FIRS Seals Ifeanyi Ubah's Capital Oil For Evading Tax

Chukwwudi Iwuchukwu
28 Jun 2016



FIRS Seals Ifeanyi Ubah's Capital Oil For Evading Tax


The Federal Inland Revenue Service (FIRS) on Monday shut down tax defaulting companies in Lagos State and Imo State. In Lagos, the premises of Capital Oil Plc, owned by business mogul and politician Ifeanyi Ubah, was sealed by the FIRS enforcement team, led by Mrs. Anita Erinne. The staff of the company, which reportedly owes N30 million, were also evicted from the premises.


Capital Oil management told FIRS officials that they were ready to pay its tax liabilities. However, FIRS officials said it was not possible because normal banking hours had ended and that they now had to shutter the gates.


Also in Apapa, the FIRS visited the offices of Folawiyo Energy Trading Company along Creek Road. But the company, which the FIRS says owes N450 million in tax since 2013, maintained that it is only owing for last year. The FIRS team did not seal the company, but advised its management to clear the matter up at the FIRS office in Ikoyi.


Also in Lagos, the FIRS enforcement team visited the offices of Makon Engineering and Technical Services Limited, located on 11 Babatunde Anjos Street, Lekki Phase 1.


However, the enforcement team, which was prepared to lock up the company, changed its mind after the company's Chief Financial Officer, Lanre Anafi, agreed to the immediate commencement of the payment process of its N26 million tax debt.


The enforcement team led by Emeka Obiagwu, FIRS Director of Enforcement, departed the premises after reaching a firm understanding with the company that the debt would be defrayed before the close of work on Monday.


 

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