Sealing of 8Banks paralyses economic activities in Imo State

Economic activies in Imo state came to a halt yesterday following the summary closure of 8 commercial banks operating in the state by agents of the state government.

The Commisioner for Internal Resources and Pension Affairs, Mr Nick Opara-Ndudu said

    “The Board of Internal Revenue, in exercise of its statutory powers today, sealed the premises of eight commercial banks in Imo State for their failure to pay withholding tax on interest paid to customers.”

He also said that the court action was taken in compliance with a court Order granted the BIR, authorizing it to seal the affected banks after their failure to heed the repeated demands to fulfill their statutory obligations to the state.

He also revealed that the amount owed the state government is roughly N2billion.

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