EFCC recovers N27.7bn from 6 banks

The Economic and Financial Crimes Commission (EFCC) has recovered over N27. 7 billion as withholding tax on dividends payments by six Nigerian banks, Daily Trust gathered yesterday.

A top EFCC source told Daily Trust yesterday that the total sum of N27.712,334,455.06 ( twenty seven billion, seven hundred and twelve million, three hundred and thirty four thousand, four hundred and fifty five Naira, six kobo was recovered from the banks.

The banks was said to include Zenith Bank Plc, First Bank Plc, Access Bank Plc, Standard Chartered Bank, Unity Bank Plc and Stanbic-Ibtc Bank.

The recovery was said to have been made by the Bank Fraud section of the Lagos office of the Commission.

The source explained that it was made through direct intervention by the Commission and indirectly through the assistance of the Federal Inland Revenue Service, the Internal Revenue Service, IRS, of some states as well as the Revenue Mobilisation Allocation and Fiscal Commission.

Zenith bank alone allegedly account for more than 80 percent of the amount as a whooping N26, 468,223,358.24 was recovered from the bank between November and first week of December, 2017.

Also, the EFCC directly recovered N4,207,235,701.06 from the bank, whileN22,260,987,657.24 came through the intervention of FIRS, the Lagos State Internal Revenue Service, the Internal Revenue Service of other states and the RMAFC.

The EFCC source said the balance of N1, 244,111,097.43 was recovered from the other five banks.

A source at the Commission reveals that seven other banks are currently under the Commission’s radar with respect to withholding tax on dividends.

“We are certain to record more recovery by the time the investigation is completed,” the source said.