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Published 17 February 2021
A revelation by the Chairman of the Federal Inland Revenue Service, Muhammad Nami, that Nigeria lost about $17.8 billion (N5.4 trillion) between 2007 and 2017 to tax evasion by multinational companies is not only saddening but also self-implicating. Citing a 2014 report on illicit financial flows from Africa, which stated that Nigeria accounted for 30.5 per cent of money lost in Africa, Nami said that to prevent a recurrence, the FIRS created 35 additional tax audit units to stem illicit financial flows out of Nigeria and improve the tax compliance rate.
While such efforts to ramp up the tax collection are noteworthy, it must be said that these have not been impactful enough. Tax evasion is a crime. Section 40 of the FIRS ACT 2007 states that any person who is obliged to deduct any tax but fails to do so or having deducted, fails to pay to the service within 30 days, commits an offence and shall, upon conviction, be liable to p
Court Rejects Ibrahim s Attempt to Vacate Order over Seized Assets
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Court refuses to vacate order against Ibrahim s seized assetsNigeria — The Guardian Nigeria News – Nigeria and World News
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Victory Park Estate Lekki landlords sue AMCON over disregard for court orders
On
By Innocent Anaba
Residents and landlords of Victory Park Estate, Lekki, Lagos State, have accused the Asset Management Corporation of Nigeria AMCON, of harassment over their property despite pending court cases and orders.
Two of such cases were filed by Mrs B. Ibude and Mr Okechukwu Okoli and his wife against AMCON and its receiver-manager Mr Lanre Olaoluwa.
The plaintiffs obtained injunctions against the respondents AMCON and Olaoluwa appealed.
The estate spans almost 50 hectares of land and is one of the gated communities in the Igbokushu area of Lekki Peninsula Scheme 1.
Asset Management Corporation of Nigeria (AMCON).
Residents and landlords of Victory Park Estate, Lekki, Lagos have accused the Asset Management Corporation of Nigeria (AMCON) of harassment over their properties, despite pending court cases and orders.
Two of such pending cases were filed by Mrs B.E. Ibude and Mr Okechukwu Okoli, alongside his wife against AMCON and its receiver-manager, Mr Lanre Olaoluwa.
The plaintiffs obtained injunctions against the respondents, but AMCON appealed the decisions. The estate spans almost 50 hectares and is one of the gated communities in the Igbokushu area of Lekki Peninsula Scheme 1.
The residents are accusing AMCON and its receiver-manager of outright disregard for law and order and illegal use of official powers.