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TAX EVASION: Shehu Yar’Adua Foundation, 29 others to forfeit N4.8bn properties to FG
The Shehu Musa Yar’Adua Foundation alongside 29 other firms may lose properties worth total of N4.8bn to the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
The ICPC announced in a statement by its Director for Public Enlightenment, Rasheedat Okoduwa, that the commission was on the verge of seizing the properties over tax evasion claims.
The properties to be seized include 22.9 hectares of undeveloped land, one plaza, and a block of six two-bedroom flats located in Wuse, Zone One, Abuja, belonging to Shehu Musa Yar’adua Foundation.
Vibrant Issuance Brokers, Millard Fuller Foundation, Maibuhu Farm and Construction Limited, Gabcon Enterprises Limited and a host of others.
Meanwhile, the alleged owners of the properties have during the course of the investigation, disclaimed ownership.
The ICC’s statement read in part, “The move to seize the properties spread around Abuja, followed a petition to ICPC by the Federal Inland Revenue Service, accusing the companies of defaulting in tax payment to the tune of N288.2m.
“Section 37 of the Corrupt Practices and Other Related Offences Act 2000 empowers ICPC to seize assets alleged to be subject of an offence under the law while Section 48 authorises it to apply to a High Court for an order of forfeiture within 12 months of the date of seizure.”
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