Chinese Company, Its Directors in Trouble with EFCC Over Alleged N1.2bn Tax Evasion

The EFCC is suing a Chinese business and its directors for N1.2 billion in tax evasion

The Economic and Financial Crimes Commission (EFCC) has filed a lawsuit alleging N1.2 billion in tax evasion against SSL Industry Company Limited and two Chinese directors, Liu Qiang and Shi Shuai.

The defendants are accused of failing to collect and submit the required Value Added Tax (VAT) to the Federal Inland Revenue Service (FIRS) between 2019 and 2021, even though the company operated within Nigeria, according to the charges detailed in the EFCC document designated FHC/ABJ/CR/30/2024.

The EFCC designated Barrister Babatunde Ayeni as the company's attorney, and he is also involved in this case.

Samuel I. Chime Esq., the EFCC's attorney, claims that Ayeni submitted fictitious income tax reports to the appropriate authorities on the company's behalf.

This action is being brought against foreign corporations, such as Binance Limited, that the federal government believes are evading taxes.

According to the charging sheet, “That you SSL Industry Company Limited, Liu Qiang (as the Managing Director), and Shi Shuai (as a director) between 2019 and 2021, in Abuja within this Honourable Court's jurisdiction, failed to deduct and pay the due Value Added Tax (VAT) to the Federal Inland Revenue Service within 30 days from the date it became due, thereby violating section 40 of the Federal Inland Revenue Service Act 2007.”

The defendants were supposed to be arraigned today, but none showed up to enter a plea in person.

The case was postponed by Justice Ekwo until October 22 for arraignment, though, because extradition attempts are being made for the directors who have allegedly fled to China.