A finance manager with a Port Harcourt, Rivers State- based oil services company, Akintunde Ajao has been arrested by the Economic and Financial Crimes Commission, EFCC for allegedly diverting N52million in tax revenue due to the Rivers State Board of Internal Revenue into the account of a private company owned by him.
A finance manager with a Port Harcourt, Rivers State- based oil services company, Akintunde Ajao has been arrested by the Economic and Financial Crimes Commission, EFCC for allegedly diverting N52million in tax revenue due to the Rivers State Board of Internal Revenue into the account of a private company owned by him.
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Ajao who is finance manager of Cetco Oilfield Services allegedly used his position to divert the tax deductions payable to the Rivers State Government coffers into a Diamond Bank account allegedly owned by one YPSL Nigeria limited of which he is the sole signatory.
The fraudulent transfers were uncovered in May 2012 by a team of Rivers State Board of Internal Revenue (RSBIR) auditors after a routine tax audit of the company for three financial years (2008 - 2010). The audit revealed some discrepancies which prompted an audit query to be served on the company to establish its tax liability. Cetco Oilfield Services allegedly raised an objection to the query. A reassessment of the tax liability was consequently carried out.
After the reassessment, the actual tax liability of the company was put at seventy eight million, three hundred thousand naira (N78, 300, 000.00 ) but Akintunde allegedly remitted only twenty-six million , eighteen thousand naira (N26,018,000 .00) to the Rivers Board of Internal Revenue, leaving a difference of N52,282,000.
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Investigations into the matter continues.
Wilson Uwujaren
Ag. Head, Media & Publicity
6th February, 2014
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