The Federal Government of Nigeria has filed before a Federal High Court, Ikoyi, Lagos an eight count charge of evasion of taxes in the sum of $7,864,569.48 and N67,682,818.03 against Newcross Petroleum and seven officials of the company namely:
DR. F.A FADEYI
DR BOLAJI OGUNDARE
MR MUTIU SUNMONU
MR STEPHEN FADEYI
Dr. JACKSON FADEYI,
MR. OLUSEYI OLADAPO
Mr. VICTOR SODJE
In the charge, it was stated that Newcross Petroleum Limited, Dr. F.A. Fadeyi, Dr. Bolaji Ogundare, Mr. Mutiu Sunmonu, Mr. Stephen Fadeyi, Dr. Jackson Fadeyi, Mr. Oluseye Oladapo and Mr. Victor Sodje sometime between 2014 and 2021 within the jurisdiction of the Court, whilst carrying out taxable services in the course of doing business, was obligated to pay tax liability in the sum of $7,864,569.48 and N67,682,818.03 for Companies Income Tax, Value Added Tax, Petroleum Profits Tax and Tertiary Education Tax, which they failed to do contrary to and punishable under Section 40 of the Federal Inland Revenue Service Establishment Act 2007 (as amended).
All the defendants were also alleged to have failed to file correct and complete Company Income Tax Returns in the prescribed form and manner for 2019 to 2022 years’ assessment in the sum of $2,200,964.20 for the purposes of paying the relevant tax administered by the service and in so doing unlawfully and willfully evaded the assessment payment and remittance due and payable to the Federal Government.
It was further alleged that the defendants in the normal course of doing business of Newcross Petroleum Limited, between 2018 and 2021 in Abuja, Federal Capital Territory, neglected and refused to deduct Petroleum Profit taxes due to the Federal Government in the sum of $3,798,742.55
They were also alleged to have neglected to pay other sundry taxes due and payable to Federal Government.
All the taxes related offences alleged to have been committed by the defendants are contrary to and punishable under sections 11, 26, 37, 40, 53, 55 and 82 of Federal Inland Revenue Service Establishment and Tax Act.
The presiding Judge, Lewis Allagoa has adjourned till April 29, 2025 for hearing of the case.