Tax: Niger govt shuts down First Bank, GTB, UBA, Stanbic IBTC, other banks

The Niger State Internal Revenue Service (NGSIRS) has shut down eight commercial banks and the Abuja Electricity Distribution Company (AEDC) over N456 million tax debts.

NGSIRS executive chairman Mohammed Etsu said the clampdown followed the provisions of relevant tax laws of the state.

“What we are doing is in line with the provisions of the relevant tax laws,” said Mr Etsu.

Mr Etsu identified the affected banks and their liabilities as Stanbic IBTC (N113.2 million), Polaris Bank (N74.8 million), UBA (N68.9 million), Union bank (N47.1 million), First Bank (N45.7 million), Heritage Bank (N31.5 million) Unity Bank (N14 million) and GTB (N8.2 million).

Others listed by Niger included AEDC Plc, with a debt of N45.8 million, Aloe Vera International Hotel (N3.9 million), and Rashida Restaurant (N3.2 million).

Mr Etsu further explained that the NGSIRS’ efforts to make the defaulting organisations pay their tax debts yielded no positive results, leading to the sealing of their business premises.

He called on other debtors to pay their outstanding tax liability to prevent the NGSIRS from shutting down their offices.

Reacting to the development, Sidikat Shitu, a Minna resident, said she could not withdraw money at a First Bank branch because the Niger government had sealed it off.

Credit: PG