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DANGOTE CEMENT, MTN PAY HIGHEST INCOME TAX TO FG IN 2020

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DANGOTE CEMENT, MTN PAY HIGHEST INCOME TAX TO FG IN 2020

 

…Cement company largest employer of labour

Dangote Cement Plc has emerged as the highest corporate income taxpayer and the biggest employer of labour in the country for the year 2020.

 

The foremost indigenous cement manufacturer came first among the top 100 elite companies listed on the Nigeria Exchange (NGX) posting into the coffer of the federal government a princely sum of N97.24billion in the year, while MTN Communication Nigeria Plc paid N93.6billion and Guaranty Trust Bank came third with an income tax of N36.66billion.

 

In the same breath, the Cement company with a presence in other African countries also emerged as the company with the highest number of employees with a total number of 16,199 staffers on its payroll as at the time of performance review.

 

In the performance analyses of 100 top elite corporate bodies on the Nigeria Exchange carried out by the reputable business magazine, “Next Money”, Dangote Cement was ranked as the most capitalized company in the country with N4,173.22billion.

 

Speaking on the analysis, publisher of Next Money, Mr Ray Echebiri said the performance index analysis of companies listed on the Exchange was carried out with a view to establishing the best-performing ones among the over 150 of them.

 

Echebiri, a renowned financial analyst, explained that the exercise is to provide existing and potential investors with information that they can rely on when they are taking investment decisions. “The first step we take in the analyses is to extract the Total Assets of each of the listed companies from their audited accounts.”

 

He said: “We sorted the total assets of the companies from the largest to the smallest and cut off at the 100th. We tagged the hundred companies that emerged from this exercise “Nigeria’s Top 100 Companies”. Any company that makes it to the corporate elite club of Nigeria’s Top 100 Companies is automatically a candidate for further ranking by Revenues, Profits, Market Capitalization, Number of Employees and Tax Payment.”

 

According to him, the rankings show how the listed companies stand on the corporate ladder with regard to the various performance indices. This edition of Nigeria’s Top 100 Companies covers the 2020 accounting year. It is, therefore, a performance analysis of companies listed on the Nigerian Exchange (NGX) based on their audited accounts for the 2020 reporting year.”

 

“In other words, the information used in the analyses are extracted from the annual reports and accounts of the various companies published in 2020 irrespective of whether a company’s year-end is March, June, September, December, or any other month in 2020.”

 

Echebiri further pointed out that the analyses were restricted to publicly-held companies in the country and the reason being that the accounts of listed companies are easier to access than those of private companies. “Moreover, accounts of publicly-held companies are more believable because they are usually subjected to regulatory scrutiny and approval.”

 

He explained that his group had no doubt that there are many private companies that would easily count among the top 100 companies in the country given their huge balance sheet size, the sizeable revenue they post yearly and the mouth-watering profits they declare. However, he added that they were not a part of the performance review and analyses because their audited accounts do not go through the kind of regulatory examination and approval that the listed companies face and, are, therefore not as believable as those of the publicly-held companies.

 

The construction giant, Julius Berger trailed Dangote Cement as the highest employer of labour, albeit far behind, with staff strength of 12,217 and the United Bank for Africa Plc which had a total of 10,824 people on its payroll.

 

The analysis indicated that while Dangote cement with a market capitalization of N4,173.22 billion beat the rest of the companies listed on the NGX to emerge as the company with the largest capitalization, MTN Communications Nigeria Plc and Bua Cement Plc. as at December 31, 2020, followed as the second and third respectively with a market capitalization of N3,458.23 billion and N2,619.41.

 

Dangote Cement paid the highest corporate income tax during the year under and was followed closely by MTN Communications Nigeria Plc which paid corporate income tax of N93.66 billion and Guaranty Trust Bank placed third with corporate income tax payment of N36.66 billion.

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ZENITH BANK REWARDS HACKATHON WINNERS WITH N77.5M CASH PRIZE AT ZENITH TECH FAIR 4.0

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ZENITH BANK REWARDS HACKATHON WINNERS WITH N77.5M CASH PRIZE AT ZENITH TECH FAIR 4.0

 

A total sum of N77.5 million in prize money was won at the end of a keenly contested hackathon session at the Fourth Edition of the Zenith Tech Fair, themed “Future Forward 4.0: Embedded Finance, Cybersecurity & Growth Imperatives – The Impact of AI “, which held on Thursday, November 21, 2024, at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos.

The prize money was shared among ten finalists who emerged from the over 1,700 contestants that took part in the hackathon, with JumpnPass, a self-checkout technology solution reshaping the retail landscape in Africa emerging as the overall winner and taking home the grand prize of N25 million. This is in addition to a six-week mentorship and incubation program designed to help them grow and scale effectively, which will run from December 2024 to February 2025.

The first runner-up, CreditChek, a credit and verification service provider which leverages AI and open banking to streamline income and credit history verification for financial institutions, won N20 million and a mentorship programme, while the second runner-up, Salad Africa, a start-up which offers seamless integration of credit products for digital platforms and software companies won N15 million as well as a mentorship programme. Other finalists who took home N2.5million each include Regxta, CashAfrica, Middleman, Messenger, Pocketfood, Famasi Africa, Kitovu.

Earlier during the programme, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, in her welcome address expressed her appreciation to the Founder & Chairman, Dr Jim Ovia, CFR, for birthing the idea that led to the establishment of the Tech Fair initiative 5 years ago, she thanked him for his vision and foresight in utilizing technology to revolutionize the world of business and banking.

Commenting on the Hackathon, she said, “This prestigious annual event was created to empower and nurture young fertile minds. We hope to produce the likes of Bill Gates, Mark Zuckerberg, Steve Jobs and Elon Musk from the Zenith Bank Hackathons in the nearest future. According to the Nigerian Bureau of Statistics, 70% of Nigeria’s population are youths which is an economic asset when properly harnessed. This is part of the reason why Zenith Bank is hosting this event to support the development of technology startups. Their success not only fosters innovation and growth in Nigeria, but it also plays a vital role in creating employment opportunities for our youth.” She also stressed on the importance of innovation and embedded finance in ensuring strong and enduring institutions. According to her, “it is paramount that we adapt and adopt technology to stay ahead of the curve. We have seen various cases of companies that failed because of their lack of innovation. It is quite obvious that when companies fail to innovate; they can easily be displaced, so this is not the time to be orthodox, innovation should be a top priority for us.”

In his goodwill message, The Governor of Lagos State, His Excellency, Mr. Babajide Sanwo-Olu called for a global approach to doing business in the country. According to him, “What we need to do is to be able to enhance our product and services in order to compete in the world. We can’t continue to act local, we need to think global. Anything that we’re doing now, we need to be able to know that we are not just serving a local market, we actually want to serve the global market, and that’s why I’m glad that consistently, for the past four years, I have kept up with the Zenith Tech Fair. I am sure 5.0 should be bigger and better than what we have today, but for us as a government, what we need to do is to continue to use platforms like this to reassure you of our readiness to provide an enabling environment for your ideas and innovative solutions.”

Described as a huge success by participants, the Fair featured the launch of the bank’s digital wallet, EazyByZenith, which will help to support the bank’s retail and financial inclusion strategy. The fair also included presentations on the leading technological innovations that cut across different aspects of life, such as Artificial Intelligence, Cybersecurity, Risk Management, Compliance, Financial Intelligence, Cloud Computing and Communication Technologies, with the keynote address, “Banking Transformation in a Digital World”, delivered by Robin Speculand, a renowned Strategy & Digital Implementation Specialist.

The event also featured goodwill messages by Jim Ovia, CFR, Founder and Chairman of Zenith Bank; His Excellency, Hon. Kashim Shettima, GCON, Vice President of the Federal Republic of Nigeria (represented by Dr. Tope Fasua, Special Adviser to the Presidency on Economic Matters). Other eminent IT practitioners from top global brands who also made presentations include; Robin Speculand, renowned Strategy & Digital Implementation Specialist; Danilo McGarry, Global Expert on Digital Transformation and AI; Jania Okwechime, Partner, Africa, AI & Data Leader, Deloitte; Rupert Nicolay, Director, Microsoft Worldwide Financial Services.

The panel session had Wole Odeyele, Client Technology Lead for Microsoft Inc. as its host, and featured six discussants including Ada Jabaru, Founder & Director, Nistad Limited; Funke Opeke, Founder & Chief Executive Officer, MainOne; Guy Futi, Chief Executive Officer, Orda; Dr Auwal Adam Sa’ad, Founder, ZamzamPay; Kashifu Inuwa Abdullahi, Director General, National Information Technology Development Agency (NITDA), and Engr. Bisoye Coker-Odusote, Director General/Chief Executive Officer, National Identity Management Commission (NIMC).

The Zenith Bank startup pitch competition and incubation program seeks to identify and fast-track the growth of high-potential Nigerian startups innovating in key sectors, including Embedded Finance, Cybersecurity, Fintech, HealthTech, Agritech, E-commerce, and more. The program provides an ideal platform for startups to showcase their groundbreaking ideas and gain access to invaluable resources to scale their businesses.

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NEW BPP DG COMMITS TO EFFICIENCY AND STAFF WELFARE FOR IMPACTFUL SERVICE DELIVERY

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NEW BPP DG COMMITS TO EFFICIENCY AND STAFF WELFARE FOR IMPACTFUL SERVICE DELIVERY*

*_…begins review of bureau processes to enhance government procurement systems_*

The Director General of the Bureau of Public Procurement (BPP), Dr Adebowale Adedokun, has outlined his vision to drive efficiency, enhance staff welfare, and reinforce the Bureau’s regulatory mandate in alignment with President Bola Ahmed Tinubu’s renewed hope mandate and his commitment to improving Nigeria’s economy. This was made known during an interactive session with staff of the Bureau at the State House Banquet Hall on November 20, 2024. Dr Adedokun emphasised the urgency of delivering results as well as improving trust in the government procurement system to support President Bola Tinubu’s Renewed Hope Agenda, declaring, “Let us work together to get value for money for Nigeria’s developmental processes and achieve President Tinubu’s mandate of making Nigeria’s economy better.”

Furthermore, in a bid to strengthen operational efficiency, the DG also announced key reforms, including introducing Service Level Agreements for the bureau’s processes ensuring that letters are treated within 3 (three) days, and ensuring reports are completed within 14 (fourteen) days. He also highlighted plans to secure a sustainable budget that would improve the working environment and provide better welfare for staff.

Dr Adedokun firmly stated the Bureau’s resolve to uphold its regulatory integrity under his watch. He warned that officers are prohibited from visiting Ministries, Departments, and Agencies (MDAs) unless on official assignments stressing the need for officers of the Bureau to stay above board. He further declared that contractors are no longer allowed within the Bureau’s premises to ensure that officers can perform their duties without undue interference and influence.

Calling for a collaborative approach, the DG urged staff to embody the Bureau’s regulatory values by adhering to procurement guidelines, avoiding delays, and striving for excellence. “As a regulator, you must be seen to be guided by the procurement process,” he stated. He assured the team of an open-door policy, encouraging innovative ideas that could propel the Bureau to greater heights.

The session also featured a visit from former DG, Engr. Emeka Ezeh, OFR, FNSE, who led the Bureau from 2009 to 2016. Engr. Ezeh commended President Tinubu for appointing Dr Adedokun and urged staff to provide their full support to the new leadership. He encouraged staff to focus on leaving a legacy of excellence, saying, “Work in a way that you will be celebrated wherever you go in life.”

Senior Directors, including Engr. Nasir Bello and Engr. Isaiah Yesufu reiterated the importance of supporting the DG’s vision while emphasizing adherence to the Bureau’s operational guidelines. Staff also welcomed the session, sharing their perspectives on improving the Bureau’s operations and pledging their support for the new leadership.

In a related development, Dr Adedokun sought collaboration with the Presidential Office of Digital Engagement and Strategy (PODES) led by its Head, Mr O’tega Ogra, who is also the Senior Special Assistant to the President on Digital/New Media, during a courtesy visit to his office on November 21, 2024. The DG emphasized the need to enhance the Bureau’s public engagement and visibility in line with the all-of-government communications approach being espoused by the PODES.

Mr Ogra congratulated Dr Adedokun on his appointment and highlighted the key role BPP plays in advancing Nigeria’s development agenda. O’tega further expressed his commitment to collaborating with the Bureau in amplifying its communication efforts and ensuring Nigerians understand and appreciate its critical role in national governance.

Dr Adedokun’s leadership marks a new chapter for the Bureau of Public Procurement, focused on accountability, efficiency, and impactful service delivery. His vision aligns seamlessly with the Federal Government’s goals of economic transformation and sustainable development as well as President Bola Tinubu’s renewed hope agenda.

Janet McDickson
Director, Information & Public Relations/Head, Media-BPP

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Abducted Rivers bizman rescued, suspected robber arrested

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Abducted Rivers bizman rescued, suspected robber arrested

 

The Rivers State Police Command said its men rescued a businessman identified as Julius Madabuchi, who was kidnapped by a four-man gang at a filling station in the Oyigbo Local Government Area of the state.

The police said the man was abducted when the miscreants who were driving in a Black Toyota car stormed the area and started shooting discriminately before executing their plan.

The rescue of the man, the police said, followed a distress call sent to the command control room about the activities of the hoodlums on November 17 and immediately mobilised operatives to the scene, saying the abductors engaged the police in a shootout.

The spokesperson for the state police command, Grace Iringe-Koko, disclosed this in a statement issued in Port Harcourt, Rivers State capital, on Wednesday.

 

The statement reads, “On the 17th of November, 2014, at about 2023hrs, operatives of the command received a distress call from the Room indicating that a gang of armed men numbering about four operating in a Black colour Toyota Corolla car shot sporadically and kidnapped one Madabuchi Julius at Sabbath Filling Station, Oyigbo.

“Operatives were swiftly mobilised to the scene and the hoodlums on sighting the police operatives drove off, but they were given a hot chase by the operatives and subsequently intercepted along Egbu Street, Oyigbo and a gun duel ensued between the operatives and the hoodlums.

“The hoodlums could not withstand the police’s superior firepower and eventually abandoned the victim and their operational vehicle with registration number RIVERS PHC 938 AH and escaped. The victim was rescued unhurt and the vehicle recovered. He has since reunited with his family.”

 

The state police image maker however said an investigation is ongoing while concerted efforts are being intensified to apprehend other fleeing members of the gang and recover their operational weapons.

In a related development, Iringe-Koko said the following day, precisely on Monday, operatives of the command acted on credible information, coordinated a covert operation at the St Lorinta Street, Oyigbo and arrested one Gabriel Morris, aged 25, at Mercy Ground in Kom-Kom, Oyigbo LGA of the State.

The state police spokesperson stated, “During interrogation, the suspect confessed to being a member of a syndicate that had been terrorising Oyigbo and its environs in recent times.

 

Iringe-Koko, a Superintendent of Police, listed items recovered from the suspect including one locally made pistol and a quantity of weeds suspected to be Indian hemp.

She added, “Investigation is ongoing, while concerted efforts are intensified to apprehend other fleeing members of the syndicate.

“This successful operation further demonstrates the effectiveness of the Rivers State Police Command in combating kidnapping and all other forms of crime in the state.”

 

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