Alleged Tax Fraud: Firm slams N400m lawsuit against Zenith Bank, FIRS

*The Zenith Bank Group purportedly deceitfully used a Nigerian Information Technology solutions firm’s Value Added Tax details in the bank’s accounting and returns to the Federal Inland Revenue Service, making millions as profits while the IT company was being billed millions of Naira as tax debts

Isola Moses | ConsumerConnect

For an alleged deceitful use of its Value Added Tax (VAT) details in the bank’s accounting and returns to the tax authority in Nigeria, Geecat Solutions Limited, an Information Technology (IT) company, has slammed a N400million suit against Zenith Bank and four of its associated companies.

These bank’s subsidiary firms are Quantum Zenith Asset Management Limited, Quantum Zenith Trustees and Investments Limited, Quantum Facilities Management Limited, Quantum Zenith Capital and Investment Limited, as well as the Federal Inland Revenue Service (FIRS).

ConsumerConnect learnt that Geecat Solutions Limited had instituted a legal suit against the Zenith Group to the Federal High Court, in Ikoyi, Lagos State, for purportedly deceitfully using the VAT details of the IT firm in the accounting and returns the financial institution made to FIRS.

RELATED: Court Rules Zenith Bank Is Fraudulent, Urges Nigerian Consumers To Beware

Geecat had filed the suits February 15, 2022, through Chief Goddy Uwazurike of Uwazurike and Associates, its Counsel, after efforts at resolving the issues amicably had reportedly failed.

According to Geecat, resulting from Zenith Group’s apparent fraud in the process, the company was being billed millions of Naira as tax whereas the Zenith Bank Group amassed millions of tax as profits.

The development translates into a classic case of Zenith Group’s transferring its tax liabilities to Geecat Solutions Limited, stated the IT firm.

The IT company is claiming N200million each from the two defendants (Zenith Bank Group and FIRS) in each of the suits.

The defendants have been served with the originating processes, and the suits are expected to come up soon, report said.