EFCC Recovers N27bn Unremitted Tax From 6 Banks

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The Bank Fraud Section of the Lagos office of the Economic and Financial Crimes Commission (EFCC) has recovered over N27 billion from six Nigerian banks being unremitted withholding tax on dividends.

According to The Nation, a document from the commission read, “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.

“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 Mobilisation Allocation and Fiscal Commission (RMAFC).

One bank allegedly accounted for more than 80 percent of the amount as N26, 468,223,358.24 was recovered from the bank between November and first week of December, 2017.

“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 on going.
“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”.

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