Withholding Tax: EFCC Recovers N27.7b from Six Banks


The Economic and Financial Crimes Commission (EFCC) has recovered over N27.7billion from six banks being unremitted withholding tax on dividends.

Also, about seven more banks were said to be on the radar of the anti-graft agency for similar infractions.

According to a fact-sheet obtained by our correspondent, the EFCC was expecting recovery of more withholding tax.

READ ALSO:   Senate To Probe DSS, NIA, EFCC Standoff

The document reads: “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 banks are Zenith Bank Plc, First Bank Plc, Access Bank Plc, Standard Chartered Bank, Unity Bank Plc and StanbicIBTC Bank.

“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 Mobilization Allocation and Fiscal Commission (RMAFC).

READ ALSO:   EFCC Denies Issuing Warrant for Maina’s Arrest

“Zenith Bank alone allegedly accounted for more than 80 percent of the amount as a whooping 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.

READ ALSO:   Witness: How Foreign Currencies Was Recovered From Ex-NNPC GMD's Apartment

“The balance of N1, 244,111,097.43 was recovered from the other five banks. The investigation is still ongoing.

“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.”



The Nation

Subscribe to Our VIP Newsletter

Previous article2018 Budget: Borno Gov. Presents N170bn to Assembly
Next articleNNPC Urges Nigerians to Expose illegal Stations
Hamilton Nwosa

The New Diplomat stands for ethical journalism, press freedom, accountable republic, and gender-equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally. From our insightful reports of political issues to our riveting investigations and analyses of business, socio-economic, and cross-cutting sectors, The New Diplomat remains ever committed to investigative reporting and ethical journalism. Support and partner with The New Diplomat today, to guarantee a positive future for all under an atmosphere of free press!


Please enter your comment!
Please enter your name here