Business
Tax Compliance: OGIRS Commends Dangote Cement
The Ogun State Internal Revenue Service (OGIRS) has commended Dangote Cement Ibese Plant for its outstanding commitment to tax compliance and consistent role as the highest tax-paying industrial organisation in the state.
The OGIRS while on a familiarisation tour of the 12mmtp Cement Plant in Ibese led by its Director, Field Operations, Mrs. Oluwaseun Olajube praised the company management’s dedication to fulfilling its civic obligations, noting that Dangote Cement Ibese Plant has set a benchmark for corporate responsibility and financial transparency in Ogun State.
The agency also reaffirmed its commitment to strengthening partnerships with key stakeholders across Ogun State’s industrial sector, emphasising the importance of collaboration in driving sustainable economic growth and revenue generation.
Impressed by Dangote Cement, Ibese Plant’s tax credentials, Mrs. Olajube expressed satisfaction with the Company and urged it not to drop its guard, while also seeking timely documentation as well as enhanced collaboration, particularly with the Yewa North Zonal Office of the Service.
She expressed the Agency’s commitment to strengthening alliance with the Ibese Plant in the spirit of transparency, accountability, and mutual benefit and reaffirmed its commitment to fostering stronger partnerships with key stakeholders in the state’s industrial sector.
The Revenue Service boss stated, “Dangote Cement Ibese Plant continues to demonstrate excellence in tax compliance, and we are proud to acknowledge their contribution to the economic development of our state.”
The OGIRS reaffirmed its commitment to fostering a business-friendly environment that rewards transparency and compliance, while encouraging other companies to emulate the example set by Dangote Cement.
Receiving the OGIRS team, Dangote Cement Ibese Plant Director, Mr. Ayyagari Subbaraidu, expressed the management’s appreciation to the Revenue Agency for the commitment and recognition demonstrated with the visit.
The recognition given to Dangote Cement, he said, was not just about numbers – “it is about leadership, integrity, and the positive impact of responsible corporate citizenship,”
He said the revenue Agency’s praise from the underscored the importance of private sector collaboration in driving sustainable revenue generation and supporting public infrastructure and services.
Subbaraidu said, “We recognise that tax revenue is the backbone of economic development of States and remain committed to upholding the principles of compliance, accountability, and transparency in all our engagements with Ministries, Departments and Agencies of government.”
The visit marks a significant step in strengthening public-private sector synergy aimed at driving sustainable development and economic growth in Ogun State.
Recall that the President and Chief Executive of the Pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote had disclosed that the Group had paid over N402 billion in taxes in 2024 to the government, making it the highest taxpayer in the country.
The disclosure came in the wake of series of award recently bestowed on the Company and its subsidiaries as Nigeria’s best compliant taxpayer business organisation and FMDQ Gold award winner for being the most active corporate organisation in the foreign exchange market.
The DIL was named Nigeria’s most tax-compliant business organisation, a development Dangote described as a testament to its unwavering commitment to fiscal responsibility and transparency. Additionally, the company was honoured by FMDQ for its outstanding performance as the most active corporate entity in the foreign exchange market.
Federal Inland Revenue Service (FIRS), the nation’s tax regulators had during its Special Day at Lagos International Trade fair in 2024 adjudged Dangote Industries Limited as the most compliant taxpayers in Nigeria.
Its subsidiary, Dangote Cement Plc., in another development emerged as the Largest Commercial Paper Quotation on FMDQ and Single Largest Corporate Debt Issue on FMDQ during its last GOLD award held in Lagos.
ALSO READ: BREAKING: NCDMB Addresses Sterling Oil’s Non-Compliance Issues
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.
Business
Tesla Aims for 2028 Commercial Production of Flying Car
Tesla has set a 2028 commercial production date for its new Roadster sports car that can briefly rise into the air using rocket technology.
According to CNN, the date was revealed when the manufacturers demonstrated its functionality on Thursday at a SpaceX testing facility in Texas, United States, where the two-seater vehicle performed a series of manoeuvres, including driving upside down before making a short airborne movement.
The prototype was operated without a driver during the test, with Musk saying the decision was taken “to make sure we don’t kill anyone.”
“Success is not guaranteed. I mean that. It’ll probably work, but if it doesn’t work, we’re at a safe distance,” he said.
READ ALSO: 2027 Election: ‘Your Future Is More Valuable’ — IGP Warn Youths Against Political Violence
CNN reported that the vehicle uses 10 nozzles and high-pressure air tanks to generate thrust, with Musk claiming it could accelerate from zero to 60 miles per hour in less than a second.
The Tesla boss attributed the development to cooperation between the electric vehicle manufacturer and SpaceX, the rocket company he also leads.
He described the project as “the results of what happens when you have a collaboration with the world’s best car company and the world’s best rocket company.”
Musk also sought to assure spectators that the demonstration was genuine, saying, “We need an audience to prove that it’s not AI or SI. So you guys can tell people you saw it with your eyes, because what you see with your eyes, you will not believe.”
Despite the display, questions remain about whether the vehicle can achieve sustained flight and how practical it would be for everyday transportation.
Roger Conner, curator for vertical flight at the Smithsonian’s National Air and Space Museum, told CNN that combining the requirements of road vehicles and aircraft presented significant engineering challenges.
“Aircraft are extremely sensitive to weight, whereas with ground vehicles you want them to have bumpers and crumple zones and all that,” he said.
“Inevitably, something that is a hybrid between the two is going to be a poor performing aircraft and a poor performing vehicle, and also quite expensive,” he added.
Conner questioned whether the demonstration amounted to flying in the conventional sense.
“We’re not talking about sustained flight. We are literally talking about hopping,” he said.
However, Jim Dukhovny, chief executive of flying car startup Alef, said the technology was achievable, while pointing to the difficulties involved in making such vehicles transition safely from vertical take-off to forward flight.
“It absolutely is 100% feasible,” he told CNN.
“That being said, the hardest part on all eVTOLs, and for us, it’s a transition from (rising) vertical to (moving) forward. It needs to be extremely careful, making sure you do not lose lift, and making sure it’s very stable,” he added.
CNN also reported that Alef’s prototype weighs about 254 pounds, uses eight propellers and is designed to carry one person.
Musk said Tesla intended to begin production of the new Roadster in 2028.
CNN reported that the latest display adds to Musk’s ambitions to push Tesla’s vehicle technology beyond conventional electric cars, although the prototype’s ability to operate as a practical flying vehicle has yet to be established.
Business
Marketers Eye Portion of FG’s Petrol Discount
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Federal Government to add its member-stations to the petrol discount programme.
It cautioned that the current arrangement could limit the reach and deny vast consumers in underserved communities the benefits of the 30-day discount window.
The PETROAN also urged the FG to allocate at least 30 percent of the discounted petrol volume to outlets operated by its members.
READ ALSO: Tanzania Nears Completion of $42bn Equinor, Shell-Led LNG Project
The calls followed last week’s announcement by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, of a petrol discount at Nigerian National Petroleum Company Limited (NNPC Ltd) retail outlets, with priority given to public transport operators nationwide.
According to the National Publicity Secretary, Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, the exclusion of independent marketers could undermine the programme’s effectiveness, particularly in communities where NNPC retail outlets have limited presence.
He argued that independent marketers, with their extensive nationwide distribution networks, were better positioned to extend the benefits of the intervention to consumers in remote and underserved areas.
“Independent oil marketers have over 90 percent coverage and presence in the nooks and crannies of this country. You are giving NNPC that is situated only in the town. So how do the poor masses, whom you intend to ensure that this petroleum product will alleviate their sufferings, how would they now get it?” Ukadike asked.
He said the association was not opposed to the government’s policy but insisted that independent marketers should be included to ensure wider access to the discounted product.
“But it’s government policies; we are not against government policies, but let it be all-inclusive; let independent marketers be part of it,” he said.
Ukadike also urged the government to extend the discount period to 60 days, citing logistical challenges that could delay the movement of petrol from coastal depots to other parts of the country.
“And the 30 days should be extended to 60 days. Because of the circulation of petroleum products, most times it takes two weeks for a truck to leave Apapa and get to Gombe, Maiduguri, because of the bad road and all the rest of them and loading process,” he added.
Similarly, PETROAN National President, Billy Gillis-Harry, urged the Federal Government to allocate 30 per cent of the discounted petrol volume to the association’s retail outlets to facilitate broader national distribution.
Business
Tanzania Nears Completion of $42bn Equinor, Shell-Led LNG Project
In the bid to transform Tanzania into the East African regional energy hub, the country is on the verge of concluding an agreement with a consortium of energy companies, including a $42 billion LNG project.
It was gathered that the project is designed to tap the 47.13 tcf of gas discovered in Tanzania’s deep offshore fields, part of the country’s estimated 57.54 tcf in total discovered reserves, the sixth-largest in Africa, behind Nigeria, Algeria, Senegal, Mozambique and Egypt.
READ ALSO: Shell Identifies Keys to Nigeria’s Energy Future
Equinor and Shell would be the lead operators, alongside involvement from ExxonMobil Pavilion Energy and Medco Energi, while state oil major, the Tanzania Petroleum Development Corporation (TPDC), would also hold an equity stake in the project.
“It’s almost there,” Khamis Mussa Omar, Tanzania’s finance minister, told Reuters.






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