Akwa Ibom Govt Shuts Down 3 Banks Over Failure to Remit N228.6m Debt

Date: 26-10-2023 6:43 pm (4 months ago) | Author: kacy lee
- at 26-10-2023 06:43 PM (4 months ago)
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Three banks have been closed by the Internal Revenue Service of Akwa Ibom State for allegedly failing to pay N228.6 million in overdue taxes to the state government.

In response to a Notice of Distraint issued by the Akwa Ibom State High Court, Eket Judicial Division, the banks were closed on Thursday during an exercise carried out by the board’s Enforcement and Recovery Department.

Two Keystone Bank branches, on Abak Road and Ikot Ekpene Road in Uyo, as well as Heritage Bank, on Aka Road in Uyo, are among the impacted banks.

Leo Umana, the board’s executive director of enforcement and recovery, told reporters that although Keystone Bank owes the state N128,413,882, Heritage Bank neglected to pay its N100,270,910 tax obligations.

The board, he claimed, had sent notices, pursued chances for reconciliation and negotiation with the organizations, and as a result, acted.

According to Umana, the board is forced to get an exparte order in order to recoup the money as the banks declined to send the state the taxes that were due, even after being given ample time.

Similar NewHe mentioned that the banks that received the Notice of Distraint had 14 days by law to speak with AKIRS and get the order revoked.  “If after 14 days, they do not comply, we have the mandate of the court to sell the property and recover the tax owed the state.”

He stated that the revenue board is prepared to retrieve state government money as part of the ongoing enforcement campaign, assisting the government in achieving its ARISE goal.

The Warrant of Distrain, which was previously obtained from the Eket Judicial Division of the High Court of Akwa Ibom and signed by Justice Effiong Effiong, directs that access to the bank’s properties and facilities be restricted. It reads as follows: “A Warrant of Distrain is hereby issued upon any land, premises, or place of business in respect of which the Respondent is the owner or occupier at 39 Abak Road, Uyo Akwa Ibom State in satisfaction of outstanding tax liability of N128, 413, 882.20 established against the respondent.

“None of the affected banks could be reached for comments on the matter as of the time of filing this report.


Posted: at 26-10-2023 06:43 PM (4 months ago) | Addicted Hero
- gogoman at 26-10-2023 10:28 PM (4 months ago)
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Posted: at 26-10-2023 10:28 PM (4 months ago) | Grande Master
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