Alleged Tax Evasion: NewCross Petroleum, Seven Other Charges with $7,864,569 and N67682,818.03 Tax Evasion

      The Federal Government of Nigeria has filed before a Federal high court in Lagos 8 count charge of evasion of taxes in the sum of  $7,864,569.48 and N67,682,818.03

against NEWCROSS PETROLEUM and seven officials of the company namely:     

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 stated 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 sometime between 2014-2021 within the jurisdiction of the  Court, whilst carrying out taxable services in the course of doing business,was obligated to pay tax liability in the sum of $7,864,569.48 and N67,682,818.03 for Companies Income Tax,Value Added Tax Petroleum Profits Tax, Tertiary Education Tax, which they failed to do contrary to and punishable under section 40 of the Federal Inland Revenue Service Establishment Act 2007 (as amended).

      All the defendants were also alleged to have failed to filed correct and complete COMPANY INCOME TAX RETURNS in the prescribed form and manner for 2019 to 2022 years assessment in the sum of $2,200,964.20 for the purposes  of paying the relevant tax administered by the service and in so doing  unlawfully and willfully evaded the assessment payment and remittance due and payable to the Federal Government.

      It was further alleged that,the defendants in the normal course of doing business of NEWCROSS PETROLEUM LIMITED, between 2018 to 2021 in Abuja Federal Capital territory neglected and refused to deduct Petroleum Profit  taxes due to the Federal Government in the sum of $3,798,742.55 

    The defendants were also alleged to have neglected to pay other sundry taxes due and payable to Federal Government

       All the taxes related offences alleged to have been  committed by the defendants are contrary to and punishable under sections 11,26,37,40,53,55,82, of Federal Inland Revenue service Establishment and Tax Act.

    The presiding Judge, Lewis ALLAGOA has adjourned till 29th of April, 2025 for hearing of the case.