An Information Technology (IT) company, Geecat Solutions Ltd has dragged Zenith Bank and four associated companies to the Federal High Court Oyinkan Abayomi Drive Ikoyi, Lagos for “deceitfully” using its Value Added Tax (VAT) details in the accounting and returns they made to Federal Inland Revenue Services (FIRS).
The four affiliated companies include Quantum Zenith Asset Management Ltd, Quantum Zenith Trustees and Investments Ltd, Quantum Facilities Management Ltd, Quantum Zenith Capital and Investment Ltd all of 87 Ajose Adeogun Street, Victoria Island Annex, Lagos.
In the five separate suits filed on on 15th February 2022 by Chief Goddy Uwazurike of Uwazurike and Associates, Geecat Solutions Ltd said the five companies activities resulted in its being billed millions of Naira as tax while the Zenith group amassed millions of tax as profits.
This, it said, is a classic case of transferring their tax liabilities to it.
Chief Goddy Uwazurike of Uwazurike and Associates said the IT firm was forced to seek redress in court after efforts to resolve the issues failed.
The five Zenith Group companies alongside the FIRS are defendants in each of the suits.
The plaintiff is seeking a claim of N200 million against each of the defendants.
The defendants all have been served with the originating processes but they are yet to file their defences.
The suits are expected to come up soon.
Details later.
