Unremitted Revenue: Customers Groan Over Sealing of First Bank, Umuahia Branch

First Bank Customers on Thursday groaned over sealing of the bank by the Abia State Board of Internal Revenue.

A court order pasted at the gate of the bank along Bank Road Umuahia, by the Abia Board of Internal Revenue revealed that the reason for the sealing of the bank is as a result of (254, 998, 976.30) Two Hundred and fifty four million, nine hundred and ninety-eight thousand and seventy six naira, thirty kobo, being money deducted by unremitted Pay as you earn taxes.

Speaking on the development, customers of the bank including one Godswill, said it was terrible that a financial institution like First Bank will owe such  huge amount of money as unremitted revenue.

They called on the Management of the bank to urgently resolve the issue with the Abia State Board of Internal Revenue with a view to serving their customers, adding that people cannot be suffering because of their mistakes.

He also charged the Abia State government on their part, to try and channel Internally Generated Revenue into good use, alleging that this may be the reason why some financial institutions in the state do not remit revenues into government coffers.

Our correspondent who filed in the report, added that as at 12:31 pm, the bank was still sealed off while efforts made to reach the bank officials proved abortive

However, a source told our correspondent that the management of the Bank is on top of the situation and may resolve it before Friday.

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