“We Object:” BUA Industries Opens up on Alleged N198.7 Billion Tax Liability Scandal

“We Object:” BUA Industries Opens up on Alleged N198.7 Billion Tax Liability Scandal

  • BUA Industries has denied a report linking it to any tax liability to the Federal Inland Revenue Service (FIRS)
  • The company revealed in a statement on social media that the purported letter was a routine inquiry
  • It said the allegation of a N1 trillion turnover in 2022 was misleading and false

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

BUA Industries Limited, a subsidiary of BUA Group, has denied owing N198.7 billion in taxes.

The company reacted to an online publication on Thursday, November 2, 2023, that it owes an estimated N198.7 billion in taxes to the Federal Inland Revenue Service (FIRS) based on its alleged N1 trillion turnover in 2022.

BUA Group, BUA Industries
Chairman of BUA Group, Abdul Samad Rabiu Credit: NurPhotos/Contributor
Source: Getty Images

BUA Industries denies N1 trillion turnover in 2022

The company said in a statement released on X, formerly Twitter, that the letter from FIRS dated September 19, 2023, was a routine inquiry.

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BUA Industries said it never had an N1 trillion turnover in 2022, stating that the claim was absurd as its books remain open for scrutiny by other regulatory bodies.

The company said the article publication’s seven-day ultimatum was also misleading because it was a timeframe given to respond to the inquiry and not to pay any debt.

It said:

“BUA Industries Limited maintains a cordial and transparent relationship with regulatory bodies, including FIRS, and we are committed to adhering to all tax laws and other statutory obligations.
“The publication misrepresents the nature of the inquiry and the engagement between BUA Industries Limited and FIRS.”

BUA Cement to open a multibillion naira cement pant

Meanwhile, the Chairman of BUA Group, Abdul Samad Rabiu, earlier revealed plans by BUA Cement to inaugurate a multi-billion naira cement plant in Sokoto in January 2024.

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Rabiu revealed the plan to inaugurate the plant during his visit to Sokoto State Governor Ahamd Aliyu on Wednesday, November 1, 2023.

The billionaire businessman said the company, which recently crashed the price of its cement in Nigeria, is working to get the plant ready for inauguration by then.

BUA Cement sellers speak 4 weeks after company slashed the price from N5,500 to N3,500 per bag

Legit.ng earlier reported that some retailers of BUA cement in Lagos and Ogun states revealed why the products were sold above N5,000 per bag four weeks after the company announced a price cut.

Legit.ng also reported that the company slashed the ex-factory price of its products from N5,500 to N3,500, beginning October 2, 2023.

The company announced the decision after Rabiu visited President Bola Tinubu on September 16, 2023.

Source: Legit.ng

Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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