Paradise Papers: Zenith Bank’s Chair, Jim Ovia Agrees To Refund £11m



The Chairman of Zenith Bank Plc, Jim Ovia, has offered to refund £10,892,166 being the total value-added tax payment he allegedly skipped while importing two luxury jets into the European Union.


Mr. Ovia and Godwin Emefiele, Nigeria’s Central Bank governor, were named among a number of personalities around the world believed to have used artificial leasing schemes to avoid VAT on jets imported into the EU.


But in his response to the allegations, Mr. Ovia said although Zenith Bank Plc was an end user of the aircraft, it did not acquire it.


“In order to ensure that there is no misunderstanding, Mr. Ovia has asked us to make clear that no funds of Zenith Bank were used to acquire the aircraft,” Mr. Ovia wrote through his lawyers, Clifford Chance, in a response dated October 27.


“You are aware that professional advice was taken from Ernst & Young LLC at the time of the transaction that VAT was properly recoverable by Oviation Limited. Had the advice been that VAT shouold not have been recovered in full or in part, we are instructed that the company would not have made the relevant claim.


“Oviation Limited has no reason to doubt the original advice, but if that advise were ever to change, we are instructed that Oviation limited would repay the relevant VAT. This illustrates the good faith at all times of Mr. Ovia.”



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