Fidelity Bank Plc reported a tax expense of N1.54bn made up of N1.31bn current tax and a technology levy of N230m.

The bank also paid N2m to the Police Trust Fund in the period under review.

First City Monument Bank Plc posted a tax of N1.31bn for the nine-month period.

It said the amount was made up of N78.43m NITDEV levy, N505, 000 capital gain tax and N1.23bn corporate income tax.

In addition, it would   pay a minimum tax of N700.82m.

Minimum tax is payable by companies having no taxable profits for the year or where the tax on profits is below the minimum tax.

A tax expense of N642.32m was recorded by Wema Bank Plc.

The amount included N600.55m company income tax and N50.03m NITDEV levy.

The bank also recorded a tax liability of N1.01bn for the period under review.

Union Bank of Nigeria Plc, on its part, paid a tax of N451m, comprising N256m company income tax, N42m capital gains tax and N153m NITDEV levy.

It, however, said in line with the Company Income Tax Act, 1990, as amended, it was not liable to pay income tax as it recorded a tax loss for the year.

Union Bank said it was exempted from paying minimum tax under the Act as it had imported share capital of over 25 per cent.

No education tax was charged because the bank had no assessable profit for the year.

Assessable profit is the portion of income that is subject to tax after all allowable deductions and adjustments had been made and allowances claimed.

Unity Bank Plc reported a tax of N128.88m while it said its current tax payable was N491.27m.

Sterling Bank posted a tax expense of N72m for the period under review.

It said the tax was for the IT levy as there was no income tax charged for the period.