CITN Lagos district records 28% revenue growth in 2025

By Editor

The Lagos & District Society of the Chartered Institute of Taxation of Nigeria (CITN) recorded a 28 per cent increase in revenue for the financial year ended December 31, 2025, reflecting stronger member engagement, increased corporate support and improved digital operations.

The performance was highlighted ahead of the society’s 26th Annual General Meeting (AGM), held in Lagos.

According to the Executive Committee’s financial report, the growth was driven by higher member subscriptions, corporate sponsorships, fundraising initiatives and enhanced revenue collection through the district’s digital subscription platform.

Speaking on the financial results, the Honorary Treasurer, Ganiyu Oluwashola, said the district surpassed its fiscal targets despite prevailing economic challenges.

“We met and exceeded our fiscal goals despite economic winds. This 28 per cent growth in incoming revenue reflects disciplined financial oversight and the unwavering commitment of our members,” he said.

“Through strategic sponsorship drives and structured fundraising efforts, the district successfully met all its statutory obligations while creating a strong financial foundation for the incoming administration.”

The district also recorded significant growth in membership under the leadership of the 19th Chairman, Iniobong Esau. Membership increased from 498 to 658 during the period, driven by the admission of 97 new professionals and several fellowship upgrades.

Reflecting on his tenure, Esau expressed gratitude to members and stakeholders for their support over the past two years.

“The success recorded during this administration was made possible through the grace of God and the commitment of our members. Their prompt subscription payments and support through corporate collaborations enabled us to maintain our hybrid meeting infrastructure, meet operational obligations and support our administrative workforce despite prevailing economic realities,” he said.

He also thanked members for their cooperation during his tenure and appealed for understanding over any disagreements that may have arisen in the course of serving the district.

The improved financial position enabled the society to support several professional development initiatives, including the 20th Annual Tax Week and Symposium, which attracted participation from leading professional services firms such as KPMG, Deloitte and EY.

Looking ahead, the Vice Chairman and Chairman of the AGM Planning Committee, Yetunde Olowofoyeku, said the district’s strong financial position would support expanded programmes and increased stakeholder engagement.

“This AGM marks the culmination of our reporting year. With our strong financial performance and completed committee audits, we are well positioned to expand our corporate social responsibility initiatives and strengthen our professional visibility across the country,” she said.

The AGM also marked the conclusion of preparations for the 2026–2028 leadership transition following the completion of the electoral process.

The newly elected executive team will be led by Yetunde Olowofoyeku as Chairman, with David Apaflo serving as Vice Chairman and Temitayo Falore as Deputy Vice Chairman. Michael Alatise was elected General Secretary.

Other members of the executive team include Ganiyu Oluwashola as Assistant General Secretary, Muyiwa Aderibigbe as Honorary Treasurer, Hassan Idiat Morinuola as Financial Secretary, and Funmilayo Maxwaed as Social and Publicity Secretary.

In his remarks, Chairman of the 2026 Electoral Committee, Adebayo Adeyeye, commended members and past leaders of the society for ensuring a transparent and credible transition process.

He noted that the active involvement of senior members and past chairmen helped preserve the integrity and independence of the electoral exercise, while reinforcing the institution’s commitment to good governance and continuity.

The successful transition and strong financial performance underscore the district’s efforts to strengthen its institutional capacity and expand its contribution to tax professionalism and public policy development in Nigeria.