Business & Finance

Trouble For Billionaire Mogul, Ifeanyi Ubah As FIRS Seals Capital Oil Company

In a bid to shut down tax defaulting companies in Lagos State and Imo State, the Federal Inland Revenue Service (FIRS) on Monday, sealed the Lagos premises of Capital Oil Plc, owned by billionaire business mogul and politician, Dr. Ifeanyi Ubah.
According to an exclusive report by SaharaReporters, the FIRS enforcement team, led by Mrs. Anita Erinne, sealed the mogul’s properties evicting the staff of the company over a reported N30million tax debt.
It was gathered that the Capital Oil management told FIRS officials that they were ready to pay its tax liabilities. However, FIRS officials said it was not possible because normal banking hours had ended and that they now had to shutter the gates.
In the Apapa area of Lagos, the FIRS visited the offices of Folawiyo Energy Trading Company along Creek Road. But the company, which the FIRS says owes N450 million in tax since 2013, maintained that it is only owing for last year. The FIRS team did not seal the company, but advised its management to clear the matter up at the FIRS office in Ikoyi.
Also in Lagos, the FIRS enforcement team visited the offices of Makon Engineering and Technical Services Limited, located on 11 Babatunde Anjos Street, Lekki Phase 1.
However, the enforcement team, which was prepared to lock up the company, changed its mind after the company’s Chief Financial Officer, Lanre Anafi, agreed to the immediate commencement of the payment process of its N26 million tax debt.
Speaking to the media after the exercise, FIRS enforcement team leader, Chinazo Udeh, explained that all due processes laid down by law were exhausted before the businesses were sealed.
“We assessed and gave them notice of what they owe as tax. They did not respond to our communication. This was followed up with two separate reminders. Thereafter, a demand notice was sent to them with all these largely ignored. After the expiration of the one month window following the final notice, we were left with no option but to enforce the law.”

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