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Wednesday, June 12, 2024

Electricity Company, Banks, Others Sealed Over Tax Violations

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Hamzat Ibrahim Abaga
Hamzat Ibrahim Abaga
Hamzat Ibrahim Abaga is a graduate of Mass Communication and aspiring investigative journalist.

NIGERIA. Niger State: The Niger State Board of Internal Revenue Service has locked the building of Abuja Electricity Distribution Company (AEDC), eight banks, and three other organisations for tax payment violation.

Speaking to newsmen in Minna, the Niger state capital, the Chairman of the Board, Mohammed Madami Etsu, said that the companies imare yet to pay their tax of about N456 million.

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Etsu added that; “The exercise was carried out in line with the provisions of the relevant tax laws.”

Taxes Owed

According to the Board, AEDC is owning a tax deficit of N45.8 million, Stanbic IBTC Bank owes 113.2 million, Polaris Bank owes N74.8 million, UBA owes N68.9 million, Union Bank owes N47.1 million, First Bank owes N45.7 million, Heritage Bank owes N31.5 million; Unity Bank and GTB owe N14 million and N8.2 million respectively.

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Other organisations were also affected and they include Aloe Vera International Hotel that is owning N3.9 million while Rashida Restaurant owes N3.2 million.

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Officials of the affected banks frowned over this development as they said that the action taken by the revenue agency was not the best.

One of the officials who spoke to Transcontinental Times said, “It is gross impunity as the penalty is non- existent. The applied penalty applicable is payable with the aid of corporate clients to the Federal Inland Revenue Service (FIRS) on its report,” stated an official.


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