Senate summons FIRS, CBN, Chevron others over $5b tax fraud
The Senate has summoned the Federal Inland Revenue Service, Central Bank of Nigeria, National Petroleum Investment Management Services and Nigerian National Petroleum Corporation over alleged $5 billion tax evasion by Chevron Nigeria Limited.
Dr. George Uboh of the Panic Alert Security System had petitioned the Senate over alleged $5 billion fraud at Chevron Nigeria limited.
However, the chairman, Senate adhoc committee investigating the alleged farud by Chevron, Senator Magus Abe, assured that the committee would be impartial in the matter.
According to Abe: “We are not coming to investigative hearing with any pre-judgement, the truth must be uncovered.
“I can assure you that we will be fair, thorough and quick in our assignment.”
Inaugurating the Committee, the Senate President, Dr. Abubakar Bukola Saraki, represented by Minority leader, Senator Godswill Akpabio, urged the Committee to be totally independent in their assignment and be fair to all parties concerned.
Uboh, according to the report, had alleged that between 2001 and 2002, Chevron evaded tax to the tune of over $343 million through overbloating of its operational costs under Petroleum Profit Tax, using Carry Agreement with the NNPC as a cover when such agreement never existed with the company.
“That Chevron Nigeria Limited recouped spurious loan of $235 million from the Nigeria Federation between 2002 and 2005 for overdue cash calls; that Chevron conspired with some oil producing companies, NNPC auditors and defrauded the Federation of Nigeria by over $3.6 billion by merely manipulating accounts and records which were also done under the umbrella of Carry Agreements,” the report added.
The report stated that the representative of Chevron, Uwakwe, had denied that the oil company recouped spurious loans from the NNPC or from any other entity.
“That Chevron Nigeria Limited received notice of Assement for Education Tax, Education Tas Gas and Gas Income tax and later made payment of $38,259,021 via Citibank on 28th August, 2006 for the three assements,” it added.