TAX EVASION: JIMOH IBRAHIM QUIZZED | Bizness Watch

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Jimoh-Ibrahim

TAX EVASION: JIMOH IBRAHIM QUIZZED

Chairman of Global fleets Limited, Mr Jimoh Ibrahim was yesterday summoned by the Special Enforcement Unit of the Federal Inland Revenue Service (FIRS) over an alleged N6.8 billion ($43m) tax fraud involving his companyAccording to reports, the business man was invited by the FIRS on issues bordering on failure to remit taxes.This is not the first time Jimoh Ibrahim, the proprietor of Nigeria’s Newswatch magazine, Air Nigeria and former state-owned NICON insurance company, faces tax evasion allegations.

In June 2012, the FIRS arrested Mr. Kinfe Kayssay, the Managing Director, Air Nigeria Limited for the company’s alleged failure to remit N4.86 billion ($31m) tax liabilities to the Federal Government.

Also in May this year, a Federal High Court in Abuja ordered Jimoh Ibrahim’s NICON Insurance to pay FIRS N200 million ($1.2m)for the company’s inability to meet its financial commitments to Federal Government since 2007/2008.

It would also be recalled that aircraft lease company – Aersale, sued him in New York court seeking a huge payment over Air Nigeria unpaid obligations under the term of the lease.

A US District Judge, Katherine Forrest, in September ordered him to pay over $10 million to the company for failing to meet his obligations on two aircraft he leased for the operations of his now-grounded Nigerian air traffic business.

Mr. Ibrahim was ordered to pay up the initial $8 million owed to Aersale Inc., the owners of the leased aircraft. In addition, the judge ruled that he must pay interests on the lease as well as legal fees.




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