LAGOS, Nigeria (VOICE OF NAIJA) – As part of efforts to enhance tax compliance, the Federal Government has initiated legal proceedings against Well Property Development Company Limited, filing a six-count charge related to tax evasion.
The Federal Inland Revenue Service (FIRS) lodged the suit on behalf of the government, alleging that the company engaged in multiple forms of tax misconduct, including understating tax returns, making false declarations of earnings, and failing to deduct and remit required taxes.
READ ALSO: Court Clears Binance Executives Of Tax Evasion Charges
The suit names the Federal Republic of Nigeria as the complainant and lists Wells Property Development Company Limited alongside nine individuals as defendants.
Among the charges, the company stands accused of understating tax returns and falsely declaring earnings while providing taxable services.
The case is registered under the number FHC/ABJ/CR/293/2024 and was filed on June 21, 2024.
Further details on the case will be provided as they emerge.