The Akwa Ibom State Government has threatened to sell the property of Heritage Bank and Keystone Bank for their alleged failure to remit their tax liabilities totalling N228.7million to the state government.

According to the state board’s Executive Director, Enforcement and Recovery, Leo Umana, Heritage Bank failed to remit its N100,270,910 tax liabilities to the state while Keystone Bank refused to pay N128,413,882 owed to the state government as tax liabilities.

The two Keystone Bank branches are located at Abak Road and Ikot Ekpene Road, Uyo, while the affected Heritage Bank is located at Aka Road, Uyo.

Following an order of Notice of Distrain from the Akwa Ibom State High Court, Eket Judicial Division, the three banks were sealed on Thursday for their alleged failure to remit theie outstanding tax liabilities.

Briefing journalists in Uyo, Umana, said that the banks were given warning notices but failed to comply after several months.

He noted that the Akwa Ibom Inland Revenue Service (AKIRS) had exhausted reconciliation and negotiation opportunities with the financial institutions before resorting to court action.

According to him, under the law, the banks that are served the notice to distrain have 14 days to negotiate with AKIRS and vacate the order.

He vowed that “If, after 14 days, they do not comply, we have the mandate of the court to sell the property and recover the tax owed the state.”