Connect with us

Business

Tax: Dangote Cement Remits N412.9bn to Govt in 3 years

Published

on

BUILDING COLLAPSE: DANGOTE CEMENT URGES BUILDERS TO  USE QUALITY MATERIALS

Tax: Dangote Cement Remits N412.9bn to Govt in 3 years

 

Dangote Cement Plc, a subsidiary of Dangote Industries Limited, (DIL), paid a total of N412.9 billion into the coffers of the Federal Government as tax for 3 consecutive years. A total of N97.24 billion was paid by Dangote Cement in 2020, N173.93 billion in 2021, and N141.69 billion in 2022.

 

 

 

 

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

 

Tax: Dangote Cement Remits N412.9bn to Govt in 3 years

 

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. Petroleum products alone, India makes $100 billion yearly, because they charge 100 percent on petroleum products. So, what I am suggesting is that people should pay taxes and if you pay, you demand services from the 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 considerable 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 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 the 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 the export of crude oil as the 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, fertilizer, 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. The company operates a fully integrated ‘quarry-to-customer’ business with activities covering manufacturing, sales, and distribution of cement. It has a production capacity of 35.3Mta in its home market, Nigeria.

 

 

The Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.3Mta of capacity across four lines; the Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta, the Gboko plant in Benue state has 4Mta, while Okpella plant in Edo State has 3Mta.

 

 

 

 

Dangote Cement Plc has a long-term credit rating of AAA by GCR, AA by Fitch and Aa2.ng by Moody’s due to its market-leading position, significant operational scale, and strong financial profile evidenced by the company’s robust operating and net profit margins relative to regional and global peers, adequate working capital, good cash flow, and low leverage.

 

 

 

 

 

The excellent credit ratings are due to its leading market position, significant operational scale, strong financial performance profile demonstrated by its robust financial profile relative to regional and global peers, adequate working capital, strong cash generation, and low leverage.

 

 

 

Dangote Sugar is a leading brand that has made a remarkable impact on the Nigerian sugar sector.  Dangote Sugar refining facility at Apapa is the largest in Sub-Saharan Africa, with 1.44MT per annum installed capacity. The company’s sugar backward integration projects located at Numan, in Adamawa state focused on the cultivation and milling of sugarcane to finished sugar

.

Business

Why You Should Patronize dElite Couture

Published

on

Why You Should Patronize dElite Couture

Why You Should Patronize dElite Couture

 

 

 

Arguably, one of the leading Couture in Nigeria is dElite Couture. Owned by delectable Oluwatosin Afeniforo, its a haven of fashion and more.

 

 

Why You Should Patronize dElite Couture

Known for trendy styles and quality services, celebrities and dignitaries are finding dElite as the place to be for top-notch fashion styles.

 

 

A trial is enough to convince anybody that dElite couture is the place to be where fashion is concerned.

Continue Reading

Business

Naira Recovers Against Dollar, Sells At N806.73/$1

Published

on

Naira Recovers Against Dollar, Sells At N806.73/$1

 

For the second time this week, the naira appreciated significantly against the United States dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate window.

The naira recovered from N837.77/$1, on Monday, to N806.73/$1, on Tuesday, after it slumped to N927.19/$1 on Friday, December 1, 2023 at the official market.

According to Data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, the rate recovered from the N830.90/$1 it opened on Tuesday to close N806.73/$1, thereby, gaining by N24.

The recovery was against the report of the National Bureau of Statistics ‘Foreign Trade in Goods Statistics (Q3 2023),’ report that Nigeria’s foreign trade in the third quarter of 2023 rose by 53.16 per cent year-on-year to N 18.80tn.

According to the report, crude oil revenue surged by 83.23 per cent to N8.54tn in the quarter under review. In the third quarter of 2022, total crude oil sales amounted to N4.66tn.

Buoyed by an increase in trade activities in the period, total exports increased by 60.78 per cent to N10.35tn.

The report, released on Monday, read in part, “Nigeria’s total merchandise trade stood at N18.80tn in Q3, 2023. The value indicates an increase of 54.62 per cent over the amount recorded in Q2, 2023 as well as by 53.16 per cent when compared to the value recorded in Q3 2022.

“Total exports accounted for 55.02 per cent of total trade in the reviewed quarter with a value of N10.35tn, showing an increase of 60.78 per cent and 74.36 per cent over the value recorded in the preceding and corresponding quarters respectively.

“Exports trade in the third quarter of 2023 was dominated by crude oil exports valued at N8,535.61 billion representing 82.50 per cent of total exports while the value of non-crude oil exports stood at N1.81tn accounting for 17.50 per cent of total exports; of which non-oil products contributed N677.57bn or 6.55 per cent of total exports.

“On the other hand, the share of total imports accounted for 44.98 per cent of total trade in the third quarter of 2023 with the value of imports amounting to N8.46tn in Q3, 2023. This value indicates an increase of 47.70 per cent and 33.33 per cent respectively over the value (N5.73tn) and (N6.34tn) recorded in the preceding and the corresponding quarters of 2022.”

Continue Reading

Business

Lagos Task Force dislodges Ikorodu roadside traders

Published

on

Lagos Task Force dislodges Ikorodu roadside traders

Lagos Task Force dislodges Ikorodu roadside traders

 

 

In its continuous efforts to rid the state of the menace of street trading, operatives of the Lagos Environmental Sanitation Corps and the Kick Against Indiscipline, on Tuesday, dislodged roadside traders around Aunty Kenny in the Agric area of Ikorodu.

 

 

 

Lagos Task Force dislodges Ikorodu roadside traders

 

 

 

A statement by the Lagos State Ministry of the Environment and Water Resources said the dislodgement was part of measures to sustain zero tolerance for street trading in the state.

 

 

 

 

 

 

 

It read, “Operatives from the LAGESC/KAI on Tuesday dislodged recalcitrant street traders on the kerb at Aunty Kenny Agric on lkorodu Road as part of measures to sustain the zero tolerance for street trading.”

 

 

 

 

Similar enforcements were carried out on Monday at Oshodi-Mushin Road, Ojuelegba Road, Yaba-Muritala Muhammed Way, Oyingbo under the newly constructed bridge, inner and outer Marina-CMS, Victoria lsland and Lekki areas of the state, following directives of the Commissioner in the ministry, Tokunbo Wahab.

 

 

 

 

 

 

 

According to a statement, many of the defaulters were arrested in the course of enforcement and taken to the LAGESC/KAI headquarters where they were handed over to the appropriate section for interrogation and prosecution.

 

 

 

 

 

 

The commissioner also gave directives to operatives of LAGESC/KAI and other related agencies to sustain the dislodgment and ensure that the traders do not return to the areas

 

 

@Punchng

Continue Reading

Cover Of The Week

Advertisement

Trending