The Lagos & District Society of the Chartered Institute of Taxation of Nigeria (CITN) has announced a 28 per cent increase in total district income for the fiscal year ended December 31, 2025.
The financial achievement was unveiled ahead of the district’s 26th Annual General Meeting (AGM), held at the Tax Professionals’ House in the Central Business District, Alausa, Ikeja, Lagos State.
According to the district’s financial reports prepared by the Executive Committee, the revenue growth was driven by member donations, corporate sponsorships, strategic fundraising initiatives and an improved digital subscription collection system through the district’s online portal.
Speaking on the development, the Honorary Treasurer of the CITN Lagos & District Society, Dr. Ganiyu Oluwashola, expressed confidence in the district’s strengthened financial position.
“We met and exceeded our fiscal goals despite economic winds. This 28 per cent growth in our incoming revenue reflects disciplined financial oversight and an unwavering dedication from our members. By leveraging strategic sponsorship drives and structured fundraising, the district has effectively covered all its statutory financial commitments and established a solid foundation for the next administration,” he said.
The district also recorded significant membership growth during the tenure of its 19th Chairman, Mr. Iniobong Esau. Active membership increased from 498 to 658 members within the last year, representing the addition of 97 newly registered tax professionals alongside several fellowship upgrades.
Esau attributed the district’s financial success and membership expansion to collective efforts and member support.
“The power was not in me, but God granted us the strength to pilot these affairs successfully. Through your robust subscription payments and active corporate collaborations, we successfully maintained our premium Zoom hybrid systems, fulfilled our structural secretariat rent obligations, and took care of our hard-working administrative staff in strict alignment with current economic realities,” he said.
He also expressed gratitude to members for their support throughout his two-year tenure and appealed for understanding from anyone he may have unintentionally offended during his administration.
The district’s improved financial position enabled the execution of several major professional programmes during the reporting period. One of the highlights was the 20th Annual Tax Week and Symposium, which featured leading tax experts and representatives from top professional services firms, including KPMG, Deloitte and EY, who examined emerging trends in Nigeria’s tax and regulatory environment.
Looking ahead, the Vice Chairman and Head of the AGM Planning Committee, Mrs. Yetunde Olowofoyeku, said the district intends to leverage its financial strength to expand its impact.
“This AGM represents the absolute peak of our reporting year. As we review these stellar financial statements and lay out our committee audits, we urge every member, both physical and virtual, to use their voice. Our financial health means we can aggressively map out bigger corporate social responsibility programs and expand our regulatory visibility across the federation,” she stated.
The AGM also featured the announcement of newly elected executives who will steer the affairs of the district for the 2026–2028 chairmanship tenure.
Mrs. Yetunde Olowofoyeku emerged as Chairman, while Mr. David Apaflo was elected Vice-Chairman. Dr. Temitayo Falore will serve as Deputy Vice-Chairman and Mr. Michael Alatise as General Secretary.
Other members of the executive team include Dr. Ganiyu Oluwashola as Assistant General Secretary, Mr. Muyiwa Aderibigbe as Honorary Treasurer, Mrs. Hassan Idiat Morinuola as Financial Secretary and Funmilayo Maxwaed as Social and Publicity Secretary.
Also elected were Sanni Oluwaseun as Membership Secretary, Ramoni Bashir Akanni as Technical Secretary, while Mrs. Nkiruka Cecilia Edeh and Solomon Oyem will serve as Ex-Officio 1 and Ex-Officio 2 respectively.
In his valedictory remarks, Chairman of the 2026 Electoral Committee, Prince Adebayo Adeyeye, commended members and past leaders of the society for ensuring a transparent and credible electoral process.
He praised the contributions of the district’s elders and former chairmen, noting that their guidance helped maintain the integrity and independence of the election process.
With its audited financial records, expanding membership base and newly elected leadership team, the CITN Lagos & District Society says it is well-positioned to strengthen professional development, enhance stakeholder engagement and contribute to the advancement of tax administration and policy in Nigeria.
