Akwa Ibom seals three banks over N228.6m debt

• The affected banks are two branches of Keystone Bank, located at Abak Road and Ikot Ekpene Road in Uyo, and Heritage Bank, situated on Aka Road, Uyo
  

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The Akwa Ibom State Internal Revenue Service has taken action by closing down three banks for their alleged failure to remit outstanding tax liabilities amounting to N228.6 million to the state government.

These banks were shuttered on Thursday as part of an operation conducted by the board’s Enforcement and Recovery Department, following a Notice of Distrain issued by the Akwa Ibom State High Court, Eket Judicial Division.

The affected banks are two branches of Keystone Bank, located at Abak Road and Ikot Ekpene Road in Uyo, and Heritage Bank, situated on Aka Road, Uyo.

Mr. Leo Umana, the board’s Executive Director for Enforcement and Recovery, stated that Heritage Bank had not remitted its tax liabilities of N100,270,910 to the state, while Keystone Bank’s tax arrears amounted to 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.

The Warrant of Distrain earlier received from the High Court of Akwa Ibom in the Eket Judicial Division, signed by Justice Effiong Effiong, which orders that access to the bank premises and its facilities be restricted, read, “A Warrant of Distrain is hereby issued upon any land, premises, or place of business in respect of which the Respondent is the owner or occupier at 39 Abak Road, Uyo Akwa Ibom State in satisfaction of outstanding tax liability of N128, 413, 882.20 established against the respondent.

“A Warrant of Distrain is hereby issued upon any land, premises or place of business in respect of which the respondent is the owner or occupier at 41 Aka Road, Uyo Akwa Ibom State in satisfaction of outstanding Tax liability of N100, 270, 901.62 established against the respondent.”