Economic Confidential, February 2007

PROFILE

IFUEKO OMOIGUI: A LEADER ON THE RISE

By Labaran Saleh

Some members of her staff would rather call her comrade because of her simple and humble mien. Some admirers fondly prefix her name with the title of Professor for her intellectual prowess and total grasp of accounting matters. Ifueko Omoigui, Chartered Accountant, hardworking and unassuming Chairman of the Federal Inland Revenue Service (FIRS), one of the few public institutions that generate revenue shared amongst the tiers of government, deserves even more accolades than are heaped on her by her staff members and indeed a grateful nation.

Born on December 10, 1962, she holds a First Class degree in Accounting from the University of Lagos and Masters of Science Degree in Management Science from the Imperial College, University of London. She is a Fellow of the Institute of Chartered Accountants of Nigeria and a chartered tax practitioner.

Destined for the top, Omoigui was the valedictorian of her graduating class in the University of Lagos, with the highest number of prizes ever won by any individual in the Faculty of Business Administration. In her mid twenties, she anchored a national television talk show that aimed at improving the Nigerian environment. With a passion to be the best always, she went on to obtain one of the highest scores in the Chartered Accountants Examination. Her outstanding academic performance fascinated Arthur Anderson, now KPMG and Accenture, to engage her service which made her the first female professional staff hired in Nigeria by Arthur Anderson. She later became the first female professional manager and the first female national partner.

Being the only female in a family of five whose brothers are all accomplished in their various professions and living abroad, she has the opportunity to practice her profession outside the country but she believes in Nigeria, and prefers to be in the country to contribute to her economic development.

Since her appointment as the Chairman of FIRS on March 3, 2004, the agency has witnessed tremendously progress in staff discipline, the process of tax monitoring and collection that has boosted revenue accruing to the Federation Account. She has also championed tax reform at both federal and state levels. Her specific achievements include: 60% growth in tax revenues collected over 2 ½ year period, amounting to over 1 billion tax dollars ($1,000,000,000.00) collected annually for the three tiers of governments in Nigeria; development and implementation of a clear Tax Reform Action agenda to improve the quality and effectiveness of tax administration in Nigeria such as would reduce dependence on oil revenues; facilitate the drafting of a comprehensive legal framework to underpin the entire tax reform agenda; and interface with development partners – World Bank, DFID, IMF and the UNDP to secure technical support and assistance.

Saddled with chairing the Joint Tax Board, comprising representatives of all taxing tiers of government, she is known for her serious-mindedness and transparent manner she conducts herself. With her friendly disposition, she establishes and sustains cordial relationship with the multiplicity of stakeholders she has had to contend with. These include her staff, board members, members of National Assembly and other relevant institutions. It was not surprising that the FIRS under her leadership received endorsements of stakeholders and succeeded in influencing the National Assembly to consider the passage of the Tax Reform Act.

In 1996, she founded ReStral Ltd, a partnership and management services company. She has been actively involved in community development. She was a board member of several non-governmental organizations including FATE Foundation, Communicating for Change, INTEGRITY, Community Development Foundation, Oba Otudeko Foundation, Ladi Mechanic Initiative, amongst others.

Apart from her academic prowess, she was recognized as a Global Leader of Tomorrow by the World Economic Forum in Davos, Switzerland. The Federal Government in 2000 conferred on her the Member of the Order of the Niger, MON and later in 2006 she added Member of the Federal Republic. Apart from her active involvement in the creation of Vision 2010, she participates in the activities of the Nigeria Economic Summit Group.

She is said to adore late Mother Teresa and the Pope on the spiritual and Nelson Mandela for his indomitable courage and self-sacrifice. Despite her serious mindedness, Omoigui loves singing, dancing, watching movies, traveling by road and reading autobiographies.