The Federal Government has filed an eight-count charge against NewCross Petroleum Limited and seven of its executives over alleged tax evasion amounting to $7,864,569.48 and N67,682,818.03.
The defendants, including Dr. F.A. Fadeyi, Dr. Bolaji Ogundare, Mr. Mutiu Sunmonu, Mr. Stephen Fadeyi, Dr. Jackson Fadeyi, Mr. Oluseyi Oladapo, and Mr. Victor Sodje, were accused of failing to meet their tax obligations between 2014 and 2021 while conducting taxable business activities.
The charges cover Companies Income Tax, Value Added Tax, Petroleum Profits Tax, and Tertiary Education Tax, in violation of Section 40 of the Federal Inland Revenue Service (FIRS) Establishment Act 2007 (as amended).
The prosecution also alleged that the company failed to file accurate income tax returns for 2019 to 2022, resulting in the evasion of $2,200,964.20 in tax payments.
Additionally, between 2018 and 2021, the defendants allegedly neglected to deduct and remit Petroleum Profits Tax amounting to $3,798,742.55, along with other outstanding taxes owed to the government.
According to the charges, these offences contravened sections 11, 26, 37, 40, 53, 55, and 82 of the FIRS Establishment and Tax Act.
The case, presided over by Justice Lewis Allagoa of the Federal High Court in Lagos, has been adjourned until April 29, 2025, for hearing.