FG earns N191bn income tax from Dangote Cement, MTN in 2020
Dangote cement has been adjudged the first among top 100 elite companies listed on the Nigeria Exchange (NGX) to remit to the federal government an income tax of N97.24billion last year, while MTN Communication Nigeria Plc paid N93.6billion and GTBank came third with N36.66billion.
Also, the Cement company with presence in other African countries, emerged as the company with the highest number of employees at 16,199 on its payroll as at the time of performance review.
In the performance analyses of 100 top elite corporate bodies on the Nigeria Exchange carried out by the reputable business magazine, “Next Money”, Dangote Cement was ranked as the most capitalized company in the country with 4,173.22billion.
Speaking on the analysis, publisher of Next Money, Ray Echebiri said the performance index analysis of companies listed on the Exchange was carried out with a view to establishing the best performing ones among the over 150 of them.
Echebiri explained that the exercise was done to provide existing and potential investors with information that they can rely on when they are taking investment decisions.
He said: “We sorted the total assets of the companies from the largest to the smallest and cut off at the 100th. We tagged the hundred companies that emerged from this exercise “Nigeria’s Top 100 Companies”. Any company that makes it to the corporate elite club of Nigeria’s Top 100 Companies is automatically a candidate for further ranking by Revenues, Profits, Market Capitalization, Number of Employees and Tax Payment.”
According to him, the rankings showed how the listed companies stand on the corporate ladder with regards to the various performance indices.
This edition of Nigeria’s Top 100 Companies covers the 2020 accounting year. It is therefore a performance analyses of companies listed on the Nigerian Exchange (NGX) based on their audited accounts for the 2020 reporting year.