Uncategorized How oil companies evade taxes, royalties in Nigeria

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Okoi Obono-Obla
Okoi Obono-Obla: chairman of Presidential Asset Recovery panel works with US, UK authorities

By Naomi Sharang

Mr Okoi Obono-Obla, Chairman, Special Presidential Investigation Panel for the Recovery of Public Property says oil companies contribute to the economic adversity of the country.

He said this at a press briefing in Abuja, on Monday.

According to him, the companies are denying the country oil taxes and royalties that will help government develop infrastructure.

โ€œWe are investigating some of these companies for tax evasion, failure to pay royalties. Five oil companies have not remitted over 1 billion dollars to government.

โ€œWe will get to the root of the matter,โ€ he said.

While reeling out other achievements of the panel in 2018, Obono-Obla said that with the Executive Order 6, which had to do with travel ban, the panel had compiled the names of about 39 public officers who were under investigation.

โ€œWe have compiled their names and submitted to the Comptroller-General of Nigeria Immigration Service so that they would be placed on travel ban,โ€ he said.

On the Panama Papers, he said the Panel was in partnership with the Nigerian Intelligence Agency (NIA) investigating Nigerians allegedly implicated in the Paradise Panama Papers.

โ€œFindings will be made available to Nigerians in due course.

โ€œThe Panel is investigating the Tumsah brothers โ€“ Tijani Tumsah (Vice Chairman, Presidential Initiative on North East) and Ibrahim Tumsah (Director, Finance and Accounts, Federal Ministry of Power, Works and Housing) for alleged abuse of office and corruption.

โ€œThe Panel has recovered an assortment of 86 brand new luxury and sophisticated cars from the duo; 23 of these vehicles are bullet-proof without the requisite permits.

โ€œWe have since obtained an interim order of forfeiture from FCT High Court in Abuja in respect of these properties,โ€ he said

The chairman expressed gratitude to President Muhammadu Buhari, for courageously leading the fight against corruption.

โ€œWe are also grateful to the President for his complete support and demonstrable resolve not to interfere with our operations in anyway,โ€ he said.

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