Delta Blacklists Union, Diamond Banks over Missing N1.1bn Tax

Governor Emmanuel Uduaghan

Victor Efeizomor
The Delta State Government Tuesday said it had blacklisted two banks for failure to remit N1.1billion tax revenue paid into its accounts several days after a multinational oil giant, Chevron Nigeria Limited, allegedly  paid the money through the banks.

It was  gathered that  the multinational  oil company mandated its bank, Union Bank of Nigeria Plc (UBN) and Diamond Bank Plc  to credit N1.1 billion into the  Delta State Government  account through  its collecting  bank  but was shocked that  the amount  said to have been paid  since December  27, 2012 , has not been  credited.

The Executive Chairman, Delta State Board of Internal Revenue, Hon.  Joel-Onowakpo Thomoas, while briefing the journalists on the development  yesterday said  the banks were to pay the said amount  into  Delta State  Government  account  managed  by the Union Bank and Diamond Bank respectively, but  as at  last Friday, the Board  was yet to receive  confirmation  from the banks.

He said while Chevron  strongly held to  her  claims  that the money  had been  successfully  transferred  into DBIR account, the two banks  had  insisted that the fund has not been  received,  which prompted the two banks to trade blame.

He said this warranted the board to hold series of meetings and exchanged correspondence with the banks to locate the fund.

He said at a point, Union Bank acknowledged receiving the money from Chevron and that the said money had been remitted to the state’s Diamond Bank account while Diamond Bank denied receipt of such fund.

He said both banks “played smart” by holding on to the money since December 27, 2012, more than the Central Bank of Nigeria (CBN)  stipulated period of time before remitting  the fund into Delta State Government‘s coffers on January 7, 2013.

Thomas further stated that the actions of both banks constitute lack of transparency  in revenue collection, as a lot of funds were being  lost  with the sharp practices, saying he  was convinced  beyond  doubt  that  the action  of the banks was  deliberately to improve their cash position  for their year end.