Business
Insurance Sector Stakeholders Seek Support From Government On Taxation
Various major players from the nation’s Insurance industry have called on the government to support the industry’s growth and development by collaborating with stakeholders to work out ways of streamlining the taxation applicable to the sector.
This was the major view that ran through submissions of the panelists and participants at the one-day seminar organized by Leadway Assurance, in conjunction with PricewaterhouseCoopers, (PwC), in Lagos, last week, to examine Taxation Matters within the Insurance Value Chain. Executive Director, General Insurance, Leadway Assurance, Adetola Adegbayi, who was one of the panelists, argued that the insurance industry currently suffers from a complex tax structure that has always resulted in multiple taxations without understanding the complexity of insurance placements. She cited the example of deducting withholding tax from “re-insurance commission” as a fundamental problem because the practice did not recognize the fact that such “commissions”are not earnings but “a reserve against reinsurance credit risk” for premium liabilities passed through the books of the insurer”.
“Brokers, agents, insurers and re-insurers pay different taxes, all of which principally come from the premium paid by one entity – the insured – due to the nature of the insurance value chain,” she further explained. Adegbayi, therefore, cautioned that unless all stakeholders came together “to collate the entire structure of the tax burden along the insurance value chain,” multiple taxations would continue to pose a threat to the well-being of the industry. Another panelist, , Partner, West Africa Tax Leader at PricewaterhouseCoopers, Mr. Taiwo Oyedele, urged the government to support the insurance industry through a review of the specific tax regime that concerns the sector, adding that as the industry was saddled with bearing the nation’s risks, it should not also be burdened with taxes. According to him,
Nigeria’s poor social infrastructure continues to create multiple incidences of socio-economic dislocations that impact heavily on the survival of the insurance sector. In his words, “the growing rate of crimes in the society increases claims settlement, just as bad roads often lead to accidents, which increase claims. In the same way, poor health care brings about high death rate, thereby pushing claims up.” While acknowledging the concerns raised by players in the industry, the Federal Inland Revenue Service (FIRS) called for a yearly tax interactive session with the insurance industry to help address all tax related concerns beleaguering the insurance industry.
The Executive Chairman of FIRS, Babatunde Fowler, represented at the event by the Regional Coordinator FIRS, Mrs. Toluwalase Akpomedaye, noted that such sessions have helped foster understanding with other sectors of the economy. He assured stakeholders that the FIRS was willing to work with the insurance industry to ensure growth and development, stressing that all the tax concerns expressed by operators in the industry were presently being looked into. Mr. Fowler also charged operators in the industry to support the government by paying all necessary taxes, adding that the economy needed taxes to thrive. President, Nigerian Council of Registered Insurance Brokers (NCRIB), Shola Tinubu, also supported the call for an annual tax session in the industry, pledging to take the message to the Nigerian Insurers Association (NIA) and the Institute of Loss Adjusters of Nigeria (ILAN).
In closing, Managing Director, Leadway Assurance Company Limited, Oye Hassan-Odukale, expressed gratitude to attendees for the poignant tax issues raised during the event, and to the regulator representatives for responding succinctly to each one. He further stated that the organization of the event by Leadway was in demonstration of the company’s desire to work with all stakeholders towards ensuring a clearer understanding of tax matters which in turn would foster development in the insurance industry and by extension the economy. He noted that the proposed annual tax interactive session was a brilliant fall-out of the meeting and expressed the confidence that this would really help improve the relationship between FIRS and the insurance industry. “I agree that there is need for the industry to have a yearly interactive forum with FIRS and the Lagos State Inland Revenue Service (LIRS),” he submitted.
A Home for Heritage: ILÉ IYÁN Opens Headquarters to Celebrate Nigerian Roots
ILÉ IYÁN, a proudly Nigerian culinary brand, has officially unveiled its state of the art headquarters with a 200 guest capacity facility. The grand opening ceremony not only marked a milestone in the company’s growth but also paid tribute to Nigeria’s rich cultural heritage, drawing attention to the role of indigenous cuisine and tradition in promoting tourism across Lagos State.
The historic launch of the ILÉ IYÁN Headquarters held on Sunday the 11th May, 2025, now officially recognized as a national monument, took place in grand style, marking a significant milestone in the celebration and preservation of Nigerian cultural heritage and a major boost to the tourism industry.
The atmosphere was electric as the official opening ceremony of Ile Iyan’s new edifice commenced with a symbolic ribbon-cutting by the proud parents of the CEO, Alhaji and Alhaja Sanni. The emotional moment was met with cheers and applause from attendees, marking a significant milestone in the brand’s journey.
In a heartfelt speech, the CEO’s mother Alhaja Sanni shared her immense joy and pride in her son’s achievements. “I never imagined this day would come so soon. He defied all odds and has made us proud,” she said, her voice filled with emotion.
Celebrating Nigeria’s cultural richness, the event featured vibrant performances by Yoruba, Igbo, and Hausa cultural troupes. Dressed in colourful traditional attire, the troupes dazzled the audience with electrifying dances that underscored the Ile Iyan brand’s commitment to promoting indigenous cuisine and cultural values.
The event was graced by notable dignitaries, including Lagos State Commissioner for Agriculture, Hon. Abisola Olusanya; Commissioner for Youth and Social Development, Hon. Mobolaji Ogunlende; Special Adviser to Governor Sanwo-Olu on Culture and Tourism, Mr. Idris Aregbe; SSA on New Media, Mr. Jubril Gawat; Hon. Remi Durojaiye; Engr. Bola Babarinde; Prince Olu Kosoko of Badagry, Guiness World Record Holder, Dr Fola David; Mr Chigozie Okwara, Vice President of Culinary Arts Practitioners of Nigeria,Chef Dee; Culinary expert and Hospitality Consultant, Chef Gibbs; CEO of Novarick Homes and Properties Limited Mr Noah Ibrahim; Barrister Lateef Oyefeso, Barrister Gbolahan Oluyemi, Alhaji Mohammed Luqman, Alhaji Mojeed Animashaun, Alhaji Qudus Animashaun, Mr Emmanuel Akinseloyin, Alhaja Onigbanjo, Captain Dare, Alhaji Luqman Obileye, Mr Fola Gbemisola(Fatgbems), Mr Taiwo Kafidipe, Mr Ihuoma Raymond, the iconic music executive and cultural ambassador, Otunba Dayo Adeneye (D1) of Kennis Music, alongside Dr. Agarawu, numerous captains of industry, and cultural enthusiasts.
ILÉ IYÁN, long revered for its authentic celebration of Yoruba gastronomy particularly the traditional preparation of pounded yam has now been elevated to a symbol of national pride, serving as a cultural hub that connects history, heritage, food, and tourism. With its headquarters now officially open, ILÉ IYÁN is positioned as a dynamic force in reviving indigenous food practices, promoting cultural tourism, and offering immersive experiences rooted in Nigerian traditions.
In her keynote address, Mrs. Bisola Olusanya praised the initiative, stating: “ILÉ IYÁN is not just a space for food, it is a celebration of our roots, our resilience, and our creativity as Nigerians. This headquarters will play a vital role in our agricultural value chain while preserving culinary heritage for future generations.”
Hon. Mobolaji Ogunlende emphasized the importance of youth engagement in cultural sustainability, while Hon. Idris Aregbe lauded ILÉ IYÁN as a “trailblazer in cultural entrepreneurship,” bridging the gap between tradition and innovation.
Mr. Sanni Afeez, General Manager of ILÉ IYÁN, Shares His Thoughts on the Launch
Speaking at the launch, the General Manager, Mr. Sanni Afeez, expressed his excitement and optimism about the future of the brand.
“This launch represents more than just a new building, it’s a bold step toward redefining the culinary and cultural experience in Nigeria,” he said. “ILÉ IYÁN is not just a restaurant; it’s a celebration of who we are as a people. From our locally inspired menu to the cultural performances that marked today’s opening, we are showcasing the beauty, depth, and unity of Nigerian heritage. This headquarters will serve as a hub for not only great food but also for cultural exchange and tourism growth in Lagos.”
Founder, CEO, and cultural curator of ILÉ IYÁN, Mr. Sanni Sheriff, shared a powerful message during the launch event, emphasizing the deeper vision behind the brand.
“This is not just a building; it is a movement,” he declared. “A space where the stories of our people, our food, and our shared heritage are honored and preserved.”
Mr Sanni Sheriff, known for his passion for cultural preservation and storytelling through cuisine, reiterated his commitment to creating a space that celebrates Nigeria’s diverse identity, promotes local tourism, and empowers future generations to take pride in their roots.
With this launch, ILÉ IYÁN cements its place as a cornerstone of Nigeria’s cultural renaissance and a must-visit destination for locals and tourists alike.
EKAABO SI ILÉ IYÁN
EYIN OLOLUFE WA
For ILÉ IYÁN dining experience and food delivery kindly visit or contact any of our locations
ILÉ IYÁN HEADQUARTERS
4A WOLE OLATEJU CRESCENT OFF ADMIRALTY WAY LEKKI PHASE 1
(OPPOSITE KINGFISHER/MARCOPOLO RESTAURANT)
ILÉ IYÁN ANNEX
PLOT 6 DR. MUIZ BANIRE STREET OFF BISOLA DUROSINMI ETTI DRIVE LEKKI PHASE 1
ONLINE FOOD DELIVERY KINDLY CONTACT: 09024475402
FOR RESERVATIONS KINDLY CONTACT 09075603234 or simply send an
Email: ileiyan234@gmail.com
Our social media channels are
Instagram: @ileiyan_ng
Facebook : ILÉ IYÁN NG
Twitter: @ileiyan_ng
Business
Folake Ani-Mumuney: A Visionary Leader and Inspiration to Many Celebrates Her Birthday In Grand Style … A Testament to Unwavering Excellence
Folake Ani-Mumuney: A Visionary Leader and Inspiration to Many Celebrates Her Birthday In Grand Style
… A Testament to Unwavering Excellence
~By Oluwaseun Fabiyi
Folake Ani-Mumuney, you never know, she served as the Head of Marketing, Corporate and Communications at First Bank of Nigeria and remained central to the Bank’s brand for decades.It’s not surprising that a significant number of Nigerians were unaware of her value in brand, marketing, and corporate communications, since she is an outstanding trailblazer and media guru.
Describing her as a brand in her own right would be a significant understatement, as she personifies prudence and consonance in supporting individuals’ aspirations, particularly during her time at First Bank of Nigeria, where she consistently delivered exceptional results, adding positive value to all media partnerships without blemish, and her legacy remains exceptional and unblemished to this day.
It is a pleasure to celebrate Mrs Folake Ani-Mumuney’s special birthday with her family.Ma, as we commemorate this momentous occasion, we acknowledge the profound influence your life has had on those around you. May you be grateful for the love, support, and blessings you’ve received, and may you continue to be a source of inspiration and joy to all who know you..
It is a pleasure to join your family, friends and well-wishers in celebrating this momentous occasion, and I wish you a birthday filled with affection, merriment and every delight.
On this special day, as you celebrate another year of life, may the Almighty continue to shower His blessings upon your new age, granting you increased success, grace, favor, mercies, and enduring blessings, and from this day forward, all reports and testimonies concerning you and your household shall be extraordinarily positive.
Your exceptional attributes have secured a prestigious position for you among your peers in the realm of Brand and Marketing Communications, and I encourage you to uphold this exemplary standard, ma’am. I wholeheartedly pray that God will continue to bestow His blessings upon you and be gracious and kind to you now and forever. I wish you many happy returns, ma’am. Igba odun, odun kan ni o.
Oluwaseun Fabiyi a seasoned journalist based in Lagos
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