In 2024, publicly listed companies on the Nigerian Exchange (NGX) collectively paid N1.18 trillion in income taxes, reflecting a 23 percent increase from the N956 billion remitted in 2023.
This amount represents about 5.4 percent of the Federal Inland Revenue Service’s (FIRS) total tax revenue for the year. The FIRS disclosed that it generated N21.7 trillion in tax revenue in 2024, of which 39 percent (N8.4 trillion) came from company income taxes (CIT).
In other words, listed companies on the NGX were responsible for about 14 percent of all company income taxes paid in 2024. This shows that while they make an important contribution to Nigeria’s tax revenue, only a small share of the country’s businesses are represented on the stock exchange. Out of the 148 listed firms, just 114 made tax payments during the year, pointing to gaps in how widely companies on the exchange contribute to government revenue.
It’s also important to note that the N1.18 trillion figure reflects taxes actually paid, not just what companies recorded as tax expenses. The data was drawn from cashflow statements, which show real payments made, rather than income statements, which may include taxes owed but not yet paid.
Dangote Cement, MTN are the top taxpayers
At the company level, Dangote Cement Plc emerged as the highest taxpayer in 2024, paying N174.5 billion in income taxes. This marks a 5 percent rise from the N166 billion paid in 2023.
Under Nigeria’s 30 percent corporate income tax framework, Dangote Cement’s calculated CIT stood at N219.8 billion. However, additional charges such as the education tax and unrecognised deferred tax assets pushed its effective income tax expense to N229.3 billion. Despite these significant outflows, the company still reported a current tax liability of N183 billion at year-end, showing the scale of its ongoing obligations.
MTN Nigeria, which had topped the list in 2023, still ranked prominently despite a sharp contraction. The telecoms giant paid N126.6 billion in 2024, representing a 31 percent drop from the N184.5 billion remitted in 2023. Interestingly, this was achieved despite the group recording a pre-tax loss of N550 billion. MTN’s tax position was supported by Nigeria’s road infrastructure tax credit scheme, through which it secured credits worth N21.2 billion during the year.
Access Holdings ranked second overall in 2024 with an impressive N140.5 billion paid in income taxes. This represented a 102 percent surge from N69.5 billion in 2023, mirroring the group’s strong earnings performance. Access Holdings’ income tax expense rose to N224 billion, nearly double the N111.2 billion booked in 2023.
Banks were top payers in 2024
Commercial banks were particularly prominent among the largest contributors, reflecting the sector’s profitability in 2024. GTCO Holdings paid N124.3 billion, a 50 percent rise from N82.7 billion in 2023. UBA followed closely with N122.8 billion, marking a 53 percent increase from N80 billion the prior year. Zenith Bank, however, recorded a decline, remitting N101.1 billion, down 6 percent from N107.5 billion in 2023.
The energy sector also contributed significantly. Seplat Energy emerged as the highest-paying upstream oil and gas company with N100.7 billion remitted in 2024, up sharply from N40.8 billion in 2023. Its income tax expense soared to N347.3 billion, compared to N44.2 billion a year earlier, reflecting changes in its taxable base and sector-specific dynamics.
Other major contributors included First Bank Holdings (N52.3 billion), Nestlé Nigeria (N34 billion), and Aradel Holdings (N27.2 billion). For Aradel, this marked a notable increase from just N6.5 billion in 2023, highlighting the volatility of tax payments in Nigeria’s oil and gas sector.
The lowest taxpayers
On the opposite end of the spectrum, Oando Plc stood out as the lowest-paying listed company taxpayer in 2024, remitting just N1.69 million. This represented a staggering 99.9 percent decline from N1.9 billion in 2023. Despite reporting a net profit of N220 billion, Oando’s negative operating cash flow of N535 billion forced it to rely heavily on debt to sustain its working capital, limiting its capacity for tax remittances.
Other marginal taxpayers included Briclinks Africa (N2 million), which had made no payments in 2023, and Nigerian Enamelware (N2.6 million), down 93 percent from N37 million the year before. Trans-Nationwide Express, a logistics company, paid N6 million in 2024 compared to N8 million in 2023, while SCOA Nigeria remitted N6.8 million, marking a return to the tax net after zero payments in 2023.
