South Africa's Multichoice is facing a bank account freeze in Nigeria
Multichoice is currently experiencing the freeze of its bank accounts in Nigeria by the country's revenue service over unpaid taxes.
South African entertainment group Multichoice is currently experiencing the freeze of its bank accounts in Nigeria by the Federal Inland Revenue Service (FIRS) to recover unpaid taxes of ₦1.8 trillion ($4.4 billion), according to a Reuters report.
“The companies would not promptly respond to correspondences, they lacked data integrity and are not transparent as they continually deny FIRS access to their records,” the executive chair of FIRS, Muhammad Nami, was quoted as saying in another report.
The country's revenue service alleged that MultiChoice had breached agreements and denied access to their records for auditing. As a result, it had instructed banks to sweep the balances in MultiChoice Africa and MultiChioce Nigeria’s accounts before executing any other transaction on behalf of the companies.
