EFCC recovers N27.7b unremitted tax from Zenith Bank, five other banks

Spread the love

EFCC has recovered N27.7b from six banks, which includes Zenith Bank, First Bank, Access Bank, Standard Chartered Bank, Unity Bank and Stanbic/IBTC
Also, about seven more banks were said to be on the radar of the anti-graft agency for similar infractions.
According to a fact-sheet obtained by our correspondent, the EFCC was expecting recovery of more withholding tax.
The document reads: “The Economic and Financial Crimes Commission (EFCC) has recovered a staggering sum of N27, 712,334,455.06 as withholding tax on dividends payment by six Nigerian banks.

READ MORE: They want to remove me because of my loyalty – APC Chairman, Oyegun

“The recovery by the Bank Fraud section of the Lagos office of the Commission was made through direct intervention by the Commission and indirectly through the assistance of the Federal Inland Revenue Service (FIRS), the Internal Revenue Service (IRS) of some states as well as the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).
“Zenith Bank alone allegedly accounted for more than 80 percent of the amount as a whooping N26, 468,223,358.24 was recovered from the bank between November and first week of December, 2017.

READ MORE: Man who had carnal knowledge of a pregnant mad woman woman arrested

“Of the sum, the EFCC directly recovered N4, 207,235,701.06 from the bank, while N22, 260,987,657.24 came through the intervention of FIRS, the Lagos State Internal Revenue Service, the Internal Revenue Service of other states and the RMAFC.
“The balance of N1, 244,111,097.43 was recovered from the other five banks. The investigation is still ongoing.
“Seven other banks are currently under the Commission’s radar with respect to withholding tax on dividends.
“We are certain to record more recovery by the time the investigation is completed.”

www.sojworld.com © December 28. 2017
SOJWORLDWIDE ENTERTAINMENT

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.