned, “This topic was carefully chosen in recognition of the expertise that our late icon displayed in the field of taxation when he was alive and the need to explain in simple terms, to all present, the provisions of the new tax laws, 2025 and the implications for every taxpayer in the country with effect from 1st January, 2026, when the implementation is expected to commence.”
Matriarch of the Okundia household, Mrs. Esther Okundia and the eldest son, Mr. Tokunbor Okundia who spoke on behalf of the family appreciated the body of accountants, EIRS, friends and family and even colleagues of their patriarch, who, over the years, have kept the memory of the Okundia patriarch alive.
In her vote of thanks, Vice Chairman, Benin and District Society, Dr. Mrs. Ijeoma Emuze appreciated those who honoured the districts invitation as it provided a fuller house wherein participants had the opportunity to jointly look into the recent development and impact of Nigerian tax. However, she highlighted on the need to enlighten and educate women on the new tax regime and possible impact it will have on their lives to enable them see reason as to why they need to pay tax.
