Banking & Finance

Four Fidelity Bank Branches Sealed Over Tax Evasion Since 2011-2020

The Kaduna State Internal Revenue Service (KADIRS) has sealed four branches of Fidelity Bank Plc. over N43.3 million tax evasions, Brand News Day confirmed.

Brandnewsday reports that KADIRS Legal Adviser and Board Secretary, Ms Aisha Mohammed made this known in a press briefing with Journalists, revealing that the Fidelity Bank branches were closed for allegedly refusing to settle outstanding tax returns of N43.3 million owed for the period 2011 to 2020.

The branches are located at Ali Akilu Road, Ahmadu Bello Way, Polytechnic Road by Maimuna Gwarzo Junction, and Kachia Road, all in the Kaduna metropolis.

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According to Mohammed, “Therefore, to claim all tax due to the state, we approached the court and obtained a court order to seal the branches.

READ: Fidelity Bank CEO, Nneka Onyeali-Ikpe Wrestles Predecessor, Nnamdi Okonkwo

“This is provided for in Section 104 (3) and (4) of the Personal Income Tax (Amendment) Act. 2011 and Section 37 (3) and (4) of Kaduna State Tax Codification and Consolidation Law, 2020 as amended.”

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The legal adviser argued that the management of the bank was served with notices of the tax assessment five times, but the state was yet to get a response.

Four Fidelity Bank Branches Sealed Over Tax Evasion Since 2011-2020

This online platform had reported that Fidelity Bank‘s incumbent CEO, Nneka Onyeali-Ikpe had alleged to have triggered the probe of her predecessor, former Managing Director/Chief Executive Officer, Nnamdi Okonkwo.

However, early this week, the financial institution has refuted the report and described the report, which was circulated across some online platforms, as false information and malicious.

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READ: UBA Ignores Defrauded Victims’ Cries After Staff Evades Justice On 15M Fraud

Recall, that the EFCC had arrested Okonkwo and some officials of Fidelity Bank for allegedly receiving $115m from an ex-minister of petroleum, Alison-Madueke.

The EFCC had alleged that during the build-up to the 2015 presidential election, Alison-Madueke invited the former Fidelity Bank boss to help her handle some cash, which was later allegedly disbursed to electoral officials and groups.

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The anti-graft agency had filed charges of money laundering against Alison-Madueke and Okonkwo before the inception of President Muhammadu Buhari’s administration.

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Adebayo

Adebayo is a Content Developer and website manager who loves to learn, unlearn and relearn. He has a knack for exploring the tech world. He is always thirsty to learn as the tech ecosystem evolves every day.

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