Insurance Brokers X-Ray 2024 Tax Reform Bill
L-R: The Executive Secretary/CEO, the Nigerian Council of Registered Insurance Brokers, (NCRIB), Mr. Tope Adaramola; Past President, Barr. (Mrs.) Laide Osijo; President, Prince Babatunde Oguntade; Guest Speaker, Mr. Adesina Adedayo, mni; Deputy President, Mrs. Ekeoma Ezeibe; Vice President, Mrs. Funke Adenusi, mni and Managing Director/CEO, Avon Medicare, Osakpamwan Imosogie at the 2025 Breakfast Series with the President held in Lagos
Nike Popoola
Insurance Brokers expressed their desire to be classed among small companies with turnover of N50 million and below or fixed assets with less than N100 million that would enjoy certain tax exempt under taxation of income of person as stipulated in the 2024 Tax Reform Bill.
The brokers under the aegis of the Nigerian Council of Registered Insurance Brokers gathered to analyse the bill’s provisions, identifying potential benefits and pitfalls, and brainstorming strategies to make adequate input to the benefits of the Insurance Industry.
Speaking at the 2025 edition of Breakfast Series with the President, themed: “2024 Tax Reform Bill: What’s in It for Brokers” held in Lagos, Mr. Adesina Adedayo, mni, a strategic tax advisor and compliance specialist noted that the 2024 Tax Reform Bill could significantly impact operations, profitability and compliance for insurance brokers.
Mr. Adedayo, who was the guest speaker at the event, explained that the 2024 Tax Reform Bill has the potential to enhance tax compliance and revenue generation, simplify tax system and promote economic growth and investment.
Also speaking at the event, President of the Council, Prince BabatundeAdeleke Oguntade noted that the Council would make input that would have far-reaching implications for the sector’s growth and development noting that the insurance brokers would successfully navigate the complexities of tax reform and emerge stronger and more resilient than ever before.
