Nigeria’s new tax regime requires updated professional accountants – experts at ICAN session

…Professor of accounting points to data analytics, digital financial systems, etc

Accounting lecturers and experts led by Chioma Obianuju Ojukwu say Nigeria’s new tax regime requires updated Accounting professionals to be useful to clients and companies that need to meet up their tax responsibilities.

For this Ojukwu, an accounting lecturer at the University of Port Harcourt floated a training and a webinar Saturday, May 9, 2026, to update practitioners.

Some of the challenges in the new tax regime include increasing digitalisation, growing regulatory expectations, revenue pressures on government, and the expanding informal sector. These are said to demand a new generation of accounting professionals who can provide measurable value to clients, organisations, and society at large.

At the webinar, Clifford Ofurum, a professor of Accounting from the Uniport, who was chairman on the occasion, told Accounting professionals to continually upgrade their skills beyond traditional accounting. “We must embrace data analytics, digital financial systems, taxation technology, artificial intelligence, sustainability reporting, forensic accounting, and strategic advisory services.”

The lecturer said the future belongs to professionals who can combine technical competence with strategic insight and ethical leadership. “We must also remember that public trust remains the greatest capital of our profession. In an environment where corruption, financial mismanagement, and weak accountability continue to undermine development, accountants must stand as ethical gatekeepers and defenders of transparency.

“Our influence should not merely be financial; it must also be moral and societal. To government at all levels, this evolving tax landscape presents both opportunities and responsibilities. Tax reforms must be implemented with fairness, clarity, transparency, and sensitivity to the realities facing businesses and citizens.”

The former deputy vice chancellor said excessive taxation without visible public value can weaken compliance and discourage investment. “Government must therefore strengthen public confidence by ensuring that tax revenues translate into visible infrastructure, improved public services, job creation, and economic stability. Furthermore, the government should continue to collaborate closely with professional accounting bodies such as ICAN in policy formulation, tax administration reforms, public financial management, and financial accountability initiatives.”

Ojukwu, the Pioneer Chairman of the ICAN Obio/Akpor & District Society, in her welcome speech, said it was a highly impactful quarterly Luncheon/Webinar, the 5th in the series, titled: ‘Moving from Qualification to Influence: How Accounting Professionals Create Measurable Client Value in Nigeria’s Evolving Tax Landscape’.

She said: “Today’s theme is both timely and thought-provoking. We are gathered at a period when the Accounting profession is undergoing significant transformation, driven by regulatory reforms, technological advancement, changing business realities, and the continuous evolution of Nigeria’s tax system.

“In the past, professional qualification alone was often considered sufficient proof of competence and relevance. Today, however, the expectations are much higher. Clients, businesses, governments, and the society at large are increasingly looking beyond certificates and designations. They now seek professionals who can provide strategic insights, deliver measurable results, solve complex tax challenges, support business sustainability, and create long-term value.”

As accounting professionals, she stated, “We must therefore move deliberately from merely being technically qualified to becoming influential advisors, trusted consultants, policy contributors, and transformational leaders.

This webinar/luncheon is designed to deepen our understanding of these emerging realities and equip us with practical strategies for enhancing professional relevance and client impact. I am confident that the insights to be shared by our distinguished speakers will inspire meaningful conversations and provide actionable knowledge that will strengthen our practices and professional influence.”

Showing how Accounting professionals create Measurable client value in Nigeria’s evolving tax landscape, Tolu Femi Oriyomi, a Fellow of Accounting and Barrister showed what clients now demand from professional accountants; accuracy, speed, compliance assurance, tax savings strategies, real-time insights, forecasting & planning, digital reporting, and professional responsiveness.

The expert showed key drivers of the tax transformation; tax reform 2025, Rev360, artificial intelligence (AI), automation, and data analytics. He mentioned modern role of Accounting professionals to be from compliance to value creation, saying the accountant is now expected to be: business partner so as to collaborate on strategy and growth.

The accountant is now a trusted adviser so as to guide critical financial decisions; be a compliance expert so as to navigate regulatory complexity.

Other roles he mentioned include being a technology integrator so as to leverage digital tools and AI; be a financial strategist by driving long-term value creation; and a risk management professional so as to identify and mitigate threats.