Yar’adua Foundation, 29 Others to Lose Property Worth N4.8bn to FG Over Tax Evasion

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has moved to seize plots of land and buildings valued at N4.8 billion from the Shehu Yar’adua Foundation and 29 other firms.

ICPC Spokesperson, Mrs Rasheedat Okoduwa disclosed this in a Press Statement in Abuja.

She said that the properties included 22.9 hectares of undeveloped land, one plaza, and a block of six two-bedroom flats located in Wuse, Zone 1, Abuja.

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“These belong to Shehu Musa Yar’adua Foundation, Vibrant Issuance Brokers, Millard Fuller Foundation, Maibuhu Farm and Construction Limited, Gabcon Enterprises Limited and a host of others.

“In the course of investigations, the alleged owners of the property disclaimed ownership.

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“The move to seize the property spread around Abuja, follows a petition to the ICPC by the Federal Inland Revenue Service (FIRS) accusing the companies of defaulting in tax payments to the tune of N288.2 million.”

Okoduwa said that section 37 of the Corrupt Practices and Other Related Offences Act 2000 empowered the commission to seize assets alleged to be subject of an offence under the law.

“While Section 48 authorises it to apply to a High Court for an order of forfeiture within 12 months of the date of seizure,” she said. (NAN)

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In a related development, the Yar’Adua Foundation has responded to the story through a tease statement posted on their official statement. – Read:

The Shehu Musa Yar’Adua Foundation does not own any property besides the Yar’Adua Centre (One Memorial Drive, CBD) and we are in full compliance with tax regulations – TCC No: 10459848 (2018). We have written ICPC for clarification.


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