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Amidst a raging public debate about the tax reform bills that would overwhelmingly revolutionise Nigeria’s taxation framework, BusinessDay has tracked some of the largest taxpayers in 2024.

This list was compiled based on the publicly available financial statements of companies listed on the Nigerian Exchange (NGX).

Using the NGX-30 Index, companies with the largest market capitalization in Nigeria were indexed in preparing this list. In the first nine months of 2024, the companies on NGX 30 paid about N800 billion in income taxes. This represents a 110 percent year-on-year increase from the N381 billion paid by these companies in the same period in 2023.

It is important to note that major listed taxpayers, Access Holdings and Airtel Nigeria, were not included due to the lack of publicly available information regarding their income tax payments for the period.

1. Dangote Cement – N128.7 billion

Dangote Cement paid about N128.7 billion as income taxes in the first nine months of 2024. The income taxes paid by Dangote Cement represented a 3 percent year-on-year increase from the N124.5 billion income tax paid in 9M 2023.

In 9M 2024, the group’s income tax expense amounted to N127.3 billion, about the same income tax expense recorded in 9M 2023. The company’s effective tax rate slightly declined year-on-year from 31.5 percent as of 9M 2023 to 31.3 percent as of 9M 2024.

2. MTN Nigeria – N126.6 billion

Despite net losses posted by MTN Nigeria in 9M 2024, the company paid about N126.6 billion as it continues to prove its place as one of Nigeria’s largest taxpayers. The amount paid by MTN during the period was a 31 percent decline from the N184.5 billion the company paid in 9M 2023.

MTN Nigeria has deferred tax assets amounting to N361.5 billion and no deferred tax liabilities. This positions the company to claim additional tax credits beyond the N198.7 billion it claimed in the first nine months of 2024.

3. UBA – N102.3 billion

UBA spent about N102.3 billion on the payment of income tax in 9M 2024. This represents a 227 percent year-on-year growth from the N31.3 billion spent in 9M 2023. During the period under review, UBA was the largest taxpayer among banks in Nigeria.

4. Seplat Energy – N95.9 billion

Seplat Energy paid about N95.9 billion in taxes during the nine months. This marks a 169 percent year-on-year growth from the N35.7 billion paid in 9M 2023. The oil and gas player recorded an income tax expense of N313.9 billion in 9M 2024, marking an effective tax rate of 86 percent.

5. GTCO Holdings – N83.1 billion

GTCO Holdings made payments of about N83.1 billion as income tax payments in 9M 2024, marking a 1 percent year-on-year growth from the N82.7 billion the bank paid in 9M 2023. The banking group’s income tax liability grew to N91.9 billion at the end of 9M 2024, given its N133.7 billion tax charge for the nine months.

6. Zenith Bank – N78.1 billion

Zenith Bank paid about N78.1 billion as income taxes for 9M 2024. However, this was 5 percent lower than the N82 billion the group paid as income taxes in 9M 2023. During the period, the group’s income tax expense hit N175.6 billion, marking a 47 percent year-on-year increase from the N119.1 billion recorded in 9M 2023.

7. FBN Holdings – N37.2 billion

The group paid N37.2 billion as income taxes in 2024, marking a 49 percent growth from the N25 billion paid in 9M 2023. During the period under review, the company’s income tax expense was N84.6 billion, marking a 150 percent year-on-year growth from the N33.8 billion recorded in 9M 2023.

8. Dangote Sugar Refinery – N22.3 billion

Dangote Sugar paid N22.3 billion as taxes in the nine months ending September 30, 2024. It was 37 percent higher than the N16.3 billion spent in the corresponding period in 2023. The group posted a loss before tax of N276.6 billion, however, it claimed a tax credit of N91.2 billion, bringing its net loss to N184.4 billion.

9. Stanbic IBTC Holdings – N20.2 billion

Stanbic IBTC Holdings made the list of the largest taxpayers in Nigeria, as it made N20.2 billion in tax payments in 9M 2024. This marked a 33 percent year-on-year growth from the N15.2 billion tax payments made in 9M 2023.

Stanbic’s income tax charge grew by 98 percent year-on-year to N40 billion in 9M 2024, from N20.2 billion as of 9M 2023.

10. Nestle Nigeria – N19 billion

Nestle Nigeria reported tax payments of N19 billion in the first nine months of 2024, reflecting a 27 percent decline compared to the N25.9 billion paid during the same period in 2023. Despite the humongous losses posted by the company this year, it still made it to the list of Nigeria’s largest taxpayers

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Source: https://businessday.ng/companies/article/tax-reform-bills-here-are-10-largest-taxpayers-in-2024/

Dangote...Greatness!

What about the oil companies?

Wow that’s huge 90% of them are in Lagos State

That's the problem, no oil company is listed because the pay with crude

Omo dangote dey make serious money o.....

Where's Sukumerege?

Cool

Great100000:
Amidst a raging public debate about the tax reform bills that would overwhelmingly revolutionise Nigeria’s taxation framework, BusinessDay has tracked some of the largest taxpayers in 2024.

This list was compiled based on the publicly available financial statements of companies listed on the Nigerian Exchange (NGX).

Using the NGX-30 Index, companies with the largest market capitalization in Nigeria were indexed in preparing this list. In the first nine months of 2024, the companies on NGX 30 paid about N800 billion in income taxes. This represents a 110 percent year-on-year increase from the N381 billion paid by these companies in the same period in 2023.

It is important to note that major listed taxpayers, Access Holdings and Airtel Nigeria, were not included due to the lack of publicly available information regarding their income tax payments for the period.

1. Dangote Cement – N128.7 billion

Dangote Cement paid about N128.7 billion as income taxes in the first nine months of 2024. The income taxes paid by Dangote Cement represented a 3 percent year-on-year increase from the N124.5 billion income tax paid in 9M 2023.

In 9M 2024, the group’s income tax expense amounted to N127.3 billion, about the same income tax expense recorded in 9M 2023. The company’s effective tax rate slightly declined year-on-year from 31.5 percent as of 9M 2023 to 31.3 percent as of 9M 2024.

2. MTN Nigeria – N126.6 billion

Despite net losses posted by MTN Nigeria in 9M 2024, the company paid about N126.6 billion as it continues to prove its place as one of Nigeria’s largest taxpayers. The amount paid by MTN during the period was a 31 percent decline from the N184.5 billion the company paid in 9M 2023.

MTN Nigeria has deferred tax assets amounting to N361.5 billion and no deferred tax liabilities. This positions the company to claim additional tax credits beyond the N198.7 billion it claimed in the first nine months of 2024.

3. UBA – N102.3 billion

UBA spent about N102.3 billion on the payment of income tax in 9M 2024. This represents a 227 percent year-on-year growth from the N31.3 billion spent in 9M 2023. During the period under review, UBA was the largest taxpayer among banks in Nigeria.

4. Seplat Energy – N95.9 billion

Seplat Energy paid about N95.9 billion in taxes during the nine months. This marks a 169 percent year-on-year growth from the N35.7 billion paid in 9M 2023. The oil and gas player recorded an income tax expense of N313.9 billion in 9M 2024, marking an effective tax rate of 86 percent.

5. GTCO Holdings – N83.1 billion

GTCO Holdings made payments of about N83.1 billion as income tax payments in 9M 2024, marking a 1 percent year-on-year growth from the N82.7 billion the bank paid in 9M 2023. The banking group’s income tax liability grew to N91.9 billion at the end of 9M 2024, given its N133.7 billion tax charge for the nine months.

6. Zenith Bank – N78.1 billion

Zenith Bank paid about N78.1 billion as income taxes for 9M 2024. However, this was 5 percent lower than the N82 billion the group paid as income taxes in 9M 2023. During the period, the group’s income tax expense hit N175.6 billion, marking a 47 percent year-on-year increase from the N119.1 billion recorded in 9M 2023.

7. FBN Holdings – N37.2 billion

The group paid N37.2 billion as income taxes in 2024, marking a 49 percent growth from the N25 billion paid in 9M 2023. During the period under review, the company’s income tax expense was N84.6 billion, marking a 150 percent year-on-year growth from the N33.8 billion recorded in 9M 2023.

8. Dangote Sugar Refinery – N22.3 billion

Dangote Sugar paid N22.3 billion as taxes in the nine months ending September 30, 2024. It was 37 percent higher than the N16.3 billion spent in the corresponding period in 2023. The group posted a loss before tax of N276.6 billion, however, it claimed a tax credit of N91.2 billion, bringing its net loss to N184.4 billion.

9. Stanbic IBTC Holdings – N20.2 billion

Stanbic IBTC Holdings made the list of the largest taxpayers in Nigeria, as it made N20.2 billion in tax payments in 9M 2024. This marked a 33 percent year-on-year growth from the N15.2 billion tax payments made in 9M 2023.

Stanbic’s income tax charge grew by 98 percent year-on-year to N40 billion in 9M 2024, from N20.2 billion as of 9M 2023.

10. Nestle Nigeria – N19 billion

Nestle Nigeria reported tax payments of N19 billion in the first nine months of 2024, reflecting a 27 percent decline compared to the N25.9 billion paid during the same period in 2023. Despite the humongous losses posted by the company this year, it still made it to the list of Nigeria’s largest taxpayers.

Source: https://businessday.ng/companies/article/tax-reform-bills-here-are-10-largest-taxpayers-in-2024/

Where are the group of people who always boast of growing Nigeria. All your business combined together, can't be close to what Dangote pays on a yearly basis. government need to really utilizes taxes they collect cos it's huge.

Richtaiwo:
And I'm here ignorantly thinking the highest accrued from tax payment comes from 2 x 2 shops and fan yogo.

They are noise makers. Ladipo, Alaba and computer village businesses can't pay up to 10b per year. Some stores in those markets don't pay more than 10k per month. Dangote is a blessing to Nigeria. Simple and quiet man, no bragging.

The so called monopolist paid more taxes than all the fuel importers. Nah jealousy go kill all of una.

nnatobryno:
That's the problem, no oil company is listed because the pay with crude

Nobody knows everything
If you don't know admit it to yourself then try to learn

Don't say things you don't know when you know that you don't know
What is the point? You back yourself into a corner where you start arguing foolishly to save face.

The truth is you have no clue on the tax rules in Nigeria as it relates to oil companies
Invest one hour of your time to educate yourself and stop talking crap

I think it's high time the NNPC start paying tax to the government, since they now claim to operate as an LLC, hence they aught to be taxed like every other businesses operating in the country.

press9jatv:
Wow that’s huge 90% of them are in Lagos State

is lagos not Nigeria commercial capital

COMRADES, forget about the hullabaloo, Dangote is a blessing to Nigeria

press9jatv:
Wow that’s huge 90% of them are in Lagos State

Are you mad? What has them being in Lagos state got to do with anything?

They may be based in Lagos but have most of thier operations all over the country and such make their money from these places.

If these companies were forced to exclusively pay taxes to each state they operate in and not to the federal government that will be a great deal. A company headquartered in Lagos but has its operating base in Nasarawa(like Dangote sugar) should not be paying a majority of its tax to Lagos. The people in Awe local government of Nasarawa state, where dangote has a huge sugar cane farm, should benefit more.

The main problem is that almost all the companies listed there have their branches across all states in Nigeria.
So they make their money from these states but that profit is tallied at the headquarters in Lagos. Meaning In theory that a company in Lagos is making the profit and then the taxes are collected by Lagos government.

How is this right?

FBIBOT:
Omo dangote dey make serious money o.....

Obviously from their income tax. Now you can see it does not make sense when people claim that Nigerians don't pay taxes cos these taxes are absorbed by the final consumers

nnatobryno:
That's the problem, no oil company is listed because the pay with crude

Foreign oil companies that are supposed to pay income tax with US Dollars pay with crude oil. They fc..cuk Nigeria front and back. They did not bring crude oil from their home countries to Nigeria.

The same Dangote you guys love to hate

What about Total, Agip, Shell and Chevron? Do they take everything they make from Nigeria to the west? It seems the oil and gas industry is a hype or their decision to divest has reduced their earnings.

nnatobryno:
That's the problem, no oil company is listed because the pay with crude

Who told you? Have you heard of PPT before