FIRS Shuts Down Two Companies in Lagos Over N73m Debt

By Dipo Olowookere

Two companies in Lagos were on Monday shutdown by officials of the Federal Inland Revenue Service (FIRS) led by the Assistant Manager in charge of Legal Department, Ms Ruth Mandeun.

The affected firms were sealed over their alleged failure to pay taxes worth N72.6 million to federal government.

The companies, Giandan Nigeria Limited and Justeen International Limited owed N47.8 million and N24.8 respectively, according to the federal tax agency.

Ms Mandeun, during the exercise, urged companies to avoid getting their premises shutdown because of tax default.

She described tax as one of the sources of revenue for government to provide the needed favourable environment for businesses to thrive in the country.

According to her, “It is quite upsetting for us to close down companies, but we just have to perform our lawful mandate. The two companies that were sealed today (Monday) clearly defaulted in paying their taxes and they are fully aware of the repercussions.”

However, she assured that the sealed firms would be reopened “after they have cleared their debts.”