A report by Next Money has disclosed that Dangote Cement Plc and MTN Nigeria Plc paid the highest corporate income taxes to the Federal Government in 2020.
Dangote Cement paid N97.24bn in CIT to FG making it the highest remitter of taxes for the year while MTN came second with a N93.6bn payout.
Guaranty Trust Holding Company Plc was third with a CIT of N36.66bn.
A statement from Dangote Industries Limited quoted the report as ranking Dangote Cement as the most capitalised in the country at M4.17tn and also the largest corporate employer with 16,199 employees.
The publisher of Next Money, Mr Ray Echebiri, was quoted as saying that the performance index analysis of companies listed on the Nigerian Exchange Limited established the best performers.
According to him, the exercise was done to provide existing and potential investors with reliable information before making investment decisions.
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He was quoted as saying, “The first step we take in the analyses is to extract the total assets of each of the listed companies from their audited accounts.
“We sorted the total assets of the companies from the largest to the smallest and cut off at the 100th. We tagged a hundred companies that emerged from this exercise ‘Nigeria’s Top 100 Companies.”
Echebiri added that any company that made it to the corporate elite club of Nigeria’s Top 100 Companies was automatically a candidate for further ranking by revenues, profits, market capitalization, number of employees and tax payment.