kakalistiq.com reports that the Alara of Ilara Kingdom, HRM Oba Olukayode Ogunsanwo, has thrown his weight behind efforts to strengthen Micro, Small and Medium Scale Enterprises (MSMEs) in Lagos State, describing financial accountability and taxation as critical tools for sustainable national development.
The monarch, who was represented by the Akeweje of Ilara Kingdom, Chief Oluwaseun Afuye, spoke on Saturday, February 7, 2025, at the Lagos Theatre, Epe, during an advocacy and enlightenment programme themed “Building a Vibrant Tax Culture and Financial Accountability for Sustainable Growth.”
The event was organised by the Financial Literacy and Accountability Initiative in partnership with ATM Investment Limited and sponsored by Mr. Semiu Kadri, Permanent Secretary, Office of the Chief of Staff, Lagos State, and Mrs. Alaka Titilope, Permanent Secretary, Office of Internal Audit, Lagos State.
Addressing participants, the royal father commended the organisers and stakeholders for initiating what he described as a timely intervention for small businesses.
“I am honoured and pleased to be part of this important One-Day Free Workshop on Business Growth, New Tax Policy and Compliance for Sustainable Profitability,” he said, adding, “I commend the Convener, the organizers, and all stakeholders for this timely and thoughtful programme.”
Oba Ogunsanwo noted that the theme of the workshop directly reflects the economic realities facing entrepreneurs.
“The theme, ‘Building a Vibrant Tax Culture and Financial Accountability for Sustainable Growth,’ speaks directly to the realities of our time. In today’s economic environment, understanding taxation and managing finances properly are no longer optional; they are essential for business survival and growth,” he stated.
The monarch cautioned against viewing taxation as a burden, stressing its role in national development.
“Taxation, when well understood, should not be seen as a punishment but as a civic responsibility and a contribution to development. Taxes make it possible for the government to provide infrastructure, security, education, healthcare, and other services that support businesses and improve the quality of life of our people,” he said.
He acknowledged that many traders and artisans struggle with compliance due to limited access to information.
“As a Royal Father, I recognize that many traders, artisans, and small business owners struggle with tax compliance, not out of refusal, but due to lack of information and guidance,” he noted, describing the workshop as “very important, as it provides clarity on the new tax policies and equips participants with practical knowledge on record-keeping, planning, and accountability.”
Urging participants to make the most of the programme, the Alara encouraged active engagement with the facilitators.
“I encourage all participants to pay close attention to the resource persons, ask questions, and apply the lessons learned here,” he said. “Proper financial records and compliance will not only help you avoid penalties and legal challenges, but also position your businesses for growth, access to credit, and long-term sustainability.”
The revered monarch further called on the Epe business community to uphold transparency and responsibility in their operations.
“I urge our business community in Epe to embrace transparency and accountability. When businesses operate responsibly, communities prosper, and when communities prosper, development becomes sustainable,” he declared.
Reaffirming the role of traditional institutions in grassroots development, the monarch pledged continued support for initiatives that empower citizens economically.
“As traditional rulers, we remain committed to supporting initiatives that empower our people economically and promote financial literacy at the grassroots. We will continue to encourage our subjects to comply with government policies that are designed for collective progress,” he said.
He praised the organisers for their efforts and offered prayers for the state and the nation.
“Once again, I commend the Financial Literacy and Accountability Initiative for this laudable effort and wish this workshop a successful outcome.”
