At least two oil tanker owners are moving away from Nigeria after several companies received backdated tax invoices totaling millions of dollars.
Several companies received demands from Nigeria’s Federal Inland Revenue Service, according to a notice to members of industry group Intertanko seen by Bloomberg. They cover the period 2010 to 2019 and range from $400,000 to $1.1 million per vessel. Combined, some claims are in the tens of millions of dollars.
As a result, at least two shipowners, who asked not to be identified discussing commercial matters, are moving away from Nigerian ports to avoid the risk of their ships being detained. Gains on tankers from West Africa to Europe have soared more than 42% in three days so far this week, according to Baltic Exchange data.
Ships staying away from Nigeria makes it easy for owners to still be willing to go there to get higher rates for their ships.
Many of the tax bills referred to a previous law published by Nigeria’s revenue service in July 2021. The measure says any ship carrying crude oil, gas or refined fuels from Nigeria is required to pay taxes there.
Intertanko was not immediately available for comment. Nigeria’s FIRS did not respond to several requests for comment.
