Dangote, subsidiaries pay N474bn tax in three years

Dangote Industries Limited boosted the revenue base of the Federal Government with total tax remittances of about N474bn in three years.

The companies, Dangote Cement Plc, Dangote Sugar Refinery Plc and NASCON Allied Industries Plc, are all listed on the floor of the Nigerian Exchange Limited.

A breakdown of the remittances showed that Dangote Cement Plc, the largest cement producer in Africa, accounted for 87.2 percent of the money, paying a total of N412.9bn into the coffers of the Federal Government as tax for three consecutive years.

The two other smaller subsidiaries of DIL, Dangote Sugar Refinery and NASCON Allied Industries, remitted N55.38bn and N5.39bn, respectively.

A further breakdown of the tax paid by Dangote Cement indicated that a total of N97.24 billion was paid at the end of the financial year in 2020, N173.93 billion in 2021 and N141.69 billion in 2022.

The Chairman, Dangote Industries Limited, Aliko Dangote, in a statement, disclosed that the tax paid by these subsidiaries of the conglomerate, re-affirms the group’s position that prompt and accurate tax payment is a duty for everyone who wishes to witness real growth and development.

Dangote, according to the statement released by the Corporate Communications Unit of DIL, holds the view that government cannot offer social services to the citizens without tax collection.