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Tag: auditors

  • Internal auditors seek legal protection

    Internal auditors seek legal protection

    President, Society for West African Internal Audit Practitioners (SWAIAP), Noble Nzechukwu has called for the protection of the internal auditing profession through the implementation of appropriate laws. This, he said, would allow internal auditors to perform their duties without fear or bias.

    Nzechukwu made this statement during a press briefing in Lagos, ahead of SWAIAP’s 4th Annual Induction, Fellowship, Awards, and the 3rd International Conference, which will take place in Abuja in November. The event, themed “Preventive Mechanisms to Good Governance,” highlights the role of internal auditing in fostering transparency and accountability in governance.

    Nzechukwu emphasized that preventive mechanisms, such as robust internal auditing systems, are essential to promoting good governance, particularly in West African countries.

    He highlighted SWAIAP’s vision to establish internal auditing as a critical tool for detecting and preventing corruption, fraud, and inefficiencies in both private and public sectors. This, he said, would significantly minimize financial and non-financial risks.

     “Our mission is to align internal auditing practices in West Africa with global standards by sharing practical experiences, improving corporate governance, risk management, internal control, and reporting systems such as Governance, Risk, and Compliance (GRC) and Environmental, Social, and Governance (ESG) reporting,” Nzechukwu stated.

    He stressed the need to educate internal auditors on best practices and ensure that they are equipped to safeguard organizational integrity.

    Nzechukwu criticized the overemphasis on external auditing and anti-corruption laws, which focus on punitive measures rather than prevention. This approach, he argued, has contributed to high levels of corruption and inefficiency.

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    He pointed out that the reliance on foreign professional bodies for training and certification has drained the region’s limited foreign reserves, as citizens are forced to pay hefty fees for these services abroad.

    In an effort to bridge the knowledge gap in preventive mechanisms, Nzechukwu began writing the first comprehensive internal auditing textbook in West Africa in 2011. The book, titled Internal Audit Practice from A to Z, was launched in Florida in 2016, followed by a West African version in 2018 in Lagos. This project also led to the establishment of the West African Internal Auditors Forum (WAIAF), which later evolved into SWAIAP.

    As a result of his experiences with workplace injustice while serving as Head of Internal Audit, Nzechukwu also drafted a bill to protect the independence and objectivity of internal auditors. The proposed legislation, Nigerian Internal Audit Practice, Regulatory and Administration and Other Related Matters Bill (2013), aims to safeguard internal auditors who prioritize truth and good governance.

    He further announced that September 2024 marks the commencement of new member enrollment for the 2024/2025 certification syllabus training, while certification exams for returning members will run from September to November 2024

  • Stakeholders seek auditors’ support for public integrity, accountability, oversight

    Stakeholders seek auditors’ support for public integrity, accountability, oversight

    With states battling increasing misuse of public funds, internal auditors have been urged to pursue enhanced accountability and oversight.

    Against the backdrop, Lagos Government said efforts have been made to enhance independence and accountability of auditors.

    Addressing the 16th Annual Internal Auditors Retreat, held in Lagos, themed: “Internal Audit: Control for good governance,” Lagos Head of Service, Mr. Bode Agoro charged heads of internal audits within the state civil service to embrace principles of good governance, accountability and transparency to improve their respective institutions.

    He indicated that the role of auditors put them as watchdogs or gatekeepers which are essential to the growth and development of the respective ministries and departments where they work.

    He noted: “As civil servants, you will agree with me that we are the face of government and as implementers of government policies, programmes and projects, effective control for good governance should begin with us. Against this background it’s very important to portray ourselves as worthy ambassadors in dealing with the public having provision of effective Service delivery, which is key.”

    He informed that a total of 405 internal auditors are engaged in the service of the Lagos State government, with the task of ensuring that ministries and departments comply with the highest ethical standards, probity and accountability in their financial dealings.

    A former Auditor-General, Lagos State, Mrs Modupe Akinwolemiwa stated that good governance and auditing have a close relationship, as any system without checks and balances cannot stand. Permanent Secretary, Lagos State Office of Internal Audit, Mrs Kikelomo Arinonla Dawodu said the professionals have a responsibility to establish a culture of integrity and ensure consistency and transparency that is vital for the state economy to grow. Her words: “As auditors within the employ of the State Government, we bear a profound responsibility. Our role transcends mere compliance; it embodies a commitment to ensuring transparency, accountability, and ultimately, good governance. In a world where public trust is paramount, our work serves as a cornerstone in upholding the integrity of our institutions. Today, we converge to explore and deliberate on the integral role that internal audit plays as a control mechanism for fostering good governance. The theme of today’s retreat underscores the pivotal role internal audit plays in fostering good governance. It emphasizes the symbiotic relationship between effective controls and the realization of public trust. Indeed, control is not merely a mechanism for enforcement, but a catalyst for ethical conduct and organizational excellence. In our pursuit of good governance, we must recognize that control extends far beyond financial matters. While fiscal oversight remains essential, our mandate encompasses broader domains, including operational efficiency, risk management, and compliance with regulatory frameworks. “

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    Commissioner 11(Education) Abiodun Bamgboye reminded the practitioners of their professional responsibility to ensure the integrity of the financial statements emerging from the various ministries.

    He said the assessment of auditors, based on accounting principles, is particularly critical , reminding them that integrity is one of the most precious assets anybody can possess and that it was important to always uphold integrity as a hallmark of professions and organisations.

  • Lagos urges auditors on accountability

    Lagos State Government has urged auditors in its civil service to ensure accountability and transparency in the discharge of their duties.

    Head of Service Mr Hakeem Muri-Okunola said this at a retreat for auditors of local governments at Lekki, Lagos.

    The theme is ‘Role of auditors in achieving Sustainable Development Goals (SDGs).

    Muri-Okunola said the 17 goals of the SDGs is no doubt a blueprint that will ensure better governance.

    He the economic state of the country calls for diligence and a high sense of responsibility among the auditors, who are “expected to perform their roles with accountability and transparency.”

    Muri-Okunola said: “The roles of auditors cannot be overemphasised. As we are, as government, business owners, auditing is about expenditure and is key to what the government can achieve at every level. We need you to double your efforts.

    “At this point when public trust is bestowed on you, transparency and accountability will help government serve the people better.”

    Accountant-General for Local Governments in Lagos Mrs Adesumbo Abolarin called on the auditors to equip themselves with emerging skills in line with international best practices for better performance.

    Abolarin, who noted that the 17 SDGs points aimed at addressing global challenges are no mere task to achieve, said auditors at the grassroots have a vital role to play.

    “Problems start when basic amenities and opportunities of life are not available to human beings.

    These basic amenities are in most cases responsibility of the local governments. You may agree with me that auditors have a vital role,” she said.

    She urged auditors to have the interest of the society at heart in their discharge of duties, saying “unless the basic needs of humanity are met, the risk of more parts of the country degenerating into unrest is higher.”

     

  • Committee advises auditors, accountants on integrity, professionalism

    Chairman, Audit Committee Institute, Nigeria, Christian Ekeigwe has urged auditors and accountants  to carry out their jobs with integrity and professionalism in the interest of the economy.

    He spoke yesterday during a two-day Audit Committee Conference held in Lagos, with the theme: Cultivating the Conscience of Stewards and Gatekeepers: Key to Responsible Governance and Control.

    According to him, the theme of the event was borne out of the realisation that financial crime by accountants appear to be on the rise despite various seminars on it, hence the need to go back to the basics of humanity in curbing it.

    Ekeigwe said conscience can impact on financial reporting if the auditors decide to let it impose on them the obligation to do what is right and override their desire in the face of temptation of enrichment.

    On whether he believes that auditors can ascribe to their conscience while preparing their accounts, he said giving people hope to believe in themselves will trigger a change of heart to do what is right into developing the country.

    Also speaking, President of the Institute of Chartered Accountants of Nigeria (ICAN) Razak Jaiyeola, who was the guest speaker, said accountants have to be more responsive to how the finance of their organisations are being used and be ready to blow the whistle on anomalies noticed.

    Jaiyeola said the high level of corruption in the Nigerian polity has raised several integrity questions on accountants, especially the auditors and with the country ranking 148th out of 180 nations in the Corruption Perception Index (CPI) issued by Transparency International in 2017, it is natural to ask what the role of auditors have been in taming this alarming rate of corruption in the system.

    He said: “With the number of well-trained and technically-competent auditors we parade as a nation, then one is tempted to opine that what it takes to be a good auditor goes beyond technical skills”.

    He said while different theories have been propounded and programmes developed across economies to entrench good governance, the human conscience will still play prominent roles in the success of such efforts, adding that once ethics and morality are removed from any government policies or programmes, what is left is just mere texts on white papers.

    “The absence of trust makes governance and control costly due to unnecessary processes, documentation, verifications, meetings and duplicated activities  with a lot of motions striking the air but producing very little.  To build a high trust society in which empowered people bring their best to work requires cultivation of conscience, a natural instrument of control that is at work with us even when we sleep”, he asserted.

  • Japaul hits low as auditors raise concerns over future survival

    Japaul Oil & Maritime Services Plc hits a new low of 24 kobo per share at the weekend as investors review the risk-return prospects of the company after external auditors raised the red flag on the viability of the going concern status of the company.

    Japaul’s share price declined by 20 per cent to close weekend at 24 kobo, its lowest price ever.

    In the latest audit, external auditors to Japaul, PKF Professional Services, drew attention to the losing streak at the company and the resultant build up of deficits over the years.

    The external auditors noted that the Japaul Group has “been making persistent losses over the years and at 31 December 2017, the Group made a loss from continuing operation of N13.13 billion, while the company made a loss of N10.64 billion, and working capital deficiency of N8.8 billion” by the end of 2017 as against N7.5 billion in 2016.

    “The Group shareholders’ fund had been eroded to the tune of N27.62 billion, while the company shareholders’ fund was eroded to N25.27billion. The company suffered substantial losses from its operations in the year from curtailed activities, which had raised doubt about its ability to continue as a going concern,” the auditors pointed out.

    Directors of the marine services group however said improved activities in the current year and a capital injection programme are expected to keep the company going.

    According to the directors, one of the group’s vessels is returning to NLNG for continuation of existing contract early in the second quarter of 2018 while another vessel has been engaged by NNPC for a three -year contract effective March 2018.

    The board added that 300-man accommodation barge is being fixed for engagement with ExxonMobil through Checkmate Oil & Gas Ltd in a contract that is expected to commence by this quarter while the group looks to is secure a 15-year contract vessel chartering with NLNG by building a new vessel through a shipyard in South Africa.

    Other measures expected by the directors to improve the performance of the group include securing major shoreline protection dredging contracts and reclamation works presently at commercial stage, sustaining and growing recent efforts in retails and mining operations at various sites across the country, sustaining and expanding existing quarrying business and diversification into mechanized mining of solid minerals.

    “Upon due consideration of the uncertainties described above, the Directors have a reasonable expectation that the Group have adequate resources to continue in operation for the foreseeable future,” the board stated.

    Japaul recently confirmed that it has entered into a binding commitment with Milost Global Inc for injection of $350 million or N10.7 billion into its operations. Milost Global Inc is an American private equity firm.

    In a regulatory filing at the Nigerian Stock Exchange (NSE) signed by the Japaul Acting Managing Group Director, Mr. Akin Oladapo, Japaul stated that the $350 million new capital would be split into $250 million new equity injection and $100 million convertible notes. Convertible notes can also be converted to equities, subject to the terms of the issuance.

    Japaul noted that the new capital will help to reduce its precarious financial position.

    “Japaul therefore seeks the understanding and cooperation of its stakeholders, as it will soon commence the transaction by going through all the laid down rules and regulations of Securities & Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE), because the commitment is still subject to regulatory approvals,” Japaul stated.

    The enthusiasm that had built up and leapfrogged Japaul’s share price by more than 170 per cent appeared to have subsided as investors wait for the filing of the transaction documents for the $350 million capital injection. A similar proposed capital injection by Milost Global in Unity Bank had ended on a controversial note, with the bank denying any formal acceptance of a capital injection from the American private equity firm.

  • Archaic auditing methods costing Nigeria billions, says auditors

    The Association of Forensic and Investigative Auditors (AFIA) has attributed the growing incidences  of undetected fraud in the country to archaic auditing methods.

    President of the association, Dr (Mrs) Victoria Ayishetu Enape made the disclosure during a training and induction of new members in Abuja.

    She specifically cited the case of the missing $20 billion during former President Goodluck Jonathan’s administration to weak and outdated auditing methods which failed to detect the movement of such an amount of money.

    To add salt to serious injury, she lamented that billions of Naira was spent to engage foreign auditors to track and investigate the missing money, a development which the country could have avoided if it had certified forensic and investigative auditors with modern tools of detecting fraud.

    To bring Nigeria to the global standards, the Senate last week read out a proposed bill to set up the Chartered Institute of Forensic and Investigative Auditors.

    AFIA is the leading anti-fraud organisation and the premier provider of forensic and investigative audit training in the country.

    The proposed Chartered Institute of Forensic and Investigative Auditors in Nigeria Bill which has scaled through first reading at the Senate aims to facilitate the transition from the traditional audit to forensic and investigative audit.

    Forensic and investigative audit is a system that ensures objectivity and transparency in advanced audit. It will also engender investors trust and public confidence in the country’s accounting and financial reporting systems.

    With the use of preventive forensic mechanisms, the occurrence of fraud and loss of public assets will be largely reduced.

    The association is for accountants, auditors, lawyers, police and other security agencies, stock brokers, tax professionals, economists, judicial officers and court registrars, criminologists, computer specialists and bankers.

    Dr Enape noted that with fraud costing entities an estimated 60% of their annual revenues, organisations lacking proactive fraud preventive measures were the most vulnerable.

    She said that while the regulatory and internal controls measures in reporting requirements “help to lessen the possibilities for falsified activities to take place, history has shown that indigenous employees could manipulate even the best control systems for personal gain.”

    She explained that forensic and investigative auditors were trained with advanced auditing knowledge which enables them to see and detect what Statutory Auditors cannot see.

    The president called on the government to patronise indigenous forensic auditors to grow Nigeria by ensuring the speedy passage of the Chartered Institute of Forensic and Investigative Auditors in Nigeria Bill, which is currently at the Senate.

    According to her, “our work is to prevent, detect and put in place some measures to stop the wrong from taking place in future, through the use of science and technology. This implies that after training of members they will be equipped with advanced audit skills that enables them find out who, what, where, why, when and how the wrong took place.”

    She added that forensic and investigative auditors “will put together and implement the right systems and meaningful controls to prevent internal and external fraud from happening again,” she said.

    The AFIA boss said that forensic auditors looked beyond figures in financial statement as they focus on investigating the inadequacies and shortcomings in the existing financial system and tackling them.

    “In the past 10 years, the number of reported cases of fraud and corruption has continued to grow radically across regions. Compounding these are the challenges faced by the audit team and a general lack of the necessary skills set to collect right audit evidence so critical to criminal investigations.”

    Enape said that if government desires to eradicate corruption and prevent fraud, then it must join hands with the association to make sure that the Forensic and Investigative Audit Bill is passed.

    She said that the money that would be saved by blocking corruption leakages would be enough to take the country out of under-development, employ youths, build hospitals and roads for the people.

     

  • Auditors doubt Multiverse’s future over N2b deficit

    •No cause for worry, say directors

    There is material uncertainty on the future survival of Multiverse Mining & Exploration Plc as the company technically lacks the ability to meet emerging financial obligations and working capital. Its continuing survival depends on its bankers, external auditors have said.

    In the latest audit, external auditors to Multiverse, Sola Oyetayo & Co, said the negative bottom-line and net current liabilities of the company could affect its going concern status, referring to its ability to continue operations into the foreseeable future.

    Multiverse, quoted on the Nigerian Stock Exchange (NSE) in 2008, is in the business of exploring, extracting, prospecting, boring, refining, drilling for, producing, quarry mining of stones and other extractive solid minerals, especially Lead and Zinc, into different configuration and classification.

    The audit report noted that the company incurred a net loss of N386.72 million and its current liabilities exceeded current assets by N2.01 billion, building on a negative trend that saw a net loss of N552.4 million and net current liabilities of N1.77 billion in the previous year. The audit, which included the financial statements for the year ended December 31, 2015, was released penultimate weekend.

    The report stated that with the current liabilities exceeding current assets by N1.01 billion and negative shareholders’ funds of N1.17 billion as well as the operational loss, there were reasons to doubt the ability of the company to sustain its operations.

    “These conditions together with other matters indicate the existence of a material uncertainty, which may cast doubt on the company’s ability to continue as a going concern,” the audit stated.

    According to the report, Multiverse has net current liabilities of N2.01 billion, net loss of N386.72 million and accumulated losses of N2.08 billion. These technically bring the company to the brink of insolvency, placing its survival on its creditors.

    The board of the company, however, assured that the going concern status of the company is not under threat, citing several initiatives taken to restructure its debts and enhance cash inflow.

    According to the directors, the net current liability was due to backlog of trade and other liabilities and substantial current portion of loan-term borrowings, which were due for repayment but remained unpaid while the accumulated losses for over three years running were primarily caused by no production and sales during the year and massive finance costs arising from non-payment of overdue long-term borrowings.

    The board stated that the company has undertaken a thorough review of its financial position and its business strategy to improve the position in near future.

    The directors confirmed that the company has successfully restructured its loan from Nigeria Export-Import Bank to allow for longer repayment that will improve cash flows while it has also reached significant stages in the negotiation process for the restructuring of other bank loans.

    Based on the agreements with the bankers, the company said it believed none of its loans and overdraft facilities will crystallise into any legal claim against the company.

    In order to boost revenue and cash flows in the short-term period, the company has also acquired Nurex Global Business Nigeria Limited, thereby taking over the contract of services with LafargeHolcim for the hire of Dozer machine for material stockpiling, hiring of Grade for factory road cleaning and mobilisation among others. It has since deployed additional equipment to LafargeHolcim at Sagamu site for maximum utilisation and profitability.

    The board added that in order to boost mining activities through the mining sector value chain, it had signed memorandum of understanding (MoU) with Novastar Enterprises, Hongkong, for mining operations with about $5 million expected as investment into the company’s mining operations.

    The directors also executed an agreement with Shandong Xinhai Mining Technology & Equipment, China for mining, processing and stockpile within the production requirement range of 17,000 metric tonnes of Lead and Zinc for a period of 20 years.

    Furthermore, the directors secured purchase and sales order contract with Anhui Xina International Trading Company Limited, China, as off takers of its mine outputs with expiration date for July 11, 2035.

    “Based on the foregoing above, the directors affirmed that the company will continue as a going concern, having considered expectations and intentions for the next 12 months and many more years to come. The directors expect a turnaround in the company’s performances, financial portion and cash flows position because of the change in its business model, which has brought significant transformation into the operations of the company,” the board said.

    Multiverse Directors enthused that the company’s Lead and Zinc Ore mining activities in Abuni, Awe Local Government Area, Nasarawa State would be completed and production projected to commence in September this year.

    “The directors are optimistic that its anticipated monthly profit from the sale of Lead Ore from this site would return the negative positions of the company to positive. It also believes that the current activities in production of Lead and Zinc would enable the company achieve the required cash flows to liquidate outstanding debts of the company,” the board assured.

  • Lagos urges auditors to embrace global best practices

    The Lagos State Auditor-General, Mrs. Helen Morenike Deile, has admonished auditors in Nigeria to avoid corrupt tendencies and perform their tasks optimally and in line with global best practices.

    Deile, gave the charge in her office, while welcoming participants and officials from the Administrative Staff College of Nigeria (ASCON) who were on field trip/study to the Office of the Auditor-General Lagos State, on the component of the Public Sector Auditing Course and to know more on “the place of Auditing in the Fight Against Corruption: The Nigerian Experience”.

    She said, “If auditors, both internal and external are doing their job in the right way; Nigeria will not find itself in the present, critical situation of economic recession”.

    According to her, “Lagos State is the pacesetter, the best auditing institution and the first to have Audit Law to protect auditors and ensure auditors independence in carrying out their auditing job, therefore making it the best audit institution in Nigeria”.

    Deile also tasked auditors in Nigeria to purge themselves and tackle corruption, saying though a tough task, they must recognize the values they are adding to Nigeria’s economic system.

    She enjoined auditors in other States to emulate Lagos and ensure that an Audit Law was in place to enable them perform optimally.

    Paper presentations on “The Role of Auditing in Tackling Corruption: Nigeria Experience”, was delivered by two facilitators selected from the Office of the State Auditor-General.

    On his part, a top official of ASCON, Mr. Lawson Mike, thanked the State Auditor-General, the facilitators and Management Staff of Lagos State Auditor-General’s Office for the thought provoking lectures, assuring that they would utilize the knowledge imparted on them positively in their offices.

  • Auditors need training, varsities told

    The Acting Auditor-General of Ogun State, Mr Sunday Olubanjo, has recommended that institutions put in place formal training programmes to enhance the proficiency of the internal auditors and equip them with specialized skills to perform effectively.

    Speaking at a conference of the Committee of Heads of Internal Audit Departments/Units in Nigerian Universities (CHIADINU) held at Babcock University on Monday, Olubanjo said that auditors need to embrace the modern approach of auditing which is process oriented.

    Olubanjo who spoke on: “Global Trend in Information Communication Technology (ICT): Strategies for meeting Increasing Stakeholders Expectations of Internal Auditors in Nigerian Universities”, added that ICT tools improve auditors’ ability to review information and manage their activities better.

    “Automated tools allow auditors to increase individual productivity and that of the audit function. Auditors must recognise the key reasons to use audit tools and software”, Olubanjo said.

    The Director, Audit, Risk and Compliance at Babcock University, Mr Samuel Amanze, who chairs CHIADINU, said that the auditing profession has evolved from paper and pen to paperless transactions.

    “Every profession is dynamic. It responds to its environment. Internal Auditing has also evolved into the ICT age which is why its practitioners also need to evolve with it,” Amanze said.

    He explained that the discussing the theme could give the government, which is keen on fightion corruption and fraud, new insight into combating them.

    He added that the conference would expose the participants to the enormous challenges inherent in electronic transactions and how internal auditors should adapt to its changes.

    Vice Chancellor of Babcock University, Prof. Kayode Makinde said the conference would help to highlight the functions of auditors and appraise the system of financial management in Nigerian Universities.

    The Director, Internal Audit, National Open University of Nigeria (NOUN), Mrs Halimat Ajayi, said that ICT has eased the auditing process.

    “Our work can now be done faster and better with the aid of Information Technology tools and devices”, Ajayi said.

     

  • FIRS auditors to assess all firms

    FIRS auditors to assess all firms

    A new strategy that will ensure more companies to pay appropriate fees has been unveiled.

    All companies in Nigeria are to be audited to ensure accuracy of increasing revenues, enhance transparency and drive compliance, Federal Inland Revenue Service (FIRS) Acting Chairman Mr. Babatunde Fowler said at the weeked that the body has started collaborating with Audit Firms, Charted Accountants, Tax Consultants and other professional service providers to ensure increase in revenue collection.

    A statement from the FIRS signed by Cmmunication and SERVICOM Department Director Mr. Emmanuel Obeta said FIRS is to collaborate with professional service providers, States Board of Internal Revenue (SBIR) and FIRS. The exercise will mark a turning point for taxation and reduce the reliance on oil, it said.

    The meeting, which he said took place in Abuja, “focused on the need to harmonise exchange of information across all the revenue authorities as well as ensuring a synchronised auditing of all the various companies in the country”.

    At the end of their deliberations, they resolved that FIRS, State Revenue Boards and the various audit firms will carry out joint audits of the various companies to ensure accuracy of the exercise, enhance transparency and drive compliance.

    “These audits will be completed within 30 days and will take cognisance of the various year ends and peak points of activities of the various companies,” Obeta said.

    They also agreed that they will share information with members of the National Assembly, particularly on tax laws in collaboration with other professional bodies and stakeholders.

    Fowler noted that audit and tax consultants were major stakeholders and that their input into tax administration and revenue generation was crucial in moving the nation away from over reliance on oil revenue.

    He also said that the input from the stakeholders was necessary for the expansion of the tax net, information dissemination, building capacity of tax administration as well as sharing information that would help to promote voluntary compliance.

    According to Fowler, “irrespective of the fact that we have a duty to advise taxpayers, we equally have obligation to government in ensuring increase in revenue collection”. “It’s time to stop all forms of unwholesome practices in tax related issues because Nigerians need us at this critical time to reposition the country for more resources”.

    The FIRS boss admitted that the service does not “have all the answers; we need you from both sides to reposition the entire process. All we are asking for is your cooperation to move the nation’s tax system to another level through your support and other stakeholders,” he said.

    Fowler said that FIRS through partnership and consultations with the stakeholders will shore-up the tax revenue and improve on the country’s tax administration.

    Most practitioners who spoke commended FIRS for taking the lead in organising this meeting and stressed the need for information sharing, observation of the ethical code among stakeholders across levels.

    The Former Accountant-General of the Federation and former Chairman Board of Internal Revenue, Mr. Kayode Naiyeju, spoke of the need for continuous consultation and team work because of the complex nature of tax administration.

    The Partner Tax Regulatory and People Services of KPMG, Mr. Ajibola Olomola, also urged FIRS to grant some form of tax amnesty to deserving taxpayers so as to enhance voluntary compliance and bring potential taxpayers into the tax net.