Why Ecobank’s branch was shut by Ekiti govt


Ecobank-logoThe recent closure of the premises of Ecobank in Ekiti by the State Government was as a result of the refusal of the bank’s management to submit all the documents relating to Withholding Tax charged customers on interest deposit accounts such as Savings Account, Fixed/Term Deposits among others to Ekiti State Board Of Internal Revenue.

According to the Special Adviser to Governor Ayo Fayose on Economic Matters, Folu Oguntoyinbo, in a statement issued by the Chief Press Secretary to the Governor, Idowu Adelusi” the state government’s action was in line with an  order of  a competent court of  jurisdiction until all the required documents are submitted to the Board of Internal Revenue” .

Adelusi said all the commercial banks in the state were involved. “Earlier, three bank business premises were sealed, but have since been re-opened because they have complied with the judgment of the court,” he added.

It was gathered the state government had unsealed the premises of other banks that complied with the directive to submit the documents while Ecobank’s premises will be unsealed as soon as it submits all the documents required.

The State government charged that all corporate institutions operating in the state to pay all fees required by law to ensure smooth operations.