First Bank Premises Shut Down Over N147 Million Tax Evasion

Two branches of First Bank Plc, Minna, were on Thursday shut down by officials of the Niger State Board of Internal Revenue for tax evasion.

Speaking to newsmen, Hussaini Ahmed, the board's Chairman, said the closure followed the inability of the bank to execute its obligation in respect of tax payment.

Ahmed said that the board had discovered from its tax audit on the bank branches in Minna from 2006 to 2011, that there was a gross under declaration of the income tax of the workers, pointing out that failure of the bank to remit withholding tax as well as the development levies of its staff was an offence.

He alleged that the bank had defaulted in the payment of its tax to the tune of N147 million, adding that after several correspondences the bank remained adamant over the matter.

The board chairman said that the sealed premises of the bank would remain closed until the unremitted taxes were fully paid to the government.

"The tax law is very clear in a situation where an individual or private organisation failed to remit their taxes; the appropriate laws must be enforced as it is in this case" he said. "The management of the bank had failed to response to the tax audit,” he alleged.

Ahmed said that the board would always follow due process in exercising its power as it had obtained a court order on the issue.

He used the medium to warn other organisations, saying they would suffer the same fate if they fail to response to the tax audit sent to them.