Dangote Group is most tax-compliant business organisation in Nigeria, says FIRS

*Nigeria’s Federal Inland Revenue Service at the just concluded Lagos International Trade Fair adjudged Dangote Industries Limited as the ‘Most Compliant Taxpayers’ in the country, just as the Dangote Group and its subsidiaries win big at both FIRS, FMDQ Awards 

Isola Moses | ConsumerConnect

Dangote Industries Limited (Dangote Group) has been named as Nigeria’s best compliant taxpayer business organisation and FMDQ Gold Award Winner for being the most active corporate organisation in the Foreign Exchange (Forex) market.

The conglomerate, in a statement, Sunday, November 10, 2024, described the weekend as “a season of award” for the Dangote Group and its subsidiaries in the Nigerian economy.

Dangote Industries Limited (DIL) and Bluestar Shipping, a subsidiary, were recognised as the most compliant in tax payments in the country ahead of the MTN Communications Nigeria Plc.

The country’s leading cement manufacturer, Dangote Cement Plc on another occasion, won three awards at the FMDQ Gold Awards held in Lagos.

It stated during the Special Day of the Federal Inland Revenue Service (FIRS) at the just concluded Lagos International Trade Fair (LITF), the country’s tax regulators adjudged Dangote Industries Limited as the most compliant taxpayers in Nigeria.

In a related development, the Group stated the Dangote Cement Plc also emerged as the Largest Commercial Paper Quotation on FMDQ and Single Largest Corporate Debt Issue on FMDQ.

Dangote Industries Limited as well emerged as the “Most Active Corporate in the Foreign Exchange Market”.

The FMDQ GOLD Awards, (Global Competitiveness, Operational Excellence, Liquidity and Diversity), is a corporate tradition that recognises the resilience and agility of the Nigerian financial markets’ participants.

Commenting on the latest array of awards for the business organisation, Dangote noted the FMDQ GOLD Awards particularly, acknowledges “the valuable efforts of these stakeholders, whose participation in the FMDQ markets and across the financial market infrastructure value chain of FMDQ’s businesses – Securities Exchange, Central Counterparty and Depository – have positively shaped the course of the markets and invariably impacted the development of the Nigerian economy.”

The conglomerate stated that two companies from the Dangote stable, Dangote Cement and Blue Star Shipping were recognised at the weekend by the Federal Inland Revenue Service (FIRS) as being among the most compliant taxpayers.

As part of its Special Day activities at the 2024 Lagos International Trade Fair, the FIRS celebrated several business organisations for their high levels of tax compliance.

Dangote Cement was recognised in the biggest taxpayer category in the part of the programme tagged “FIRS compliant taxpayers awards and recognition”, it said.

Several speakers at the event including FIRS State Administration Lagos Mainland, Ishola Akingbade, who represented the Chairman of FIRS commended these companies for their high levels of compliance which makes tax administration easy.

Dr. Titi Fowokan, Head of Tax Compliance at Dangote Industries Limited, (DIL) speaking on the journey leading to the recognition by FIRS stated that “Dangote as a Group has a Tax Policy that is based on zero tolerance for tax non-compliance.

“As good corporate citizens, we comply with all relevant laws, including tax laws.

“Also, complying with the tax payment statutory deadlines ensures that we do not fall foul of the law, which stipulates penalties for non-compliance.”

According to her, Dangote Group achieved compliance by putting in place world class processes that align with the requirements of the tax laws and regulations, putting into consideration the need to strictly adhere to statutory timeliness and eliminate costs of non-compliance.

Dr. Fowokan stated: “We pride ourselves in the Dangote Brand and seek to promote a tax compliance culture, which demonstrates our corporate responsibility to the government for the provision of public goods and services for the citizens.”

She further explained that the company as part of steps to achieve compliance maintained its best practice tax governance culture, ensured ⁠accurate tax computation and timely remittance to avoid penalties and interest arising from tax compliance defaults.

The Dangote Group Head of Tax Compliance also affirmed that these steps helped to minimise tax audit risks & avoid incidence of tax litigations.

Dangote Industries Limited (Dangote Group) is one of Africa’s largest industrial conglomerates.

It is a diversified and fully integrated conglomerate. It has been a key investor in the Nigerian economy.

The Group’s interests include cement, sugar, salt, fertiliser, agriculture, transport, packaging and real estate, the oil and gas, petrochemical, and steel sectors of the economy.

The core business focus of the Group, which started operations in 1978, is to provide local, value-added products and services that meet the ‘basic needs’ of the populace.

Through the construction and operation of large-scale manufacturing facilities in Nigeria and across 17 other African countries, Dangote Group is focused on building local manufacturing capacity to generate employment, prevent capital flight and provide locally produced goods for the people.

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