Federal authorities sues Newcross Petroleum Ltd over alleged tax evasion

Oil Agency, Newcross Petroleum, Administrators sued over tax evasion of $15.7m USD, N131.4m

The Federal Authorities of Nigeria has filed earlier than a Federal Excessive Courtroom in Lagos eight- rely cost of evasion of taxes within the sum of $7,864,569.48 and N67,682,818.03 towards NEWCROSS PETROLEUM and 7 officers of the corporate.

The officers are:
Dr. F.A Fadeyi
Dr Bolaji Ogundare
Mr Mutiu Sunmonu
Mr Stephen Fadeyi
Dr. Jackson Fadeyi,
Mr.Oluseyi Oladapo,
Mr.Victor Sodje.

It was allegedly said that : NEWCROSS PETROLEUM LIMITED, DR. F.A.FADESI DOLADE OGUNDARE, MR MUTIU SUNMONU MR,STEPHEN FADEYI DR JACKSON FADEYI, MR,OLUSEYE OLADAPO,MR,VICTOR SODJE someday between 2014-2021 throughout the jurisdiction of the Courtroom,while finishing up taxable providers in the midst of doing enterprise,was obligated to pay tax legal responsibility within the sum of $7,864,569.48 and N67,682,818.03 for Corporations Revenue Tax,Worth Added Tax Petroleum Earnings Tax, Tertiary Training Tax, which they did not do opposite to and punishable beneath part 40 of the Federal Inland Income Service Institution Act 2007 (as amended).

All of the defendants had been additionally alleged to have did not filed appropriate and full COMPANY INCOME TAX RETURNS within the prescribed kind and method for 2019 to 2022 years evaluation within the sum of $2,200,964.20 for the needs of paying the related tax administered by the service.

With that, based on the legislation, these involved have unlawfully and willfully evaded the evaluation fee and remittance due and payable to the Federal Authorities.

It was additional alleged that, the defendants within the regular course of doing enterprise of
NEWCROSS PETROLEUM LIMITED, between 2018 to 2021 in Abuja Federal Capital Territory uncared for and refused to deduct Petroleum Revenue taxes because of the Federal Authorities within the sum of $3,798,742.55
The defendants had been additionally alleged to have uncared for to pay different sundry taxes, due and payable to Federal Authorities.

All of the taxes associated offences alleged to have been dedicated by the defendants are opposite to and punishable beneath sections 11,26,37,40,53,55,82, of Federal Inland Income service Institution and Tax Act.

The presiding Choose, Lewis Allagoa has adjourned until twenty ninth of April,2025 for listening to of the case.

In line with data out there to OpenLife, the compny, in its company philosophy states that at Newcross Petroleum “We’re dedicated to company accountability……we be certain that our actions are performed with excessive trade and regulatory requirements for upkeep of well being, security and safety of all our considerations in our areas of operation…”