EFCC grills NIPC, ministry staff over $4.5m tax waivers

The EFCC is looking into how the Nigerian Investment Promotion Commission (NIPC) allegedly granted $4.5 million tax waivers to 20 oil companies which they are not entitled to
In effort to unravel the puzzle, it was learnt that the anti-graft agency has invited some officials of the NIPC and the Federal Ministry of Industry, Trade and Investment.
The Ministries of Petroleum Resources and Solid Minerals and the Nigerian Customs Service may also be probed for questionable tax waivers, it was learnt yesterday.
NIPC is the agency, which approves tax holidays under the Industrial Development Act for companies that are taxable under the Company Income Tax Act.
A former Special Assistant to an ex-minister has been interrogated by the anti-graft agency, even as three former ministers and some officials of the Nigerian Customs Service (NCS) are likely to be interrogated by the anti-graft agency.
The tax holidays were given to the oil firms during the administration of former President Goodluck Jonathan.
It was gathered that about 20 local oil companies benefited from the bonanza after buying over marginal fields from some International Oil Companies (IOCs).
A source at the Federal Ministry of Industry, Trade and Investment said: “The EFCC is investigating the ministry and the Nigerian Investment Promotion Commission [NIPC] for tax holidays to about 20 oil companies.
“We actually got a letter of invitation which was dated 28th of July, 2015 and it was received by the Permanent Secretary of the ministry.
“The EFCC letter requested for the appearance of the director (Industrial Inspectorate Division) for interaction.”

Read also: EFCC arrests Ekiti hotelier over alleged $5m fraud

Two directors of NIPC, who were allegedly responsible for granting these tax holidays, have also been grilled by the EFCC.
A former Executive Secretary and Chief Executive of NIPC when the tax holidays were given has also been questioned.
Another source confirmed the invitation of no fewer than six top officials of the ministry and the NIPC.
The source added: “The Special Assistant to a former Minister was invited and also quizzed over the issue and other cases involving some unrefunded monies paid in 2013 by the NIPC to the former minister.”
The former aide reportedly made “some useful statements and offered to make some refunds.”
A source at the EFCC said: “We are looking into some allegations on tax holidays involving some top officials of NIPC and the Ministry of Trade.”
But the source refused to disclose the list of those grilled and the 20 oil firms involved because “investigation is still ongoing”.

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