Another Crisis Hits First Bank PLC
… As Internal revenue Board Sealed Minna Branch Over N147m Tax Evasion

It has been revealed that the Niger State Board of Internal Revenue has sealed the premises of First Bank Plc, Minna branch over N147 million tax evasion. Chairman of the board, Hussaini Ahmed, said the exercise followed a court order. He said the board conducted tax audit on two branches of the bank in Minna, from 2006 to 2011 and discovered that there was “gross under declaration of the income of workers as well as failure to remit Withholding Tax”.

He added that the bank is owing the state government N147 million and that despite several correspondences, it remained adamant over matter.

The board’s chairman, who maintained that the bank will not reopen until it pays up the debt, said the tax law is very clear, “therefore in a situation where an individual or private organization fails to pay, the appropriate laws must be enforced”.