IT Firm Slams N400m Suit Against Zenith Bank, FIRS

Zenith Bank and four of its associated companies, Quantum Zenith Asset Management Ltd, Quantum Zenith Trustees and Investments Ltd, Quantum Facilities Management Ltd, Quantum Zenith Capital and Investment Ltd., as well as the Federal Inland Revenue Services, have been sued for N400 million by Geecat Solutions LTD, an IT firm (FIRS).

Zenith Group was sued by Geecat in the Federal High Court in Ikoyi, Lagos, for allegedly deceptively utilizing Geecat Solutions LTD’s VAT data in their accounting and FIRS forms.

According to Geecat, as a result of Zenith Group’s actions, it (Geecat) was billed millions of naira in tax, while Zenith Group profited millions of naira.

According to Geecat, the development equates to a textbook case of Zenith Group passing its tax liabilities to it (Geecat Solutions LTD).

After unsuccessful attempts to resolve the issues peacefully, Geecat filed the lawsuits on February 15, 2022, through its Counsel, Chief Goddy Uwazurike of Uwazurike & Associates.

In each of the suits, Geecat is seeking N200 million from the two defendants. The originating processes have been served on the defendants. The lawsuits are expected to be filed in the near future.