Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Court threatens to sell Ecobank and Union Bank branches

Fakoyejo Olalekan by Fakoyejo Olalekan
August 10, 2019
in Business News, Company News
Ecobank and Union Bank branches shutdown Akwa Ibom, Ecobank and Union Bank accused of evading tax, Akwa Ibom State Internal Revenue Service

Ecobank and Union Bank

Share on FacebookShare on TwitterShare on Linkedin

Ecobank and Union Bank risk losing all their branches in Akwa Ibom after they were shut down with their operations placed on hold. The State High Court, Uyo Division ordered the closure of the banks’ branches, with an order to sell them within fourteen days.

Tax evasion: The decision made by the court was prompted by an application filed by Akwa Ibom State Internal Revenue Service (AKIRS) accusing both banks of tax evasion.

[READ ALSO: Fine: MTN wants tribunal to overule FIRS on tax deduction]

RelatedPosts

Buhari says Lekki Deep Sea Port to create job opportunities, facilitate trade

Lekki Deep Sea Port takes delivery of first vessel from China

According to a report, a notice pasted outside the branches reveals that the banks “have not been remitting the actual tax-deductible from their employees’ salaries and other relevant taxes due to the state, hence, failed to comply with the provisions of relevant tax laws.”

Ecobank and Union Bank, Ecobank and Union Bank branches shutdown Akwa Ibom, Ecobank and Union Bank accused of evading tax, Akwa Ibom State Internal Revenue Service
Akwa Ibom State Internal Revenue Service closing one of Ecobank’s branch. (Photo Credit: Premium Times)

The court granted an ex parte order to recover the state revenue. Although the amount wasn’t disclosed, the debts were said to run into millions of naira. And to recover the debts, AKIRS has received a mandate to sell the branches if the banks don’t negotiate with it within the next 14 days.

“After 14 days of non-compliance, we have the mandate of the court to sell the property and recover the tax owed the state.”

Banks ignored dialogue: The tax agency said it tried to resolve the tax issue out of court but Ecobank and Union Bank neither honour invitations nor reply the letters sent to them. This provoked the Akwa Ibom’s tax agency to seek redress in court.

[READ ALSO: Taxes you need to be aware of if you are about to start a business]

Ecobank and Union Bank are, however, not the only organisations involved in the tax evasion according to the tax agency. It was revealed that billions of naira are stuck with over 200 companies trying to evade state taxes.

Why the crackdown? The Director, Enforcement and Recovery of the tax authority, Leo Umanah, reiterated AKIRS’ commitment to recover revenues owed to Akwa Ibom State in order to enable the government work and conclude state projects.

Related

Tags: Akwa Ibom State Internal Revenue ServiceEcobank and Union Bank accused of evading taxEcobank and Union Bank branches shutdown Akwa Ibom

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • JP Morgan warns that oil prices could surge to $380 a barrel
    • Buhari says Lekki Deep Sea Port to create job opportunities, facilitate trade
    • Weekly Stock Update: Nigerian Exchange Group record gains, up 0.24% w-o-w

    Follow us on social media:

    Recent News

    reserves, Nigeria Crude Oil Prices, Nigeria wants international oil companies to pay up now , Trade conflict between United States, China continues to affect oil prices, Global oil prices rally to $69.16, as Soleimani killed in US air strike, Crude oil prices continue to rise on the backdrop of US-Iran tension, Coronavirus projected to affect crude oil demand negatively , Worry, as Coronavirus threat pushes oil price below budget benchmark, Coronavirus: FG to review budget as oil price plunges, BOOM: Crude oil price crash below $30 in worst trading day since 1930,Bears ravage Global market, Brent Oil surges 10% trading at $27.29 per barrel, Crude Oil up 10% as Brent crude raises to $27 per barrel, Oil market crisis – possible production shutdown looms, The time crude oil became cheaper than water,, Brent crude surges past $40, analyst recommends investment in crude oil derivatives, Nigeria's Bonny light hit four months high, Nigeria's Bonny light hit four months high

    JP Morgan warns that oil prices could surge to $380 a barrel

    July 2, 2022
    Buhari says Lekki Deep Sea Port to create job opportunities, facilitate trade

    Buhari says Lekki Deep Sea Port to create job opportunities, facilitate trade

    July 2, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com