Nigerian Revenue Service Warns 318 Tax Defaulting Companies in Abia of Dire Consequences

By Ijendu Iheaka

Aba (Abia) June 26, 2026

The Nigerian Revenue Service (NRS) has warned 318 tax defaulting companies in Abia of severe consequences while counseling other companies to avoid infringing the law with its punishments.

Mr Nicholas Okolo, Tax Controller, Nigerian Revenue Service Emerging Tax Office Aba, gave the warning to the companies in Aba on Friday at a seminar on tax reforms organized by Abia Shippers Association.

Okolo said the punishments available for infringing the law ranged from fines to placing a lien on bank accounts of defaulting businesses, imprisonment and loss of business premises.

He therefore urged the shippers to be careful not to infringe the law but to register with the tax office, get tax identification numbers, file returns on time, and pay their due taxes to avoid punishments.

The Chairman, Board of Trustees, Abia Shippers Association, Mr Olo Onuma said the seminar focusing on the Nigerian Tax Policy Reforms and how it affects Abia Shippers aimed at exposing shippers to the reforms’ demands to enable them avoid its dangers.

“Before this time, we have never had any reason whatsoever to worry but because of this new tax law, Abia Shippers Association thought it wise to hold this seminar so that members and the public would know the implications of these new laws.

“It is not enough to say you registered your company but you don’t know what to do; if you listened to these lectures, you will see that they are eye-opening.

“So whoever has participated in this seminar would go home prepared to run his company to reflect the knowledge that he or she has garnered from here.” He said.

Onuma who said he began foreign trade business in 1980 said that his association had positively influenced some changes in unfavourable government policies in the past and would do so concerning this tax law if the need arises.

Sir Emenike Ubani, the association’s Assistant General Secretary said the rumours they heard about the new tax law and some muddled-up ideas about its implementation gave rise to the seminar.

“We are not comfortable with the new tax regime because Nigerians are paying through their noses and we are not seeing any result. The federal government is not doing anything with this taxes they are levying us.

“They removed fuel subsidy, it changed nothing, they have also add tax for us and that is changing nothing. So that is why we decided to expand our plan on how to thread softly with the law.” He said.

He said the association will still make propositions to the government through the national president in order to reach an understanding with government on the new tax regime.

Ubani said the new law had increased the cost of everything making them to be very high, noting that while inflation rates are skyrocketing high cost of goods and services will negatively affect businesses.

Mr Emmanuel Ubadire, the Acting President of the association told our Correspondent that the seminar was meant to educate their members on the reforms to enable them know how to manage their finances, businesses and taxes.

Ubadire referencing joint business endeavours said the new law has restricted their space because it can inflict losses on an ignorant trader who compassionately buys goods for another trader who only sent money for goods but added no tax.

“The new tax policy reform is not yet clear to us. When one is receiving money from any customer, let them be aware of the new policy.

“We will not dictate to the government on how to tax Nigerians but we are pleading that whatever decision they are making should assist us in progressing further,” he said.

Dr Lucky Ainabor, Lecturer, Ports Management Planning and Ship Chartering Practice, Ogbonnaya Onu Polytechnic, Aba, said the lectures were supposed to have impacted on how the shippers related with government and its policies.

He however regretted that the treatment of the topics were given a general outlook rather than tailoring them to the needs of the shippers.

He counseled that in the future such lectures should focus on policy implementation demands of the tax reform act rather than general tax issues.