Nigeria: Tax Evasion - 5 Weeks After Closure, First Bank Reopens for Business

25 October 2022
Daily Trust (Abuja)
By Tijani Labaran

First Bank of Nigeria plc reopened all its branches for business on Monday in Kogi State after over one month of closure due to alleged evasion of tax to the tune of N411.12m by the Kogi State government.

A high court in Lokoja had ordered the seal-off of all the branches of the bank in the state over the bank's failure to remit N411.12m in taxes to the coffer of the state government.

Daily Trust noted that after five weeks of closure, many customers of the bank on Monday were seen transacting various businesses in the two branches of the bank in Lokoja.

The Acting Executive Chairman, Kogi State Internal Revenue Service, KGIRS, Alhaji Sule Salihu Enehe said the development was due to the fact that the bank had settled "some percentage" of the tax in question to the coffer of the state government.

Read the original article on Daily Trust.

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