Q1 2021: Dangote Cement Pays More Tax Than GTBank, 12 Other Banks Combined-Report

Dangote Cement Plc, a multinational publicly traded cement manufacturer, is said to have paid a total sum of N40.36 billion as income tax between January and March 2021.

News Rain Nigeria gathered that for the period under review, Dangote Cement’s paid tax was almost equivalent to what 13 banks paid as tax combined.

As seen in the Nigerian Stock Exchange’s (NSE), ‘Company Income Tax Q1’2021, the cement manufacturer recorded a N332.65 billion revenue, out of which the income tax was paid.

Q1 2021: Dangote Cement Pays More Tax Than GTBank, 12 Other Banks Combined-Report

On the other hand, the 13 banks which include –Sterling Bank, Access Bank, GTBank, and Ecobank recorded gross earnings of N1.23 trillion out of which N42.26 billion was paid as taxable income.

Meanwhile, in its Q1 2021 Unaudited results for the period ended Wednesday, March 31, 2021, Dangote Cement’s revenue was disclosed to have grown by 34% to N333 billion from N249 billion in the previous quarter.