Taofeek Shittu

Taofeek leads Ikeyi Shittu & Co’s Taxation practice.  He specialises in rendering tax compliance and advisory services.  He worked in the tax practice of KPMG Professional Services for about five years before joining Ikeyi Shittu & Co in 2010.

Taofeek has extensive experience in providing specialist tax advisory services at the start-up phase of projects.  He regularly supports clients with their tax returns – computation, review and filing, and also acts as tax representation for several clients in their dealings with the federal and state tax authorities, especially in resolving disputes arising from tax audit exercises.

He also routinely advises on the tax structuring of business entities, projects and contracts; and on tax incentives available to each client or project.  Taofeek also has extensive experience in servicing clients in the Nigerian oil and gas industry.  He has led several tax-related and non-tax-related engagements on behalf of indigenous companies, independents, and the multinationals.

Taofeek is also a chartered accountant.

Professional Experience

Representative matters in which Taofeek has been involved include –

• Several clients, including Nigerian subsidiaries of world’s second-largest software maker and a global leader in the consumer electronics business: tax compliance support (computation, review and filing) on various engagements.
• Several investors, including leading global private equity fund manager: transaction support on various tax due diligence reviews.
• Several local and foreign clients: support on several tax audits conducted by the Federal Inland Revenue Service and Internal Revenue Services of various states.
• Leading indigenous ICT company: advisory and transaction support on tax refund claim and resolution of tax audit liabilities of about N2.7 billion.
• Multinational oil and gas company: resolution of tax disputes with its partners arising from its entitlement to investment tax credit.
• International donor agency: advisory support on tax-focused structuring of proposed transactions.
• Lagos State Internal Revenue Service: support in tax audit of various companies.
• Edo State Board of Internal Revenue Service: support in tax audit of various companies.
• Facility for Oil Sector Transparency in Nigeria (FOSTER): technical review of the proposed Petroleum Industry Bill (PIB).
• Oil Producers Trade Sector (OPTS): review of the PIB.
• Federal Inland Revenue Service: review of both the PIB and the Nigerian Extractive Industries Transparency Initiative (NEITI) Audit Report Recommendations.
• Lagos State Ministry of Energy and Mineral Resources: drafting of ‘Renewable Energy Policy’.

Practice Areas

• Energy & Utilities
• Taxation
• Corporate and Investment