Nigeria’s House Committee of Finance discovered that more than 21 commercial banks in the country have been conducting tax frauds for the past seven years, reported All Africa.
Representative Abdulmumin Jibrin, chairman of the committee, stated, “It is obvious that over the years government has lost billions of naira in fraudulent and underhand dealings corruptly designed by some banks to evade tax. This is in addition to being massively and callously short-changed by banks saddled with the responsibility of collecting and remitting taxes.”
The committee discovered large inconsistencies and variances in data that lead them to the conclusion that several banks violated provisions in order to reduce taxes.
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