Business

TAX: Dangote Cement Pays N412.9bn to FG in 3 Years

Published

2 years ago

September 3, 2023

A total of N97.24 billion naira was paid by Dangote Cement in 2020, N173.93 billion in 2021 and N141.69 billion in 2022.

Dangote Cement Plc, a subsidiary of Dangote Industries Limited, (DIL), also vpaid a total of N412.9 billion into the coffers of the Federal Government as tax for three consecutive years.

This huge tax payment from only one of the conglomerate’s subsidiaries, re-affirms Aliko Dangote’s position that prompt and accurate tax payment is a duty for everyone who wishes to witness real growth and development.

He posited that government cannot offer social services to the citizens without tax collection.

Dangote also advised the government to automate the tax system in the county, while commending the inauguration of the Presidential Committee on Fiscal Policy and Tax Reforms

“Maybe they should look at automating the tax system, just like what they did in India. If you go to India today, the country collects at least $1 trillion in various taxes. On petroleum products alone, India makes $100 billion yearly, because they charge 100 per cent on petroleum products. So, what I am suggesting is that people should pay tax and if you pay, you demand services from government. I think it is a social contract.

“Once people start seeing that government is using the money to do infrastructure, fund education, healthcare, whereby the citizens don’t need to go out to India or other countries for medical attention, then people would settle down and start paying taxes,” the renowned entrepreneur added.

Meanwhile, other listed companies of Dangote Industries Ltd, also paid huge taxes to the Federal Government during the said period.

Both Dangote Sugar Refinery Plc and NASCON Allied Industries Plc are listed on the Nigeria Exchange Limited.

Analysis of the yearly annual reports of Dangote’s three listed companies indicated that they paid N114.31 billion as tax in 2020; N187.17 billion in 2021 and N172.15 billion in 2022.

During the three years, Dangote Cement paid a total of N412.86 billion as taxes, Dangote Sugar Refinery paid N55.38 billion, while NASCON Allied Industries paid N5.39 billion.

A total of N97.24 billion was paid by Dangote Cement in 2020, N173.93 billion in 2021 and N141.69 billion in 2022.

Dangote Sugar Refinery paid N15.85 billion in 2020, N11.97 billion in 2021 and N27.56 billion in 2022.

For NASCON Allied Industries, it was N1.22 billion in 2020, N1.27 billion in 2021 and N2.9 billion in 2022.

The analysis indicated that companies from Dangote Group had remained major contributors to the nation’s economy with the volume of taxes paid in the period under review.

The group has given Nigeria hope of earning income through economic diversification, implying that the nation can wean herself from dependence on export of crude oil as major source of government income.

Dangote Industries Limited is a diversified and fully integrated conglomerate as well as a leading brand across Africa in businesses such as cement, sugar, salt, beverages, and real estate, with new multibillion-dollar projects underway in the oil and gas, petrochemical, fertiliser and agricultural sectors.

Dangote Cement Plc is Sub-Saharan Africa’s largest cement producer with an installed capacity of 51.6Mta capacity across 10 African countries.

Business

Reps pass bill to give foreign investors Nigerian citizenship

The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.

Published

10 hours ago

March 27, 2025

OhiBaba

The House of Representatives has passed a bill to give foreign investors Nigerian Citizenship for second reading.

Business Day reports that the bill Is among the constitutional amendment bills which the Green Chamber is considering.

In the explanatory memorandum of the Citizenship by Investment Bill, it seeks to alter the Constitution of the Federal Republic of Nigeria, Cap C23 Laws of the Federation of Nigeria 2004 to introduce a new class of citizenship known as Citizenship by Investment.

The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.

Business

FG Directs MAN, NECA, FRCN to Review 10% Financial Reporting Levy

Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private sector.

Published

12 hours ago

March 27, 2025

OCHEFA

The Federal Government has temporarily suspended the implementation of 10 percent financial reporting levy imposed on public interest enterprises by the Financial Reporting Council, for the next two months.

This was in response to the requests by the private sector’s operators – the like of the Manufacturers Association of Nigeria (MAN), and the Nigeria Employers’ Consultative Association and Manufacturers Association of Nigeria (NECA) calling for the suspension of the FRCN Act, which imposes on non-listed entities. a 10 percent penalty on unpaid dues for every month of default, accumulating until full payment.

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, announced the government’s decision at a Ministerial Consultative Meeting on the Financial Reporting Council Annual Dues for Public Interest Enterprises, yesterday in Abuja.

Oduwole emphasized that the government directed the Financial Reporting Council to pause in the implementation of the new annual dues.

She explained: ” A suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly.

A pause is an administrative process simply to review, in line with what we discussed .

”Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private secto

“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate.

“We are going to set up a technical working group comprising the FRC and the organised private sector who have formally written in, and this will be reviewed,’ she added.

Business

Police Investigates over N270m Thefts in UBA

CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.

Published

3 days ago

March 25, 2025

OCHEFA

The Lagos State Police Command is questioning four officials of the United Bank for Africa (UBA) for alleged thefts of £138,924 (over N270 million) from international airlines’ accounts.

The fraud was uncovered when the bank detected unauthorized transactions and alerted the police.

The arrested officials include Shuaib Oluwatobiloba Olaleye, 27, who was arrested on March 12, 2025, in Ogun State, with a Toyota Camry 2012/2013 recovered from him. Oladunjoye Adegoke, 33, was arrested on March 13, 2025, in Victoria Island, Lagos, with a Toyota Camry (Pencil Light) recovered.

Austin Alfred, 38, Supervisor of the bank’s Trade Services Department, and Jude Uzobuaku, 36, a processor in the same department, were also arrested for facilitating the illegal transfer of funds to foreign accounts.

Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being distributed to multiple other accounts to evade detection. Authorities are now working to identify additional accomplices and recover the remaining funds.

The suspects are in custody and will face prosecution as the investigation continues.

The police have urged the public to report suspicious financial transactions, reiterating their commitment to tackling economic crimes.