By Abidemi Omoyajowo
The Ekiti State Internal Revenue Service (EKIRS) has stated its resolve to strengthen its relationship with financial institutions through dialogue, collaboration and mutual trust.
The Executive Chairman of EKIRS, Mr. Olaniran Olatona, stated this resolve on Tuesday at a stakeholders' engagement with representatives of some commercial banks.
The Revenue Service chairman who noted that the strategic role of financial institutions in tax administration cannot be overstated expressed the commitment of the Revenue Service to building partnerships that go beyond tax collection to promoting sustainable economic growth and development in Ekiti State.
Describing financial information from banks as a critical tool for effective tax administration, Olatona assured the banks that data submitted to the Service would remain secure and confidential.
He stressed that EKIRS is fully committed to protecting all information in its custody and would be held accountable under the law in the event of any misuse by its personnel or the institution.
The Executive Chairman further disclosed that the Service has professionals certified by the Nigeria Data Protection Commission in data protection and management, supported by a robust technological infrastructure designed to safeguard sensitive information.
In her opening remarks, the Director of Tax Intelligence, Audit and Data Analytics, Mrs. Yemisi Akin-Babalola, described banks as indispensable partners in revenue generation, explaining that tax administration is largely driven by financial transactions, making financial institutions central to an efficient tax system.
She explained that the engagement formed part of the implementation of the Nigeria Tax Laws, 2025 and the Ekiti State Revenue Administration Law, 2025, adding that all stakeholders must understand their obligations under the new tax regime to ensure seamless implementation of the laws.
Mrs. Akin-Babalola highlighted key responsibilities expected of financial institutions, including high-value transaction reporting, Tax Identification Number verification and account linkage, reporting of newly opened accounts, and the discharge of their statutory responsibilities as tax intermediaries.
Also speaking, the Head of the Legal Department, Barr. Ayodeji Olaifa, clarified that the financial information requested from banks does not undermine their operations or infringe on customers' rights. He added that EKIRS remains committed to a collaborative and civil approach to tax administration rather than unnecessary enforcement.
The Team Lead, Data Intelligence, Mr. Farouq Umar, urged banks and other financial institutions to proactively submit quarterly returns to the Service.
According to him, timely submission of such returns reduces arbitrary tax assessments, identifies persons outside the tax net, boosts Internally Generated Revenue, enhances budget planning and targeted economic interventions, reduces fiscal opacity, eliminates duplicate taxpayer profiles and improves taxpayer identity matching.
On data privacy, the Team Lead, Data Protection, Mr. Bolaji Tawose, assured participants that all information received by EKIRS is treated as confidential tax information and processed strictly in line with the provisions of the Nigeria Data Protection Act, 2023. He emphasised that the data would only be used for the purposes for which they are obtained, assuring stakeholders that privacy would not be compromised.
Mrs. Kemi Adesina, who represented the Head of the Data Audit Department, Dr. Bosede Oluboyo, outlined the expectations of the Service from financial institutions. These include; full cooperation during tax audits and investigations, prompt responses to audit enquiries, maintenance of accurate payroll, accounting and statutory records, timely remittance of statutory tax deductions, prompt filing of monthly, quarterly and annual tax returns, as well as transparency in meeting all tax obligations.
As part of the engagement, EKIRS presented copies of the Ekiti State Revenue Administration Law, 2025, to representatives of the participating banks to support their understanding and implementation of the new legal framework.
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