Tax default: Oyo govt seals Diamond Bank, Stanbic IBTC, others, in Ibadan

NEWS BY QUICKSILVER

A lot of banks in Ibadan were this morning thrown into confusion when as early as 9am, Oyo state tax officials stormed some banks in Ibadan, the state capital, sealing off about 20 branches of those banks.
A combined task force team of the Oyo State Interministerial Enforcement Unit swoop stormed banks in areas like Dugbe, Mokola, Idi-Ape, Agodi Gate, Secretariat Road, Challenge, Jericho, Bodija, UI among others.

Some of the affected banks include, Diamond, Stanbic IBTC, Skye, FCMB, Heritage. Their officers were later seen running helter skelter to straighten out their papers. Some succeeded in tidying up and resuming operations while others remained shut.

Customers who were inside the banks as the raid unfolded, including those turned back at the gate, expressed shock and disappointment.

It was gathered that the banks were beimg sanctioned for defaulting in the payment of the annual environmental development levy which is said to be payment for the impact of the various business and corporate entities on the environment within the state.

Newspeakonline learnt that some of the affected banks had defaulted for up to three years.

It would be recalled that the Oyo State Board of Internal Revenue (OYBIR), the coordinating agency for collecting all government revenues had last month issued a 14 day ultimatum to all tax payers in the state to pay up all outstanding dues and levies or face the consequencies.

The Chairman of the Board, Mr Bicci Alli had warned in the paid advertorial that the agency would embark on massive enforcement to seal up all erring corporate organisations on the expiration of the ultimatum.

According to Alli, the enforcement team decided to focus on banks to serve as deterrent to other defaulting corporate organisations, adding that the exercise is continuous.