Dangote Industries Limited (DIL), the conglomerate led by Africa’s richest man, Aliko Dangote, has once again asserted its dominance as Nigeria’s highest taxpayer. The company disclosed that it paid a staggering N402.319 billion in taxes in 2024, underscoring its significant contribution to the nation’s fiscal health.
Anthony Chiejina, Chief Branding and Communication Officer of Dangote Group shared this information during an interactive session with senior media executives at his office in Lagos. He emphasized that DIL, alongside its subsidiaries such as Dangote Cement, NASCON, and Dangote Packaging Limited, collectively remitted the taxes to the Federal Inland Revenue Service (FIRS).
Earlier in 2024, the FIRS, Nigeria’s apex tax authority, recognized DIL and its subsidiary, Bluestar Shipping, as the most tax-compliant organization in the country. The recognition was bestowed during the FIRS Special Day at the 2024 Lagos International Trade Fair, organized by the Lagos Chamber of Commerce and Industry (LCCI).
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The FIRS, responsible for assessing, collecting, and accounting for federal tax revenues, praised Dangote Group’s adherence to tax regulations. This recognition aligns with the conglomerate’s reputation for fiscal discipline and transparency.
Dangote Group’s Tax Breakdown
Aliko Dangote recently disclosed that for every N1 generated from his cement business, 52 kobo goes to the government in various taxes. The tax contributions are broken down as follows:
- 30% Corporate Tax: A substantial contribution to government revenue.
- 7.5% Value-Added Tax (VAT): Collected on goods and services.
- 2% Education Tax: Supporting the education sector.
- 1% Health Tax: Aiding public health initiatives.
- 10% Withholding Tax on Dividends: Applied to shareholder earnings.
This robust tax structure reflects the company’s compliance with Nigeria’s fiscal policies and its role in sustaining the national budget.
Commitment to Corporate Social Responsibility (CSR)
Beyond its tax obligations, the Dangote Group is also a leader in Corporate Social Responsibility (CSR). According to Chiejina, the conglomerate prioritizes community engagement and social impact initiatives, reinforcing its commitment to national development.
“As a responsible business entity, the Dangote Group ensures timely and full tax remittance at all levels of government. We also prioritize community engagement and social impact initiatives, furthering our commitment to national development,” Chiejina stated.
For over four decades, the Dangote Group has transformed from a modest trading company into a diversified manufacturing powerhouse. The conglomerate has significantly boosted Nigeria’s industrial capacity, particularly in cement production, sugar refining, and petroleum refining.
Its strategic investments have helped Nigeria achieve self-sufficiency in cement production and reduce reliance on imported refined petroleum products. Moreover, the Dangote Refinery, once fully operational, is expected to save Nigeria billions of dollars annually in fuel imports and potentially stabilize the local currency by reducing forex demand for fuel purchases.
Market Influence and Financial Market Leadership
Dangote Cement Plc, a flagship subsidiary of the Dangote Group, also earned multiple accolades at the FMDQ Gold Awards in Lagos. The company secured three major awards, demonstrating its influence in Nigeria’s financial markets:
- Most Active Business in the Foreign Exchange Market: Highlighting its robust forex transactions.
- Largest Commercial Paper Quotation on FMDQ: Showcasing its leadership in the debt market.
- Single Largest Corporate Debt Issue on FMDQ: Reinforcing its strength in corporate financing.
In addition, Dangote Industries Limited was recognized as the Most Active Corporation in the Foreign Exchange Market, reflecting its pivotal role in supporting Nigeria’s forex stability.
A-Pillar of Nigeria’s Economic Development
The Dangote Group’s contributions to Nigeria’s economy go beyond taxes and awards. Its consistent investment in key sectors, adherence to tax laws, and engagement in CSR initiatives underscore its role as a pillar of the economy. The company’s contributions are not only vital to government revenues but also critical in supporting public services and community development.