Business
TAX: Dangote Cement Pays N412.9bn to FG in 3 Years
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
Obi Sees Something Good in Tinubu’s “Naira Float Policy ‘
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The presidential candidate of the National Democratic Congress (NDC) for the 2027 election, Peter Obi, has said he would retain President Bola Ahmed Tinubu’s naira float policy if elected president.
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The Central Bank of Nigeria removed restrictions at the Investors and Exporters foreign exchange window, allowing the naira to trade more freely against the dollar and other major currencies
Obi made the disclosure in a public statement on air, emphasising that his administration would seek to strengthen the currency by prioritising productivity and increasing economic output rather than reversing the floating exchange-rate framework.
Asked to identify one policy of the Tinubu administration he would keep if elected, Obi said, “There’s one – the floating of the Naira. I’m not going to defend it. But I’m going to put productivity to make it more valuable to the people.”
His position means he would maintain the floating exchange-rate system while seeking to change the economic conditions that determine the strength and value of the naira.
Business
Dangote Refinery Buys 16m Barrels Of Nigerian Crude For October
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
Dangote Refinery has bought at least 16 million barrels of Nigerian crude oil for delivery in October.
Reuters reported that the 16 million barrels comprise monthly crude allocations from the Nigerian National Petroleum Company and additional volumes purchased through a tender.
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
The increased crude purchases highlight the refinery’s rising demand for feedstock as it expands operations and moves closer to operating at a larger share of its installed capacity.
Business
Brent crude slid to around $106 per barrel
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Brent crude slid to around $106 per barrel on Friday in a likely technical correction, but was still set to end the week sharply higher as the escalating conflict between the US and Iran fueled concerns over prolonged disruptions to global energy supplies.
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Meanwhile, Iranian leaders are reportedly determined to continue fighting despite mounting economic costs, viewing the conflict as an existential threat.
They also claim that Tehran has managed to rebuild its missile capabilities and could intensify attacks on US and Gulf assets if Washington escalates its own strikes.
Fighting has intensified over the past two weeks, with the US targeting Iranian oil tankers while Iran launched missiles at US warships and tankers in the Persian Gulf, as well as American assets in neighboring countries.
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