Firm sues bank over alleged deceitful VAT payments

An IT company, Geecat Solutions Limited, has sued a new generation bank and four associated companies at the Federal High Court, Ikoyi over alleged deceit.

The applicant alleged that the defendants used its Value Added Tax (VAT) details in the accounting and returns they made to Federal Inland Revenue Services (FIRS).

This, it claimed, resulted in the company being billed millions of Naira as tax, while the defendant amassed millions of tax as profits.

“This is a classic case of transferring their tax liabilities to Geecat Solutions Ltd,” it claimed. 

Chief Goddy Uwazurike of Uwazurike and Associates filed the five suits on February 15, 2022, after efforts to resolve the issues failed.

“There are two defendants in each of the suits and the claim is for N200million against each of the defendants. The second defendant is the FIRS.”

The defendants have been served with the originating processes. They are yet to file their defences and the suits are expected to come up soon.