Big Blot On Oil Magnate, Jite Okoloko’s Reputation

Jite Okoloko

His name resonates in the oil and gas sector, having been in the business for many years.

Apart from being an oil magnate, Jite Okoloko also has major shares in some other businesses, including Notore Chemicals.

But the high-flying businessman, Society Watch gathered, is now gripped by palpable fear, as his company, Midwestern Oil & Gas Company, is currently enmeshed in a legal battle over an alleged $97million tax evasion.

It was gathered that the Federal Inland Revenue Service, FIRS, has dragged his company before a Federal High Court in Lagos for non-payment of an outstanding tax liability to the tune of $97,086,985.00.

In an affidavit sworn to by Ayodeji Jolaoso of the DAC Legal Practitioners and deposed to by Dapo Akinosun, the deponent averred that, Mid Midwestern Oil and Gas company, as normal obligatory routine, filed its self-assessment notice for the year 2012-2013, which was delivered to the FIRS, showing that it made a profit of $271,857,000 and $173,613,950.

But upon verification by FIRS, it was discovered that the defendant did not pay any amount as its Petroleum Tax and Educational Tax for the year 2012 and 2013 respectively.

FIRS, thereafter, assessed the company based on its declared profit for the year 2012 and 2013 via a notice dated January 29, 2015 and a demand notice dated April 11, 2018, indicating the outstanding tax liability of the company covering petroleum tax and educational tax.

The breakdown of the outstanding tax liability of the company, it was further gathered, showed petroleum profit tax liability for 2012 as $65,065,644.00; petroleum profit tax liability for 2013 amounted to $28,024,364; education tax liability for 2012 given as $2,436,340 and education tax liability for 2013 stood at $1,565,638.00.

Consequently, the total amount of the outstanding tax liability of the company due to the Federal Government from the taxes stated above is $97.086, 985.00