The Managing Director of Babcock Investment Group, Professor Johnson Egwakhe, has warned that Nigeria risks scaring away investors and discouraging entrepreneurs if taxation continues to be applied as a punitive measure rather than a tool for development.
Egwakhe gave the warning while delivering a lecture at the investiture ceremony of Prince Lawrence Adewale Adetona, as the 10th chairman of Abeokuta and district society, reports Daily Trust.
Speaking on “Entrepreneurship, Tax Reform and Sustainable Economic Development in Nigeria,” the expert noted that arbitrary tax hikes have historically triggered a drop in the number of investors and rise in tax underpayment.
“Tax becomes a burden when it is weaponised,” Egwakhe said.
“The only way a country can grow is through wealth redistribution, and tax is the moral duty we owe the government to make that possible.”
Speaking after his investiture, Adetona pledged to prioritise sensitisation ahead of the new tax laws scheduled to take effect on January 1, 2026.
He announced three strategic priorities for his administration: the Tax Education of National Development Initiative (TENDI), revival of the district journal, and commencement of the district secretariat project.
“The core task of my administration is to educate the public on their responsibilities under the new tax law and to allay their fears,” he said.
Earlier, the President of the institute and Chairman of Council members, Mr. Innocent Chinyere Shagaya, hailed the new chairman and emphasized that the district council remains the “true powerhouse of CITN’s strength, influence and reach.”
He charged Adetona to project the institute’s image, influence fiscal policy, and prioritize members’ welfare.
