Business | 6 hours ago
Igbawase Ukumba in Lafia

The governor of Nasarawa State, Abdullahi Sule, at the weekend said he has raised the annual Internally Generated Revenue (IGR) of the state from N7.1 billion to over N20 billion.

The governor made the disclosure in Lafia at a media parley, adding that the development has led to the payment of workers’ salaries without allocation from the federal government.

“I have raised the annual IGR of Nasarawa State from N7.1 billion to over N20 billion and as such, we can now pay salaries of our workers for months even without allocation from federal government.”

According to Sule, “hitherto, the state had been purely a civil service state which only got resources from the federation accounts. Before I became the governor in 2019, Nasarawa State was not getting any revenue from industries because there was none.

“Today I can tell you that the significant amount of our revenue is from the various industries we have attracted, that are operating in different Local Government Areas of the state.”

Sule highlighted some of the industries to include: Olam Rice in Doma LGA, Dangote Sugar Refinery – Awe LGA, Flour Mill Nigeria PLC and Azman Rice Farm both – Toto LGA, and the Gudi Marble Industry in Akwanga LGA.

“More than 30 per cent of the Marble being sold in the Federal Capital Territory (FCT) – Abuja today is from Nasarawa State,” he added.

In the agricultural sector, the governor maintained that his administration had constructed so many rural roads that were facilitating easy transportation of people and farm produce from rural communities to urban centres.

“We have also invested hugely in security to ensure that farmers and herders go about thier economic activities without any fear of being attacked,” Sule stated.



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Founded on January 22, 1995, THISDAY is published by THISDAY NEWSPAPERS LTD., 35 Creek Road Apapa, Lagos, Nigeria with offices in 36 states of Nigeria , the Federal Capital Territory and around the world. It is Nigeria’s most authoritative news media available on all platforms for the political, business, professional and diplomatic elite and broader middle classes while serving as the meeting point of new ideas, culture and technology for the aspirationals and millennials. The newspaper is a public trust dedicated to the pursuit of truth and reason covering a range of issues from breaking news to politics, business, the markets, the arts, sports and community to the crossroads of people and society.

Gains in Dangote Cement, MTN Boost Market Cap by N145bn
3′
Breaking News
Gains in Dangote Cement, MTN Boost Market Cap by N145bn
Business | 3 hours ago
Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) last week extended its positive run for the third consecutive week, primarily driven by the gains in Dangote Cement Plc and MTN Nigeria Communications stocks.

Thus, NGX All-Share Index notched a 0.48 per cent week-on-week (W-o-W) gain to close at 55,794.51 basis points as the market capitalisation appreciated by N145 billion W-o-W to close at N30.395 trillion.

Across the sectors last week, performance was largely on a mixed trend. Thus, there were declines in the NGX Banking, NGX Consumer Goods, and NGX Oil & Gas indices of 1.82 per cent, 0.26 per cent, and 3.82 per cent from the previous week, while positive price movement was seen in the NGX Industrial Goods index and NGX Insurance index with a gain of 1.71 per cent and 0.70 per cent respectively through the week as investors posed their expectations for the dividend season.

However, market breadth for the week was negative as 22 equities appreciated in price, 41 equities depreciated in price, while 94 equities remained unchanged. Julius Berger Nigeria led the gainers table by 10 per cent to close at N26.95, per share. Trans-Nationwide Express followed with a gain of 9.88 per cent to close at 89 kobo, while International Energy Insurance went up by 8.33 per cent to close to N1.30, per share.

On the other side, MRS Oil Nigeria led the decliners table by 18.99 per cent to close at N27.95, per share. Conoil followed with a loss of 18.89 per cent to close at N38.00, while FTN Cocoa Processors declined by 13.33 per cent to close at 26 kobo, per share.

Overall, a total turnover of 1.023 billion shares worth N20.221 billion in 18,650 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.910 billion shares valued at N18.436 billion that exchanged hands last week in 20,311 deals.

The Financial Services Industry (measured by volume) led the activity chart with 414.427 million shares valued at N5.646 billion traded in 8,136 deals; contributing 40.50 per cent and 27.92 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 307.868 million shares worth N479.512 million in 1,122 deals, while the Industrial Goods Industry traded a turnover of 104.234 million shares worth N10.354 billion in 1,334 deals.

Trading in the top three equities; Transnational Corporation, Guaranty Trust Holding Company (GTCO) and BUA Cement accounted for 447.809 million shares worth N9.556 billion in 2,018 deals, contributing 43.76 per cent and 47.26 per cent to the total equity turnover volume and value respectively.

Meanwhile, analysts said that the positive performance witnessed in the Nigerian equities market is expected to be maintained this week.

The market last week sustained its positive momentum despite the seesaw movement that resurfaced through the week as a result of the portfolio reshuffling exercise by equity investors ahead of more dividend announcements by listed companies. While the benchmark index moves further towards the 56,000 psychological mark based on its strong momentum, the audited financials and corporate actions are expected to give clear direction to the market notwithstanding the uncertainties associated with the general elections.

Cordros Securities Limited said “we expect market performance to be dominated by the bulls in the week ahead, as we expect investors to take positions in stocks with attractive dividend yields. However, we envisage an undulating pattern will emerge as intermittent profit-taking activities will likely persist.

“Overall, we advise investors to seek trading opportunities in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings.”

Afrinvest Limited said that “despite the downbeat investor sentiment, we expect the market to trend upwards as investors continue to react to corporate earnings results.”

In the new week, Cowry Assets Management Limited expected “a mixed trend to continue in the market as investors react to the dividend and position for the anticipated financials from primarily tier-one banks.

“While market players place their bull’s eye on dividend-paying companies and defensive stocks to protect their portfolios ahead of the governorship election and post dividend adjustment, we advise investors to trade companies with sound fundamentals and, as such, should take advantage of price corrections in line with domestic and global trends.”



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Founded on January 22, 1995, THISDAY is published by THISDAY NEWSPAPERS LTD., 35 Creek Road Apapa, Lagos, Nigeria with offices in 36 states of Nigeria , the Federal Capital Territory and around the world. It is Nigeria’s most authoritative news media available on all platforms for the political, business, professional and diplomatic elite and broader middle classes while serving as the meeting point of new ideas, culture and technology for the aspirationals and millennials. The newspaper is a public trust dedicated to the pursuit of truth and reason covering a range of issues from breaking news to politics, business, the markets, the arts, sports and community to the crossroads of people and society.

MTN, Dangote Cement, 12 Others Pay Revenue Agencies N461.2bn Amid Multiple Taxations
4′
Breaking News
MTN, Dangote Cement, 12 Others Pay Revenue Agencies N461.2bn Amid Multiple Taxations
Business | 5 hours ago
Kayode Tokede

Amid multiple taxations, the audited results released so far by 14 companies listed on the Nigerian Exchange Limited (NGX) revealed that MTN Nigeria Communication Plc, Dangote Cement and 12 others paid a total of N461.2 billion as tax in 2022 to the Federal Inland Revenue Service (FIRS), other tax authorities in Nigeria and African countries where they operate.

The amount paid last year represents an increase of 10.7 per cent over the N416.64 billion reported by these 14 companies in the 2021 financial year.

The sectors covered by THISDAY are companies in the cement manufacturing, petroleum marketing, telecommunication, Fast-moving consumer goods (FMCG), among others are top players in other African countries.

The 14 firms reported a whopping sum of N1.09 trillion in profit after tax in the period under review, an increase of 12.6 per cent from N965.4 billion reported in 2021.

Their companies’ tax expenses contributed to N2.83 trillion company income tax paid in 2022 financial year, according to the National Bureau of Statistics (NBS) in its latest company income tax report provided by the Federal Inland Revenue Service (FIRS).

Companies operating in Nigeria are required by law to remit tax income to state, federal government agencies, among other agencies where they operate.

Aside from paying the statutory rate of 30 per cent of total profit as the company’s income tax, companies operating in Nigeria are meant to pay Tertiary Education Tax, National Information Technology Development Agency (NITDA) Tax and Nigeria Police Trust Fund Levy.

The tertiary education tax is imposed on every Nigerian company at the rate of 2.5 per cent of the assessable profit for each year of assessment, while the Act that established the Nigeria Police Trust Fund was meant to receive funds from a levy of 0.005 per cent of the net profit of companies operating a business in Nigeria and other various sources, which will be utilized for the training and welfare of personnel of the Nigeria Police Force.

THISDAY analysis of the results showed that MTN Nigeria Communication, followed by Dangote Cement paid the highest tax to revenue-generating agencies where they operate in 2022.

As MTN Nigeria Communication reported N175.1 billion tax expenses in 2022, an increase of 27 per cent from N138.03 billion in 2021, Dangote Cement declared N141.69 billion tax expenses in 2022 from N173.93 billion in 2021.

The combination of Dangote Cement, Dangote Sugar Refinery and Nascon Allied Industries where Aliko Dangote has a major stake as Chairman and investors paid a total sum of N172.16 billion as tax expenses in 2022 from N187.16billion in 2021.

Commenting, the CEO, MTN Nigeria, Mr. Karl Toriola in a statement stated that, “Compliance remains at the heart of our business and embedded in the strategic priorities that underpin our Ambition 2025 strategy.

“Accordingly, we are pleased to have been recognised by the NGX as the listed company with the highest level of compliance with the Rules of the Exchange and other applicable laws and regulations.

“This follows our recognition by FIRS as one of the most tax-compliant organisations in Nigeria. These demonstrate our commitment to and track record of compliance and sound governance.

“Our Road Infrastructure Tax Credit (RITC) project reached a significant milestone with the Federal Executive Council’s approval to restore and refurbish the 110-kilometre Enugu-Onitsha Expressway. This has paved the way for the commencement of the project, which, once completed, will positively impact the lives of Nigerians and contribute to the country’s overall economic growth.”

Analysts have expressed the importance of companies remitting taxes to government agencies, stressing on the role played by listing on the Exchange that gives room for companies to be transparent in tax payment to government agencies where they operate.

Capital market analyst, Mr. Rotimi Fakeyejo said the failure to pay tax might force the government to shut branches and truncate operations, stating that the tax system in Nigeria must be streamlined to enhance effective remittance in order not to create dispute between the company and government.

Fakeyejo, however, added that tax remittance is meant to facilitate economic growth and companies must always oblige in promoting remittance, most especially to state governments where they have branches.

According to him, taxes paid by companies are based on laws and regulations, stressing that companies are meant to play by the rules, which has to do with full disclosure.

He explained further that, “A good number of income that companies generate are exempted from tax. Banks are not meant to pay tax income on treasury Bills, government bonds and agriculture loans.

“If you take all of those, sometimes you will find out that tax banks are paying effectively on their profit, maybe less compared to manufacturing companies, not that they are not deliberately not paying taxes.”

He stressed the need for banks to come together and make a total tax income contribution to the country’s Gross Domestic Product (GDP).

On his part, Vice-President, Highcap Securities Limited, Mr. David Adnori stated that listed companies over the years maintained stronger profit, which is meant to contribute to government tax revenue.

He expressed that most companies that were reluctant to come to the stock market were hiding their financials or were scared of take-over by wealthy Nigerians.

He said: “Once the government can work together with the FIRS to enforce tax laws, there would be no hiding place for companies. Thus, they will be forced to come to the market.”



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Founded on January 22, 1995, THISDAY is published by THISDAY NEWSPAPERS LTD., 35 Creek Road Apapa, Lagos, Nigeria with offices in 36 states of Nigeria , the Federal Capital Territory and around the world. It is Nigeria’s most authoritative news media available on all platforms for the political, business, professional and diplomatic elite and broader middle classes while serving as the meeting point of new ideas, culture and technology for the aspirationals and millennials. The newspaper is a public trust dedicated to the pursuit of truth and reason covering a range of issues from breaking news to politics, business, the markets, the arts, sports and community to the crossroads of people and society.