For revenue realized via the Corporate Income Tax in 2020, a huge pool comes from the Cement, Telecommunications, and Banking Industries. Dangote Cement Plc did not just reflect the profitability in the industry but also emerged as the highest payer of CIT with the significance of creating more employment opportunities during the year under review.

Closely after the cement giant comes South African-owned telecommunication group; MTN. MTN in 2020, paid a corporate income tax of ₦93.66 billion while in the banking sector, Guaranty Trust Bank retain third place with a corporate income tax payment of ₦36.66 billion.

After VAT, the CIT continues to prove its viability in raking in substantial tax

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Dangote’s sterling performance did not happen overnight as the indigenous company also came first among the top 100 elite companies listed on the Nigeria Exchange (NGX). The company ranked as the most capitalized company in the country with ₦4,173.22billion with a renowned presence in Africa boasts of the highest number of employees in Africa with 16,199 staffers on its payroll at the time of performance review.

Also, the performance index analysis of companies listed on the Exchange-listed construction giants like Julius Berger as the second highest employer of labour with a staff strength of 12,217 while the United Bank for Africa Plc came third with a total of 10,824 people on its payroll.

 The analysis carried out by Next Money publication under the editorial leadership of, Mr. Ray Echebiri based the performance index analysis as a mandate to achieve a compilation of 50 best performing coming in Africa.

In the publisher’s words,

 “In other words, the information used in the analyses are extracted from the annual reports and accounts of the various companies published in 2020 irrespective of whether a company’s year-end is March, June, September, December, or any other month in 2020.”

What you should know

  • The analysis was limited to publicly-held companies in the country due to easy accessibility.
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