Trouble For Newcross Petroleum Ltd, Dr Fadeyi, Bolaji Ogundare,Mutiu Sunmonu, Stephen Fadeyi,Jackson Fadeyi, Oluseyi Oladapo,Victor Sodje, Over Alledged $7,864,569, N67682,818.03 Tax Evasion

Trouble For Newcross Petroleum Ltd

 

OpenLife Nigeria reports that the Federal Government of Nigeria has filed before a Federal High Court in Lagos eight- count charge of evasion of taxes in the sum of $7,864,569.48 and N67,682,818.03
against NEWCROSS PETROLEUM and seven officials of the company.

The officials are:
Dr. F.A Fadeyi
Dr Bolaji Ogundare
Mr Mutiu Sunmonu
Mr Stephen Fadeyi
Dr. Jackson Fadeyi,
Mr.Oluseyi Oladapo,
Mr.Victor Sodje.

It was allegedly stated that : NEWCROSS PETROLEUM LIMITED, DR. F.A.FADESI DOLADE OGUNDARE, MR MUTIU SUNMONU MR,STEPHEN FADEYI DR JACKSON FADEYI, MR,OLUSEYE OLADAPO,MR,VICTOR SODJE sometime between 2014-2021 within the jurisdiction of the Court,whilst carrying out taxable services in the course of doing business,was obligated to pay tax liability in the sum of $7,864,569.48 and N67,682,818.03 for Companies Income Tax,Value Added Tax Petroleum Profits Tax, Tertiary Education Tax, which they failed to do contrary to and punishable under section 40 of the Federal Inland Revenue Service Establishment Act 2007 (as amended).

All the defendants were also alleged to have failed to filed correct and complete COMPANY INCOME TAX RETURNS in the prescribed form and manner for 2019 to 2022 years assessment in the sum of $2,200,964.20 for the purposes of paying the relevant tax administered by the service.

With that, according to the law, those concerned have unlawfully and willfully evaded the assessment payment and remittance due and payable to the Federal Government.

It was further alleged that, the defendants in the normal course of doing business of
NEWCROSS PETROLEUM LIMITED, between 2018 to 2021 in Abuja Federal Capital Territory neglected and refused to deduct Petroleum Profit taxes due to the Federal Government in the sum of $3,798,742.55
The defendants were also alleged to have neglected to pay other sundry taxes, due and payable to Federal Government.

All the taxes related offences alleged to have been committed by the defendants are contrary to and punishable under sections 11,26,37,40,53,55,82, of Federal Inland Revenue service Establishment and Tax Act.

The presiding Judge, Lewis Allagoa has adjourned till 29th of April,2025 for hearing of the case.

According to information available to OpenLife, the compny, in its corporate philosophy states that at Newcross Petroleum “We are committed to corporate responsibility……we ensure that our activities are conducted with high industry and regulatory standards for maintenance of health, safety and protection of all our concerns in our areas of operation…”