Federal Government Charges Wells Property Development with Tax Evasion

By Abass Ganiyu


In a significant move to enhance tax compliance, the Federal Government has filed a six-count charge against Wells Property Development Company Limited, accusing the firm of tax evasion. The charges were brought forward by the Federal Inland Revenue Service (FIRS) on behalf of the government.

The legal action, as detailed in documents obtained exclusively by our correspondent on Sunday, alleges that Wells Property Development Company Limited engaged in multiple tax-related offenses. These include understating tax returns, making false declarations of earnings, and failing to deduct and remit taxes as required by law.

The Federal Republic of Nigeria is listed as the complainant in the suit, with Wells Property Development Company Limited and nine individuals named as defendants. The government’s pursuit of these charges underscores a broader initiative to crack down on financial misconduct and ensure that all entities adhere to tax regulations.

The FIRS, responsible for enforcing tax laws and ensuring revenue generation for national development, has emphasized the importance of compliance and the legal consequences of evasion. This case represents a critical effort by the agency to hold companies accountable and reinforce the integrity of the tax system.

Further details on the proceedings and responses from Wells Property Development Company Limited and the other defendants are expected as the case unfolds. This development marks a noteworthy step in the government's ongoing campaign to bolster tax enforcement and improve fiscal responsibility across the corporate sector.

Details later...

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