BUSINESS &ECOMONY

EDO REVENUE SERVICE SHUTS MARKET SQUARE OVER N27M UNPAID TAXES
The Edo State Internal Revenue Service (EIRS) has sealed the premises of Market Square (Sunday Foods) in Benin City over alleged tax default amounting to more than ₦27 million.
According to a statement by EIRS Head of Corporate Communications, Courage Eboigbe, the enforcement followed the company’s failure to settle outstanding liabilities uncovered during an audit that covered the period 2018 to 2023.
The audit revealed unpaid Pay-As-You-Earn (PAYE) and Withholding Tax, which were duly communicated to Market Square. With no objection raised within the stipulated time, the assessment became final and enforceable.
Despite repeated reminders, the company allegedly failed to pay up, compelling the revenue agency to secure a court order to seal the premises on Friday, September 19, 2025.
Eboigbe stressed that EIRS is ready to unseal the premises immediately once the outstanding debt of ₦27,005,117.97 is cleared.
He further reminded businesses and individuals that tax payment is a civic responsibility and a vital source of funding for infrastructure and public services, while urging companies to embrace voluntary compliance to avoid similar sanctions.
"This represents a significant development in our ongoing coverage of current events."— Editorial Board