Forty-four companies including NICON Insurance Company Plc, owned by controversial businessman, Jimoh Ibrahim have agreed to an out-of-court settlement with the Federal Inland Revenue Service (FIRS) over the dispute concerning tax evasion totalling N1.5bn.
The insurance companies had earlier instituted legal proceedings against FIRS at the Tax Appeal Tribunal sitting in Abuja over the non-refund of about N1.15bn overpaid stamp duties.
Some of these insurance companies include Continental Re-Insurance Plc, Industrial and General Insurance Plc, Royal Exchange Assurance Nig. Plc, International Energy Insurance Plc, Lasaco Assurance Plc., ADIC Insurance Ltd and Standard Alliance Assurance Company Ltd.
In the appeal filed through Taiwo Osipitan, their counsel, the appellants claimed that they overpaid excess stamp duties to the Federal Government through FIRS between 2002 and 2006, which was not returned.
At the resumed sitting on Monday in Abuja, Sunday Oghayei who stood in for Mr. Osipitan disclosed that the parties in the suit had resolved to settle the matter outside the court. He said a letter to that effect, that is the resolution, had been written to the office of Chairman of the FIRS.
His position was confirmed by counsel to the FIRS, Bright Igbinosa, who added that the office of the FIRS chairman had received the letter from the insurance companies. Igbinosa disclosed that a meeting would be scheduled with all parties to agree on the terms of settlement, the report of which would be filed in the court at the next adjourned date.
Acting Chairman of the Tribunal, Nnamdi Ibegbu therefore adjourned the case to September 4th 2013 for the parties to file their out-of-court settlement report.
