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FG charges Dangote Cement tax of N173.93bn for 2021; paid N97.24 billion tax in 2020  

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Aliko Dangote

 

Dangote Cement Plc has sustained its position as a leading contributor to Nigeria’s economy with a tax charge of N173.93 billion for the financial year ended 31st December 2021. According to the cement group’s audited results released on the portal of the Nigerian Exchange Ltd (NGX), the tax charge represents an increase of 78.7 per cent over N97.24 billion in 2020.

Analysis of the cement company’s financial result for the review year indicated that Group sales volume stood at 29.3Mt, with Nigeria accounting for 18.61Mt while operations in other countries did 10.86Mt. Group revenue was N1,383.6 billion for the full year, made up of N993.34 billion from Nigeria while revenue from across African plants was N397.32 billion, in contrast to the group revenue of N1,034.20 billion in 2020 which constituted of N719.95 billion from Nigeria and N318.68 billion from other African operations.

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Dangote Cement recorded a gross profit of N538.37 billion and after-tax profit of N364.44 billion while earnings per share (EPS) rose to N21.24 from N16.14.  The directors have proposed a dividend of ₦20.00 per share.

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Speaking on the results, Chief Executive Officer, Dangote Cement    Michel Puchercos said, “We are pleased to report a solid set of the results for the full year 2021. Group volumes for the year were up 13.8 percent and Group EBITDA was up 43.2 percent, to ₦684.6 billion at a 49.5 percent margin. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of ₦364.4 billion up 32.0 percent.”

“Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Due to an increased focus on efficiency while meeting double-digit market growth and maintaining costs under control, Dangote Cement has and will consistently deliver superior profitability and returns to its shareholders,” he added.

Dangote Cement became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy. Adopting XBRL reporting format will strongly benefit Dangote Cement’s existing and potential investors. It represents another step in continuing efforts to modernize and enhance transparency of, and access to, companies’ disclosures.

Dangote Cement has a long-term credit rating of AA+ by GCR and Aa2.ng by Moody’s due to its market-leading position, significant operational scale and strong financial profile evidenced by the company’s robust operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow and low leverage.

Dangote Cement is a subsidiary of Dangote Industries Limited, a diversified and fully integrated conglomerate as well as a leading brand across Africa in businesses such as cement, sugar, salt, beverages, and real estate, with new multi-billion-dollar projects underway in the oil and gas, petrochemical, fertiliser and agricultural sectors

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JUST IN: National Assembly to Re-gazette Tax Laws Amid Controversy

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By Yusuf Danjuma Yunusa

 

The National Assembly has directed the Clerk to re-gazette four major tax reform acts and issue Certified True Copies of the versions officially passed by parliament, following public controversy over discrepancies in the published laws.

In a Friday statement, House Spokesman Akin Rotimi said the leadership of both chambers authorized the move to “protect the integrity of the legislative record,” describing it as an administrative step to accurately reflect parliamentary decisions.

The directive addresses growing scrutiny over the Nigeria Tax Act (2025), Nigeria Tax Administration Act (2025), Joint Revenue Board of Nigeria (Establishment) Act (2025), and Nigeria Revenue Service (Establishment) Act (2025)—particularly concerning harmonization of bills, documentation sent for presidential assent, and the versions eventually published in the Official Gazette.

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Rotimi emphasized that the legislature is addressing the matter within its constitutional authority. Last week, the House formed a seven-member Ad Hoc Committee to investigate the legislative and administrative handling of the acts.

“The Committee, alongside relevant National Assembly bodies, is conducting an institutional review to establish the sequence of events and identify any contributing factors,” he stated, noting the review will examine potential “lapses, irregularities, or external interferences.”

The process, he added, complies fully with the Constitution, the Acts Authentication Act, and parliamentary standing orders.

While the re-gazetting aims to “clear any ambiguity,” Rotimi clarified that the review “does not constitute, imply, or concede any defect in the exercise of legislative authority.” He also stated the action is without prejudice to other arms of government and does not affect existing rights or legal processes.

Reaffirming its commitment to constitutionalism and the rule of law, the House pledged to take “appropriate corrective measures” if procedural refinements are needed.

The public was urged to allow the institutional process to proceed “without speculation or conjecture.”

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Airstrikes: Activist Sowore Decries Reckless Breach of Sovereignty By the U.S Government

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By Yusuf Danjuma Yunusa

Former presidential candidate Omoyele Sowore has issued a fierce condemnation of a confirmed U.S. military airstrike inside Nigeria, labeling the action a dangerous breach of sovereignty and an “imperialist move” by President Donald Trump.

Sowore’s warning follows President Trump’s announcement on Truth Social that he had ordered a “powerful and deadly strike” against ISIS fighters in northwest Nigeria. Trump justified the operation, stating the militants had been “viciously killing, primarily, innocent Christians” and that he had delivered promised retribution: “there was hell to pay.”

While the United States Africa Command (AFRICOM) confirmed the strike was conducted “at the request of Nigerian authorities,” Sowore argued that direct foreign military intervention is a catastrophic precedent.

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“Nobody should be rejoicing about this,” Sowore stated. “The U.S. could help the Nigerian military, but U.S. military carrying out an attack inside Nigeria is extremely dangerous, reckless, and bad.”

He described the event as “a sad day for the so-called African liberation and Independence.”

The strike triggered panic on the ground in Sokoto State. Residents of Jabo village reported a sudden, loud explosion on Christmas night, with many fearing an imminent attack. “It happened suddenly… The explosion caused fear, but thank God it did not land among people,” one eyewitness said.

U.S. Defense Secretary Pete Hegseth expressed gratitude for “Nigerian government support & cooperation” and ominously added there would be “more to come.”

The operation marks a sharp and controversial escalation of U.S. counter-terrorism activity in West Africa, raising urgent questions about sovereignty, foreign intervention, and the future of regional security partnerships.

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Nigeria Aides U.S in Sokoto Airstrike Against ISIS

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By Yusuf Danjuma Yunusa

President Donald J. Trump has announced that the United States carried out targeted military strikes against ISIS–affiliated militants in north-west Nigeria, marking a sharp escalation in American counter-terrorism operations in West Africa.

In a late-night statement published on Truth Social, the U.S. President said the operation was conducted under his direct orders as Commander-in-Chief, describing it as “a powerful and deadly strike” aimed at extremist elements responsible for repeated attacks in the region.

According to Mr Trump, the militants had been involved in brutal assaults on local communities, particularly targeting Christian populations. He said he had previously warned the group of consequences if the violence continued.

“Tonight, at my direction as Commander in Chief, the United States launched a powerful and deadly strike against ISIS terrorist scum in Northwest Nigeria, who have been targeting and viciously killing, primarily, innocent Christians… I have previously warned these terrorists that if they did not stop the slaughtering of Christians, there would be hell to pay, and tonight, there was,” the statement read in part.

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He added that the “Department of War executed numerous perfect strikes,” asserting that the U.S. would not allow extremist groups to flourish under his leadership.

While the President praised the American military, he also issued a stern warning to the militants, saying there would be further consequences if attacks on civilians persisted.

Confirming the development, the Nigerian government through the Ministry of Foreign Affairs, stated that it provided the intelligence needed to the United States government concerning the airstrike.

“In line with established international practice and bilateral understandings, this cooperation includes the exchange of intelligence, strategic coordination, and other forms of support consistent with international law, mutual respect for sovereignty, and shared commitments to regional and global security,” said the ministry.

It further stated that Nigerian authorities remain engaged in structured security cooperation with international partners, including the United States of America, in addressing the persistent threat of terrorism and violent extremism.

On the particular location of the strike in the northwestern part of the country, netizens, particularly from Sokoto State, have confirmed that a rocket landed in Jabo Ward, under Tambuwal LG of Sokoto State, Nigeria this same night.

Similarly, the United States Africa Command(AFRICOM), an organization responsible for the United States military operations in the continent, in a series of posts on X, said the airstrikes were launched based on requests of the Nigerian government.

“AFRICOM conducted a strike at the request of Nigerian authorities in Sokoto State killing multiple ISIS terrorists. Lethal strikes against ISIS demonstrate the strength of our military and our commitment to eliminating terrorist threats against Americans at home and abroad,” the statement reads.

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