₦airaland Forum

Cromartie:
https://brandnewsday.com/2021/03/23/dangote-cement-to-pay-over-n97bn-in-corporate-tax-for-financial-year-2020/

Well done!
That’s how you GROW an economy and country - create jobs, and tax revenue for the state to invest in schools, hospitals, etc.

But here on the Nairaland they’ll tell you that Dangote is building a $12-15 billion refinery and petrochemicals complex so that he can become a forex black marketeer? Exactly the sort of functional illiteracy that pervades Nigerian public space and commentary.
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effty:
Sure you both have a friend who studied Economics in school. Go and meet him for a free lecture on monopoly and predatory pricing.

Jorge91:
as dangote cement is to pay this tax, other cement companies could be paying this also more revenues will be generated, but we can’t find other cement companies only dangote, which is quite expensive being the only man in the game.

4tomandchi:
That is the result of the monopoly he is enjoying so he should pay gladly.

I can't imagine a country of 400,0000,000 (million) people allowing one man to enjoy this kind of monopoly, you can't find this anywhere in the world.

Onepeople:
you need to correct yourself, I don't think u understand the meaning of monopoly, Dangote is running a monopoly business in Nigeria, which is dangerous for the economic survival of the people, I have not seen or read that any country of the world give monopoly to individuals to have exclusive rights in the supply of a particular product.

So we now have a population of 400 million?
Folks pulling “alternative facts” out their behind.

Cement: Lafarge (the world’s biggest producer, operating in Nigeria since the 1950s/60s); BUA Cement; Ibeto; etc.
Sugar: Flour Mills/Golden Sugar (in business since 1960); BUA; Josepdam; etc.
Petrochemicals: Indorama (one of the world’s biggest multinational producers); Warri Petrochemicals; Kaduna Petrochemicals; etc.
Fertilizer: Notore (with multinational investors such as the IFC and Orascom); Kaduna Superphosphate; etc.
Refineries: NNPC; Waltersmith; Orient; Edo; BUA; with more than 28 private refinery licenses issued since the Obasanjo administration.
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winterfell007:
98 billion naira. This man represents everything that's against good economic models. He's the Rockefeller of Nigeria that the American government feared and broke down his monopolistic tendencies.
If Dangote was operating in Europe, Asia or America. He wouldn't dear do this nonsense he's doing in Nigeria over there. He would have been long arrested over there and his assets forfeited for economic malpractices

Tragicomedy...

Thanks to the likes of Dangote (as well as BUA), Nigeria has transformed from reportedly the world’s second-largest IMPORTER of cement (only behind the US) to an EXPORTER, saving the Nigerian economy billions of scarce dollars, earning some forex for Nigeria, and creating THOUSANDS OF JOBS IN NIGERIA FOR NIGERIANS, in the generating wealth, livelihoods and attendant tax revenues (corporate taxes and income taxes from those jobs) for the government to invest in schools, hospitals, and other public services.

Yes! Dangote should be locked up immediately, and his assets “forfeited” to politicians who can’t run government refineries. SMH
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Dangote cement yields billions for the Federal Government but Cement is the costliest building.material in Nigeria whereas Cement is the cheapest material in the rest of the world.The so-called common man is not smiling because of Dangote in Nigeria.Whe4e is the ₦1000cement Dangote himself announced when he got GCON from GEJ?

Reference:
I just do not understand what all the noise they make is about.
There is no product on earth that does not have industry leaders.

The phone handset business is basically a duopoly between Samsung and Apple. No one complains.
The automobile industry has Toyota on top for three decades now with Hyundai displacing Volkswagen recently in second.
Entertainment has been dominated by Hollywood since the 50's.
CocaCola is the market leader globally and if you arrive an airport you either fly a Boeing or an Airbus with Bombardier in third. Who is complaining.

Only here in Nigeria government incentives to big industry and market leaders is vile. Say that to GE or General Motors or United Airlines that receive all manner of US government help in hard times to remain afloat and in the lead.

We need big players who are interested in industrialisation and have an eye to global dominance for this country to develop and be taken seriously in the comity of nations. This corner shop, rat race mentality will do us no good.

Burna boy just rose to global fame and it speaks for Nigeria in the entertainment industry. Who will question his dominance but when an industrialist does same folks begin to show poor, sentimental judgement.

Sadly, it’s the epitome of a POVERTY MENTALITY...
Many Nigerians detest the successful (from Dangote to Burna), and worship failures (usually politicians).

Another elephant in the room is of course ethnicity...
Many believe that people from Dangote’s part of Nigeria cannot be successful without cheating. SMH
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Onuoha1234:
Dangote cement yields billions for the Federal Government but Cement is the costliest building.material in Nigeria whereas Cement is the cheapest material in the rest of the world. The so-called common man is not smiling because of Dangote in Nigeria.Whe4e is the ₦1000cement Dangote himself announced when he got GCON from GEJ?

It’s most certainly NOT, but nonetheless...
How much do you think Nigerians would be paying for imported cement today?

Not only has the the likes of Dangote (and BUA) transformed Nigeria from reportedly the world’s second-largest IMPORTER of cement (only behind the US) to a net exporter, saving the Nigerian economy billions of scarce dollars, earning some forex for Nigeria, and creating THOUSANDS OF JOBS IN NIGERIA FOR NIGERIANS, but Dangote is the FIRST (and probably remains the only) producer of 52.5R grade cement in Africa, which is the highest grade globally, and in the process dragged foreign multinational cement producers in Nigeria (Lafarge, Holcim and Blue Circle, etc.) to modernize their facilities and upgrade their products from the 32.5R grade they had been foisting on Nigerian consumers since the 1960s to 42.5R. Blue Circle (now part of HolcimLafarge) did not bother to rehabilitate or upgrade its 1960s-era Shagamu and Ewekoro plants, until Dangote built its state-of-the-art Obajana plant.
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Here’s looking forward to the Dangote Refinery achieving the same things Dangote Cement did for Nigeria:

1) Help transform Nigeria from one of the world’s leading importers to an exporter of products;
2) Save Nigeria billions in dollars in imports (currently about 35% of all forex imports is for fuel);
3) Earn some badly-needed forex for Nigeria from any exported products;
4) Upgrade product quality (will be producing Euro V standard fuel, instead of the “dirty” fuels currently imported); and
3) Create THOUSANDS OF JOBS IN NIGERIA FOR NIGERIANS, generating wealth and tax revenues for schools, hospitals, etc.
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Peterobi90:
Who do we believe now?...

www.nairaland.com/attachments/13302522_20210324053102_jpegc79284c1b6c4389efa5bccbac12c837a

Dangote Cement and Dangote Industries are two SEPARATE corporate entities...
Although the latter is the majority shareholder in the former, Dangote Cement is a listed company.

Accordingly, both news stories are NOT contradictory...
Dangote Cement will pay its N97 billion tax bill, while DIL will claim tax credit on its dividends’ tax liabilities.

Meanwhile, the Punch headline is INCORRECT (or misleading)...
Executive Order #7 provides for tax credit for a 3-year period (NOT a 10-year period) within 10 years of 2019.

Executive Order #7 is NOT exclusive to Dangote Industries....
Lafarge, Nigeria LNG, Flour Mills, Unilever, etc., are other companies using it to execute 19 road projects in 11 states.
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Tax charge on the P&L statement may not necessarily indicate how much Tax he is/will pay, due to tax deferrals as a result of capital allowances, tax holidays and the road in place of tax scheme.

To get specifics of what he has paid in the past year, use the Tax Paid line of the Cash flow Statement.

COMPAQ:
Tax charge on the P&L statement may not necessarily indicate how much Tax he is/will pay, due to tax deferrals as a result of capital allowances, tax holidays and the road in place of tax scheme.

To get specifics of what he has paid in the past year, use the Tax Paid line of the Cash flow Statement.

That’s inapplicable to Dangote Cement’s tax liability...
The party to the scheme is Dangote Industries (the holding company), not Dangote Cement (nor any of the other operating subsidiaries).

Furthermore, I do not believe that Dangote Cement still enjoys Pioneer Status Incentives...
Accordingly, it is highly unlikely that it still benefits from any tax holidays (as that is a derivative of the PSI).
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4tomandchi:
That is the result of the monopoly he is enjoying so he should pay gladly.

I can't imagine a country of 400,0000,000 (million) people allowing one man to enjoy this kind of monopoly, you can't find this anywhere in the world.

HHHHHHHMMMM

ODE

PLEASE WHICH MONOPOLY

ELABORATE IF YOU KNOW REALLY WHAT MONOPOLY MEANS.

Oga calm down, just tell me the book to read it own meaning of monopoly from. Cos even in economics monopoly na monopoly.

effty:
Sure you both have a friend who studied Economics in school. Go and meet him for a free lecture on monopoly and predatory pricing.

4tomandchi:
That is the result of the monopoly he is enjoying so he should pay gladly.

I can't imagine a country of 400,0000,000 (million) people allowing one man to enjoy this kind of monopoly, you can't find this anywhere in the world.

what monopoly? Stop hating

winterfell007:
98 billion naira. This man represents everything that's against good economic models. He's the Rockefeller of Nigeria that the American government feared and broke down his monopolistic tendencies.
If Dangote was operating in Europe, Asia or America. He wouldn't dear do this nonsense he's doing in Nigeria over there. He would have been long arrested over there and his assets forfeited for economic malpractices

arrested for what. Did they arrest bill gates or bezos?