Alleged $5 billion Tax Fraud: Senate Summons FIRS, CBN, Chevron Others

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By Nuel Suji – The Nigerian Senate on Wednesday summoned the Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN), National Petroleum Investment Management Services (NAPIMS) and Chevron Nigeria Limited, Nigerian National Petroleum Corporation (NNPC)  over $5 billion Tax fraud.
The summoning was issued by Senate Adhoc Committee probing the fraud allegation leveled against Chevron Nigeria Limited.
The probe panel chaired by Senator Magus Abe was inaugurated by Senate President, Bukola Saraki who was represented by Minority Leader, Godswill Akpabio.
Speaking at the inauguration of ‎the Adhoc Committee, Sen. Abe said the committee would not be biased in their investigation, vowing to uncover the truth behind the $5 billion tax fraud allegation against Chevron.
He added that the affected agencies like CBN, FIRS, NNPC, NAPIM are expected to appear before the adhoc to defend the allegation.
“We are not coming‎ to investigative hearing with any pre-judgement, the truth must be uncovered. I can you that we will be fair thorough and quick in our assignment,” he assured.
Inaugurating the Committee, Senate President urged the Committee to be totally independent in their assignment and be fair to all parties concerned.
It would be recalled that Dr. George Uboh of the Panic Alert Security System (PASS) had petitioned the Senate over an alleged $5 billion fraud at the Chevron Nigeria limited.
Uboh, according to the report, had alleged that between 2001-2002, Chevron evaded tax to the tune of over $343 million through over bloating of its operational costs under Petroleum Profit Tax, using Carry Agreement with NNPC as a cover up when such agreement never existed with the company.
“That Chevron Nigeria Limited recouped spurious loan of $235 million from the Nigeria Federation between 2002 and 2005 for overdue cash calls; that Chevron conspired with some oil producing companies, NNPC auditors and defrauded the Federation of Nigeria by over $3.6 billion by merely manipulating accounts and records which were also done under the umbrella of Carry Agreements,” the report added.
The report stated that the representative of Chevron, Uwakwe, had denied that the oil company recouped spurious loans from the NNPC or from any other entity.
“That Chevron Nigeria Limited received notice of assessment for Education Tax, Gas and Gas Income tax and later made payment of $38,259,021 via Citibank on 28th August, 2006 for the three assessments,” it added.

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