Ifeanyi Ubah In Trouble As FIRS Seals Capital Oil


The Federal Inland Revenue Service (FIRS) has today shut down the premises of Capital Oil PLC, owned by business mogul and politician Ifeanyi Ubah.

The FIRS in an effort to curb tax evasion set out to shut down tax defaulting companies in Lagos State and Imo State.

The premises of Capital Oil PLC was sealed by the FIRS enforcement team, led by Mrs. Anita Erinne. Staff of Capital Oil PLC, which reportedly owes N30 million in taxes, were also evicted from the premises.

READ ALSO:  Gov. Ikpeazu To Challenge High Court Decision At Appellate Courts

Capital Oil management told FIRS officials that they were ready to pay its tax liabilities. However, FIRS officials said it was not possible because normal banking hours had ended and that they now had to close the gates.

In other parts of 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 their 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.

The enforcement team led by Emeka Obiagwu, FIRS Director of Enforcement, departed the premises after reaching a firm understanding with the company that the debt would be defrayed before the close of work on Monday.

Capital Oil Shut For Tax Evasion

“They just decided to pay N70,000 out of a tax liability of N2.3m. That does not show seriousness. As a matter of fact, the money they just paid is a penalty for an earlier contravention for late registration.

“They have paid nothing on the Value Added Tax obligations. In any case, the order to deal this place came from our head office,  the order to unseal will also come from there.”

See Also: Federal Government Reveals New Mass Housing Plan

Similarly, in Owerri, capital of Imo State, the FIRS enforcement team sealed the premises of two eateries and hotel. According to the enforcement team, the three outfits were closed down after concerted efforts by the FIRS to get them to defray their tax liabilities but failed.