Dangote Pays Over N400bn Taxes to Government in 2024, Retains Number 1 Position
- Dangote Group has provided insight into how much tax its subsidiaries paid to the government in 2024
- The payment covers companies such as Dangote Cement, NASCON, and Dangote Packaging Limited.
- Dangote Group remains a vital part of the Nigerian economy and one of the largest employers of labour
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Dangote Industries Limited (DIL) and its subsidiaries have disclosed a total tax payment of N402.319 billion in 2024.
The company, in a statement released on Wednesday, March 6, said its tax payments solidify its position as the highest taxpayer in Nigeria.
Source: Getty Images
Anthony Chiejina, Chief Branding and Communication Officer of the Pan-African conglomerate, while addressing senior media executives at his Lagos office the Dangote group fulfilled its tax obligations as a responsible corporate entity.
He revealed that the tax payments included that of its subsidiaries Dangote Cement, NASCON, and Dangote Packaging Limited.
Dangote number one taxpayer in Nigeria
The statement also stated that the Federal Inland Revenue Service (FIRS) had earlier recognized Dangote Industries Limited and its subsidiary, Bluestar Shipping, as the most tax-compliant organisations in Nigeria during its special day at the 2024 Lagos International Trade Fair, organized by the Lagos Chamber of Commerce and Industry (LCCI).
Chiejina told his visitors that as a responsible business organisation, DIL and its subsidiaries have never shied away from their obligations either to the government in the form of tax payment at all levels or to host communities in the form of Corporate Social Responsibility (CSR).
According to him, the Group’s corporate strategy has evolved just as its businesses have grown, matured and diversified into new sectors and regions over the last four decades,
He noted that Dangote Group has almost single-handedly taken Nigeria to self-sufficiency in cement and refined petroleum products and is expanding rapidly across Africa.
He added:
"Dangote Group and its and its subsidiaries, were recognised as number one most compliant in tax payment in the country, just as its subsidiary Dangote Cement, the country’s leading cement manufacturer, at another occasion won three awards at the FMDQ Gold Awards in Lagos as the most active business in the Foreign Exchange market.
"Dangote Cement Plc was adjudged as the Largest Commercial Paper Quotation on FMDQ and Single Largest Corporate Debt Issue on FMDQ.
Also, Dangote Industries Ltd also emerged as the “Most active corporate in the foreign exchange market”.
Cement producers in Nigeria announce huge profit
Legit.ng previously reported that three cement producers listed on the Nigerian Exchange Limited (NGX), Dangote Cement Plc, BUA Cement Plc, and Lafarge Cement Plc have made a combined revenue of N677.34 billion in 2024.
This represents an increase of 17.55% from the N576.18 billion reported in 2023.
An analysis shows that Dangote Cement remains Nigeria’s most profitable cement company, reporting a profit of N503.2 billion for the full year 2024, a 10% increase from N455.6 billion in 2023.
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Source: Legit.ng
