Video: House of Reps Threaten to Arrest 10 Bank MD’s

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The House of Reps is used to issuing bench warrants of arrest to anyone they dim fit provided the invitees refuse to appear before their panels or committees for questioning. It appears the House of Rep do not even consider the very busy schedule their invitees who are either top government functionaries or chief executives of private firms.

This time around they have summoned bank MD’s to question them about their tax remittances. 11 of the banks have appeared. They have now threatened to issue arrest warrants to the MD’s of Ecobank, Zenith Bank, Sterling Bank, StanbicIBTC, Heritage Bank, Enterprise Bank, Skye Bank and FCMB. See the video below;

About 17 Banks surveyed by Ugometrics Blog paid a total income tax of N71billion in 2012 a 190% increase from the N24.2billion paid in 2011. The tax paid produced an effective tax rate of 11.5% (2011: 21.6%). Knowing the House of Reps, one cannot rule out some extortionist undertones going on here.

Video from Channels TV