House Threatens to Arrest CEOs of Nine Banks over Tax Remittances

The House of Representatives Committee on Finance Monday opened its probe  into tax remittances by banks, threatening  to issue warrants of arrest on the chief executive officers (CEOs) of nine commercial banks for allegedly shunning the  invitations extended to them to participate in the investigation.

The investigation was to ascertain the level of compliance of the banks to tax collections and remittances to the Federal Inland Revenue Service (FIRS).

However, out of the 21 banks invited, 12 sent representatives while nine did not honour the invitation.

The erring banks include CitiBank, Enterprise Bank, Zenith Bank, Eco bank, Sterling Bank, Stanbic IBTC, Keystone Bank, Heritage Bank and First City Monument Bank.

The threat of arrest came just as President Goodluck Jonathan challenged Nigerian banks to fund infrastructural development in Africa.

Chairman, House Committee on Finance, Hon. Abdulmumin Jibrin  warned that the  warrant of  arrest would be issued if by tomorrow the banks failed to honour the invitation to appear  at the investigation.

He said that in the absence of the CEOs, the banks might send officials not below the rank of an executive director.

He described the investigation as important and an effort to boost the revenue of the government.

Source: thisday