FG stops business with firms hiding directors’ identities - FAITH ADAMA'S BLOG

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Thursday, 30 March 2017

FG stops business with firms hiding directors’ identities




The Federal Government said it will no longer transact businesses with companies that conceal the identity  of their directors.

The government said the action became imperative as it has been difficult to trace those companies for tax purposes.
The Minister of Finance, Kemi Adeosun, disclosed this to State House reporters yesterday after the Federal Executive Council (FEC) meeting.
She said the Council directed the Secretary to the Government of the Federation (SGF), Babachir Lawal, to issue a circular directing ministries, departments and agencies of government to stop treating documents from defaulting companies.
She said the Accountant-General of the Federation had equally been directed to effect payment to only companies that fully comply with the law with a view to making all those doing business with and making money from government pay the right taxes.
Adeosun said the SGF was particularly directed "to remind companies that there is an existing provision in the law that companies are supposed to have on their letter headed papers, the names of their directors and their registered offices.
"But what we have seen is that many bodies that are transacting business with government simply have the names of the company and no details of directors.


( Daily Trust)