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FIRS Names Dangote Group Most Tax Complaint Business

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It was a season of award at the weekend for the Dangote Group with its recognition as best Nigeria’s best compliant tax payer business organization and FMDQ Gold award winner for being the most active corporate organization in the foreign exchange market.

Biztellers reports that two members of the Group, the Dangote Industries Limited (DIL) and Blue Star Shipping, were recognized as the most compliant in tax payment in Nigeria, ahead of the MTN Communication, Dangote Cement Plc at another occasion, in Lagos, won three awards at the FMDQ Gold Awards.

During the Special Day of the Federal Inland Revenue Service (FIRS) at the just concluded Lagos International Trade Fair, Nigeria’s tax regulator adjudged the DIL as the most compliant taxpayers in Nigeria.

In another development, Dangote Cement emerged as the Largest Commercial Paper Quotation on FMDQ and Single Largest Corporate Debt Issue on FMDQ.

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The DIL also emerged as the “Most active corporate in the foreign exchange market”.

Biztelleers reports that the FMDQ GOLD Awards, (Global Competitiveness, Operational Excellence, Liquidity and Diversity), is a corporate tradition that recognises the resilience and agility of the Nigerian financial markets’ participants.

The award acknowledges the valuable efforts of these stakeholders, whose participation in the FMDQ markets and across the financial market infrastructure value chain of FMDQ’s businesses – Securities Exchange, Central Counterparty and Depository – have positively shaped the course of the markets and invariably impacted the development of the Nigerian economy.

The Dangote Cement and Blue Star Shipping were recognised at the weekend by the Federal Inland Revenue Service (FIRS) as being among the most compliant taxpayers. As part of its Special Day activities at the 2024 Lagos International Trade Fair, the FIRS celebrated several business organisations for their high levels of tax compliance.

Dangote Cement was recognised in the biggest taxpayer category in the part of the programme tagged “FIRS compliant taxpayers awards and recognition”. Several speakers at the event including FIRS State Administration Lagos Mainland, Ishola Akingbade, who represented the Chairman of FIRS commended these companies for their high levels of compliance which makes tax administration easy.

Head of Tax Compliance at Dangote Industries Ltd, Dr. Titi Fowokan, stated that “Dangote as a Group has a Tax Policy that is based on zero tolerance for tax non-compliance. As good corporate citizens, we comply with all relevant laws, including tax laws. Also, complying with the tax payment statutory deadlines ensures that we do not fall foul of the law, which stipulates penalties for non-compliance.”

According to her, Dangote Group achieved compliance by putting in place world class processes that align with the requirements of the tax laws and regulations, putting into consideration the need to strictly adhere to statutory timeliness and eliminate costs of non-compliance.

“We pride ourselves in the Dangote Brand and seek to promote a tax compliance culture, which demonstrates our corporate responsibility to the government for the provision of public goods and services for the citizens”, she added.

Fowokan explained that the company as part of steps to achieve compliance maintained its best practice tax governance culture, ensured ⁠accurate tax computation and timely remittance to avoid penalties & interest arising from tax compliance defaults. She affirmed that these steps helped to minimise tax audit risks & avoid incidence of tax litigations.

The DIL (Dangote Group) is one of Africa’s largest industrial conglomerates. It is a diversified and fully integrated conglomerate. It has been a key investor in the Nigerian economy. The Group’s interests include cement, sugar, salt, fertiliser, agriculture, transport, packaging and real estate, the oil and gas, petrochemical, and steel sectors of the economy.

The core business focus of the Group, which started operations in 1978, is to provide local, value-added products and services that meet the ‘basic needs’ of the populace. Through the construction and operation of large-scale manufacturing facilities in Nigeria and across 17 other African countries, Dangote Group is focused on building local manufacturing capacity to generate employment, prevent capital flight and provide locally produced goods for the people.

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Dangote Credits Tinubu’s Economic Reforms with Driving Nigeria’s Economic Recovery

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President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, has commended the Federal Government for implementing bold and transformative economic reforms repositioning Nigeria for sustainable growth, strengthening investor confidence, and accelerating the country’s economic recovery.

According to Dangote, the ongoing fiscal, monetary, and regulatory reforms have contributed significantly to improving macroeconomic stability, enhancing productivity across key sectors, increasing Nigeria’s attractiveness as an investment destination, and fostering a more resilient business environment. He noted that the positive outcomes emerging from the reform agenda underscore the importance of consistent, market-driven policies in advancing national development and economic prosperity.

“The economic reforms being implemented by the Federal Government are beginning to yield tangible results. We are witnessing improved economic activity, stronger investor confidence, increased industrial productivity, and a more resilient business environment. These measures are laying a solid foundation for sustainable economic growth and long-term prosperity for Nigeria,” Dangote stated

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He explained that the reforms have created a more enabling operating environment for businesses, particularly large-scale manufacturing and industrial enterprises that are critical to economic diversification, job creation, foreign exchange generation, and national competitiveness. He added that government initiatives aimed at improving efficiency, promoting investment, enhancing transparency, and supporting domestic production are providing a solid framework for industrial expansion.

“We commend the Federal Government for its courage and determination in implementing reforms that are essential for economic transformation. While every reform process comes with initial challenges, the benefits are increasingly evident in stronger economic indicators, improved business confidence, and renewed investor interest in Nigeria,” he said.

Dangote further observed that the government’s favourable policy environment has supported the continued growth and efficient operation of the Dangote Petroleum Refinery and Petrochemicals complex, Africa’s largest integrated refining and petrochemical facility. He noted that policy measures designed to strengthen local refining capacity, reduce import dependence, improve energy security, and encourage value addition have contributed meaningfully to the refinery’s success and Nigeria’s broader economic development objectives.

“The progress being recorded at the Dangote Petroleum Refinery and Petrochemicals complex is closely linked to a policy environment that encourages investment, supports domestic industrialisation, and promotes self-sufficiency. These reforms are helping Nigerian businesses to plan with greater certainty, invest with confidence, and compete effectively on the global stage,” he added.

He stated that the refinery’s increasing production capacity and expanding export footprint are contributing significantly to Nigeria’s economic resurgence by generating foreign exchange earnings, creating employment opportunities, strengthening local supply chains, and positioning the country as a leading energy and manufacturing hub

Reaffirming the Group’s commitment to supporting the Federal Government’s economic agenda, Dangote said Dangote Industries Limited would continue to invest in strategic sectors, drive innovation, promote industrial development, and create sustainable employment opportunities.

“Our vision has always been to support Nigeria’s economic development through transformative investments. Today, we are witnessing how the combination of private-sector commitment and decisive government policies can unlock unprecedented opportunities for national growth. The refinery, petrochemical operations, fertiliser production, and our other industrial investments are helping to build a more self-reliant, competitive, and prosperous economy,” he said.

He expressed confidence that sustained reforms, policy consistency, and stronger collaboration between the public and private sectors would further stimulate economic growth, attract increased foreign direct investment, and reinforce Nigeria’s position as one of Africa’s most attractive investment destinations.

“Nigeria is on the path to becoming one of the world’s leading industrial and economic powers. With continued policy consistency, robust private-sector participation, and investment-led growth, the future of our economy is exceptionally bright,” Dangote concluded.

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Group Credits PINL with Safeguarding Environment, Farms

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A group has given kudos to the Pipeline Infrastructure Nigeria Limited (PINL) for effective pipeline surveillance and community interventions during the recent flooding in parts of the Niger Delta.

The Niger Delta Progressive Alliance (NDPA) in a statement signed by its Convener, Nse Victor Udoh, noted that the PINL’s operational efficiency and sustained maintenance of pipeline corridors helped prevent additional environmental damage, preserve farmlands and protect aquatic ecosystems from threats associated with pipeline failures and oil spills.

According to the NDPA, annual flooding in the Niger Delta poses serious environmental risks, particularly when floodwaters come into contact with damaged pipelines, oil spills and illegal activities around oil and gas infrastructure.

The organisation noted that the recent flood season was different, as there were no reported cases of widespread oil contamination of floodwaters, dead fish or the spread of oil into farms and residential areas attributable to pipeline failures.

READ ALSO: DPRP Decries Rising Fuel Imports, Despite Strong Local Supply Capacity

It said the development underscored the importance of preventive pipeline management, stressing that effective infrastructure protection was often measured by disasters that were prevented rather than emergencies that attracted public attention.

According to the group, regular patrols, monitoring and right-of-way surveillance enabled PINL to identify and address potential threats before they escalated into major incidents.

It added that inspection, maintenance and repair activities had also contributed to maintaining the integrity of critical pipelines, especially during periods of heavy rainfall and flooding.

The NDPA further commended PINL for its interventions in flood-affected communities in Rivers, Bayelsa and Imo States.

It cited the company’s restoration efforts in areas previously affected by illegal refining, as well as empowerment programmes targeting women and youths in host communities.

Udoh said the initiatives showed that corporate social responsibility should go beyond occasional charitable gestures and become part of a sustained commitment to community welfare and development.

“We commend Pipeline Infrastructure Nigeria Limited, therefore, on two counts that this season has made inseparable: the efficiency of its service, tested by a flood and found equal to it, and the seriousness of its social responsibility,” he said.

He added that the group had observed that farms remained protected and waterways retained their ecological value despite the flooding.

“This season, our farms still stand where the water reached them. Our creeks still hold their life,” Udoh said.

The alliance maintained that infrastructure security and community welfare were closely linked in the Niger Delta, where pipelines pass through several communities and environmentally sensitive areas.

It urged PINL to sustain the standard, stressing that protection of critical national infrastructure, environmental preservation and improved host-community welfare should remain mutually reinforcing objectives.

The NDPA described PINL’s performance during the flood season as an example of how operational efficiency and responsible community engagement could combine to protect energy infrastructure and the environment.

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Dangote Threatens Petrol Importers’ Supply Over Product Blending

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As concerns continue to mount over product quality and allegations of blending of imported fuel with products refined locally against major oil marketers, the Dangote Petroleum Refinery and Petrochemicals (DPRP), is contemplating cutting off supplies to the culprits.

The proposed measure could take effect as early as this week, subject to further consultations and any last-minute intervention, according to sources familiar with the situation.

The grave concern is that some marketers are allegedly blending imported Premium Motor Spirit (PMS), also called petrol, with petrol purchased from the DPRP before distributing the resulting product in the market.

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This has left the refinery concerned that such practices could make it difficult to distinguish between products it supplied and the products subsequently blended or handled by third parties.

“It is difficult to understand why we would invest heavily in producing high-quality petroleum products for Nigerians, only for those products to be mixed with imported products of uncertain quality and the resulting product to be associated with the refinery,” a senior official at the $20bn Lekki-based plant, who spoke in confidence due to the lack of authorisation to speak on the matter, stated.

The refinery has also raised concerns about what it called a lack of a standard laboratory and adequate quality-control infrastructure for imported petroleum products, particularly the capacity to independently verify and certify the specifications of products entering the Nigerian market.

The latest development comes barely days after the DPRP warned that rising petrol imports were forcing it to export excess stocks despite having sufficient capacity to meet Nigeria’s domestic demand.

The refinery said imported PMS accounted for approximately 43 percent of fuel supplied into the Nigerian market in July, saying the continued issuance of petrol import licences had created uncertainty over domestic demand and made production and inventory planning increasingly difficult.

The DPRP said it had consistently maintained sufficient inventory and reserved product volumes to guarantee steady supply to the Nigerian market, but argued that keeping large stocks indefinitely was becoming commercially unsustainable when it could not determine how much imported petrol would enter the country.

“As a responsible energy provider, we have always endeavoured to keep adequate reserves to satisfy local demand at all times. However, in an environment where significant volumes of imported PMS continue to enter the market through licences issued by the regulator, and where there is limited visibility on future import volumes, it becomes commercially unsustainable to continue holding excess inventory indefinitely.”

The refinery said the surplus petrol that could not be absorbed by the domestic market would consequently have to be exported to regional and international markets.

The proposed restriction on sales to importing marketers now adds a new dimension to the refinery’s concerns, as Dangote moves from highlighting the commercial impact of rising imports to considering measures that would prevent marketers from sourcing its petrol while simultaneously importing competing products.

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