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Ahead New Tax Regime, 28 NGX Listed Coys Remit N3.06trn to Revenue Agencies

Ahead New Tax Regime, 28 NGX Listed Coys Remit N3.06trn to Revenue Agencies

Kayode Tokede 

Ahead of the January 1, 2026 new tax regime take off, Seplat Energy Plc and 27 other companies listed on the Nigeria Exchange Limited (NGX), paid a whooping N3.06 trillion in taxes to the Federal Inland Revenue Service (FIRS) and other revenue agencies in nine months of 2025.

This represents about 176 per cent increase over N1.11 trillion paid in the corresponding period of 2024. 

The firms, listed in the telecommunication, banking, cement manufacturing, agro-allied, petroleum marketing, power generating, breweries, Fast-Moving Consumer Goods (FMCG), sectors play a critical role in Nigerian economy.

During the period under review, the 28 companies generated an estimated N7.6 trillion profit, about 77.4 per cent increase over N4.3 trillion in 2024.
Extracts from their nine months 2025 unaudited results released to the NGX revealed that Seplat Energy paid the highest tax, followed by Ecobank Transnational Incorporated   MTN Nigeria Communications Plc and Dangote Cement Plc.

According to the results, Seplat Energy paid N732.35 billion, representing an increase of 133 per cent from N313.93 billion paid in nine months of 2024.
Seplat in a statement noted that, “The income tax expense of N732.4 billion for the interim period includes a current tax charge of N731.4 billion and a deferred tax credit of N0.98 billion based on the nine months of 2025 projected effective tax rate (ETR) of 83per cent

“This approach is in line with IAS 34 30c which states: “Income tax expense is recognized in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year. Amounts accrued for income tax expenses in one interim period may have to be adjusted in a subsequent interim period of that financial year if the estimate of the annual income tax rate changes.

“The split between current and deferred tax charge was determined using management’s estimate of the full year weighted average effective annual income tax rate expected for individual taxable entities within the group.”

For Ecobank Transnational Incorporated, the   Pan-African financial institution tax expenses stood at N302.88 billion, up by 39.8 per cent from N216.61 billion in nine months of 2024. MTN Nigeria declared N376.3billion tax expenses during the period, as s against tax income of N198.7 billion in nine months of 2024.                
The telecommunication company reaffirmed its position as a cornerstone of the nation’s economy, revealing that its cumulative tax, levies, and duties contributions have now exceeded N6.9 trillion.

The company’s tax payments span corporate taxes, spectrum fees, regulatory charges, and statutory levies, placing MTN among Nigeria’s top corporate taxpayers.

MTN Nigeria’s robust tax contributions are backed by strong operational performance. The company reported a 57.5 per cent rise in service revenue to N3.73 trillion in nine months of 2025, driven by growth across data, voice, and digital services.

After reversing last year’s losses, MTN posted a Profit After Tax (PAT) of N750.2 billion in nine months of 2025, reaffirming its status as one of the country’s most profitable non-oil corporations.

In addition, Dangote Cement in nine months of 2025 paid N297.7 billion tax, a growth of 134 per cent from N127.29 billion in nine months of 2024.

Dangote Cement was named as the most tax-paying compliant organisation in Nigeria in 2025 by the tax authority, Federal Inland Revenue Services.

Aside from paying the statutory 30 per cent income tax (reduced to 25 per cent from 2026), companies operating in Nigeria are meant to pay Education tax, National Information Technology Development Agency (NITDA) tax, National Agency for Science and Engineering Infrastructure (NASENI) levy 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 utilised for the training and welfare of personnel of the Nigerian Police Force.

President Bola Tinubu had approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms and appointed Taiwo Oyedele as the chairman of the committee.

The government said the establishment of the committee reflects Tinubu’s commitment to addressing challenges and bringing about transformative reforms in fiscal policy and taxation.

Analysts noted 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.

They added that the new government reforms may hike tax expenses on listed companies.

Speaking with THISIDAY, the Vice-President, Highcap Securities Limited, Mr. David Adnori hinted that listed companies may be paying more taxes this year, stressing on its importance on shareholders’ return.

He expressed that failure to pay tax by listed companies 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 the government.

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

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Kayode Tokede  Ahead of the January 1, 2026 new tax regime take off, Seplat Energy Plc and 27 other companies listed on the Nigeria Exchange Limited (NGX), paid a whooping N3.06

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• November 25, 2025
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NAICOM Underscores Importance of Performance Management

NAICOM Underscores Importance of Performance Management

Ebere Nwoji

The National Insurance Commission( NAICOM), has underscored the importance of   Performance management in the life of institutions saying it has remained the foundation of any effective institution.

NAICOM, stated this at  a performance management workshop held in Ikot-Ekpene, Akwa Ibom State.

Addressing  participants, the Deputy Commissioner for Insurance Technical, Dr. Usman Jankara  who represented the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, said given all important nature of  performance management, NAICOM would embark on decisive push towards strengthening institutional accountability and operational excellence.

Jankara, said the workshop marked a strategic move to embed a performance-driven culture across the Commission.

He said for NAICOM, it was  central to align the efforts of every staff member with the Commission’s long-term vision of a safe, stable, and globally competitive insurance sector capable of supporting Nigeria’s economic ambitions.

He outlined NAICOM’s five strategic goals as policyholder protection, supervisory efficiency, financial stability, innovation and sustainability, and expanded insurance penetration.

He emphasised that these priorities were  supported by targeted objectives including risk-based supervision, digital transformation, improved governance, and strengthened claims management, insisting  that without an internal culture grounded in clarity and accountability, even the most well-designed reforms would fall short.

He said to reinforce its strategy, NAICOM was adopting the globally recognised objectives and key results (OKR) framework.

He noted  that the system linked qualitative objectives with quantitative measures, enabling teams to focus on outcomes rather than processes.

According to Jankara, the OKR model was particularly suited to mission-driven public institutions, promoting transparency, alignment, and measurable impact.

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Ebere Nwoji The National Insurance Commission( NAICOM), has underscored the importance of   Performance management in the life of institutions saying it has remained the foundation of any effective institution.

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• November 25, 2025
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LASTCOC Commends NPA over Improved Traffic Flow at Apapa

LASTCOC Commends NPA over Improved Traffic Flow at Apapa

The Lagos State Truck and Cargo Operators Committee (LASTCOC) has applauded the round-the-clock presence of the Apapa Port Manager in ensuring improved traffic flow that has enhanced the movement of export trucks into the Lagos Port Complex (LPC).

Repair works on the Marine Bridge by the Federal Ministry of Works had recently triggered a resurgence of gridlock along the Ijora–Apapa access roads, leaving import and export trucks stranded for hours.

The Chairman of LASTCOC, Mr Shittu Lukmon, in a statement, said the daily 24-hour engagement of the Nigerian Ports Authority (NPA) leadership has significantly enhanced traffic conditions on port access roads and eased congestion at the Export Processing Terminals (EPTs) across Lagos.

Despite the ongoing repair works, NPA management has consistently ensured the seamless movement of inward and outward vehicles along the Apapa corridor thereby reducing the impacts of temporary delays caused by the construction activities

Lukmon praised the Apapa Port Manager’s commitment and dedication to duty, noting that the trucking community has every reason to support his efforts toward ensuring a more efficient port system at the Lagos Port Complex.

“This is commendable work from the Apapa Port Manager. I have never seen a port manager like him. I’ve seen him at the port on Saturdays and Sundays, making sure the entire system runs seamlessly,” he said.

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The Lagos State Truck and Cargo Operators Committee (LASTCOC) has applauded the round-the-clock presence of the Apapa Port Manager in ensuring improved traffic flow that has enhanced the movement of

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DBN Drives Momentum for Women-led MSMEs, Unveils Investor-ready Venture

DBN Drives Momentum for Women-led MSMEs, Unveils Investor-ready Venture

Nume Ekeghe

Women-led enterprises took the spotlight as the Development Bank of Nigeria (DBN), with support from Agence Française de Développement (AFD) and Sterling One Foundation, convened investors, ecosystem players and high-growth female founders for the Women Investment Readiness Accelerator (WIRA) Demo Day in Lagos.
The event reaffirmed DBN’s expanding role in strengthening Nigeria’s MSME landscape particularly for women entrepreneurs who remain essential contributors to job creation, innovation and inclusive economic growth.

Sterling One foundation in a statemnt noted that the Demo Day marked the culmination of an intensive accelerator cycle funded and championed by DBN, featuring structured capacity-building, mentorship, and hands-on business development support for women-led enterprises across agriculture, food processing, waste management, retail, technology, fashion and other impact-oriented sectors. A major highlight was the pitch showcase, where founders presented refined, scalable business models to investors, financial institutions and business support organisations unlocking pathways to funding, partnerships and market expansion.

Speaking at the Demo Day, Managing Director/CEO of Development Bank of Nigeria Plc, Dr. Tony Okpanachi, underscored the value of sustained investment in women-led enterprises. “What we witnessed here today confirms that investing in women entrepreneurs yields measurable economic and social impact. Their businesses are innovative, resilient, and positioned for scale. At DBN, we remain committed to ensuring that women-led MSMEs have access not just to financing, but to the knowledge, networks, and market opportunities that enable sustainability and growth. This Demo Day is a clear step forward in strengthening Nigeria’s entrepreneurial landscape,” he said.

Also addressing participants, CEO of Sterling One Foundation, Olapeju Ibekwe, stressed the importance of platforms that elevate women’s business leadership and visibility. “The women we celebrated today are solutions-builders. They are tackling real challenges with creativity and determination. But potential alone is not enough — support, connections, and capital are essential. Through WIRA, our goal has been to close the financing and opportunity gap by providing more than training — we provided guidance, confidence, and access. Today’s pitches are proof of what happens when women are empowered to take up space and lead boldly,” she stated.

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Nume Ekeghe Women-led enterprises took the spotlight as the Development Bank of Nigeria (DBN), with support from Agence Française de Développement (AFD) and Sterling One Foundation, convened investors, ecosystem players