Heritage Bank, Keystone Bank in Troubled Waters Over Tax

The Akwa Ibom State Internal Revenue Service has shut down three banks for their alleged failure to remit outstanding tax liabilities of  N228.6m to the state government.

The banks were shut down on Thursday during an exercise conducted by the board’s Enforcement and Recovery Department, following an order of Notice of Distrain from the Akwa Ibom State High Court, Eket Judicial Division.

The affected banks include two Keystone Bank branches, at Abak Road and Ikot Ekpene Road, Uyo, and Heritage Bank, located at Aka Road, Uyo.

Speaking to newsmen, the board’s Executive Director, Enforcement and Recovery, Mr. Leo Umana, said Heritage Bank failed to remit its N100,270,910 tax liabilities to the state while Keystone Bank tax liabilities run into N128,413,882.

He said the board had given notices and exhausted reconciliation and negotiation opportunities with the organisations, hence the action.

Umana added that since the banks refused to remit taxes accruing to the state despite the long period of time given them, the board is left with no option but to get exparte order to recover the revenue.

He noted that for the banks served the Notice of Distrain, under the law, they have 14 days to negotiate with AKIRS and vacate the order, adding that “If after 14 days, they do not comply, we have the mandate of the court to sell the property and recover the tax owed the state.”

He said in the ongoing enforcement drive, the revenue board is poised to recover state government revenue, thus helping the government realise its ARISE agenda.