Otedola Hails New Tax Laws, Says He’s Inspired To Invest More

Billionaire businessman and Chairman of First Bank Holdings, Femi Otedola, has strongly supported the newly signed tax reform laws, stating they have inspired him to deepen his investments in Nigeria.

Otedola described the reforms—recently signed into law by President Bola Ahmed Tinubu—as a bold and strategic step toward fostering a more transparent, efficient, and investor-friendly economy.

In a statement posted on his official X handle on Friday, the business mogul said the new tax regime simplifies the system, promotes fairness, and will help rebuild trust in the collection and utilisation of public revenue.

“It’s not just about paying taxes,” he wrote. “It’s about building a structure where taxes and public resources drive infrastructure, unlock productivity, and enable inclusive economic growth.”

He commended all stakeholders involved in the reform process, stating:

> “As a business leader, I welcome the signing of the tax reform bills into law by His Excellency, President Bola Ahmed Tinubu, GCFR. This is how we strengthen the private sector and lay the foundation for a more prosperous Nigeria. I am inspired to invest more, and many other investors feel the same way.”

President Tinubu on Thursday signed into law four critical tax reform bills passed by the National Assembly:

The Nigerian Tax Bill

The Nigerian Tax Administration Bill

The Nigeria Revenue Service (Establishment) Bill

The Joint Revenue Board (Establishment) Bill

These reforms, according to the Presidency, are aimed at enhancing tax administration, improving the ease of doing business, and attracting both domestic and foreign investment.

Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed that the new laws will take effect from January 1, 2026, giving all stakeholders a six-month window for sensitisation and transition.

“The system overhaul requires adequate preparation. With the cooperation of the National Assembly and approval from Mr. President, we now have until January 1, 2026, to ensure smooth implementation,” Adedeji said.

While the reforms have been widely praised in business circles, they have also sparked debate. Some governors raised concerns over certain provisions, warning that their states might struggle to meet salary obligations if the laws were implemented as passed. However, the Presidency and lawmakers maintain that extensive consultations were held, and the concerns raised have been addressed.