OrderPaperToday – A dirty dose of revelations emanated from the probe of crude oil swap deals under the Goodluck Jonathan administration as Nigeria is said to have lost billions of naira in tax evasion by companies which partook in the scheme.

The Federal Inland Revenue Service (FIRS) said non payment of taxes by companies that partnered with the Nigerian National Petroleum Corporation (NNPC) on the crude oil swap was being investigated to fathom the full extent of their culpability.

The disclosures were made at a public hearing in the House of Representatives Tuesday.

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FIRS Chairman, Babatunde Fowler listed some of the companies and the amount involved in the tax evasion scam as follows: Taleveras owes N1.1 Billion and has only paid N290 million; Iieto Nigeria limited owes N518 million and has only paid N262 million; Ontario owes N524 million and has paid N513 million.

Others are Duke Oil which is a not registered company in Nigeria but a subsidiary of the NNPC, between August 2013 and 2014 has only paid N26.5 million; and Transfigura since its operation in the country has not filed any tax returns.

Fowler said that he was unaware of the transactions until the he was communicated by the investigative committee.

He said he would be working closely with consultants to carry out an internal audit of the Ministries Department and Agencies, MDAs to get up to date records on taxes paid by companies.

The public hearing was organized by an ad hoc committee investigating the NNPC and Pipelines and Products Marketing Company, PPMC on oil swap deals.

Earlier, Chairman of the Ad hoc Committee, Zakari Muhammed  said that revenues from the nation’s extractive industries should be  transparently managed in accordance with global best practice to enhance Nigeria’s revenue and economic fortunes.

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1 COMMENT

  1. How can NNPC owned a company that is not registered in Nigeria. These defaulting companies should be made to pay back the balance of taxes made on them.

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