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Government shuts down Ifeanyi Ubah's Capital Oil

28 June 2016, 10:51

Lagos - The Federal Inland Revenue Service (FIRS) has sealed Capital Oil Plc, owned by Ifeanyi Ubah over tax evasion, PM news reports.

The staff of the company, which is owing N30 million, were ordered out of the premises.

The management of the company though tried a last minute effort to prevent the closure by telling them they were ready to clear the taxes but the officials were not convinced as it was close to end of the working hours.

Also in Apapa, the FIRS visited the offices of Folawiyo Energy Trading Company along Creek Road. But the company, which the FIRS says owes N450 million in tax since 2013, maintained that it is only owing for last year. The FIRS team did not seal the company, but advised its management to clear the matter up at the FIRS office in Ikoyi according to Saharareporters.                             

Also in Lagos, the FIRS enforcement team visited the offices of Makon Engineering and Technical Services Limited, located on 11 Babatunde Anjos Street, Lekki Phase 1.                       

However, the enforcement team, which was prepared to lock up the company, changed its mind after the company's Chief Financial Officer, Lanre Anafi, agreed to the immediate commencement of the payment process of its N26 million tax debt.

- News 24


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