- July 15, 2021
- Posted by: adminer
- Category: Finance, Trade and Industry
Dangote Cement Plc and Dangote Industries Limited are the highest revenue contributors to Nigeria’s solid mineral sector in 2019, Nigeria Extractive Industries Transparency Initiative (NEITI) reports.
The Spokesman for Dangote Group, Mr Francis Awowole-Browne, said in a statement that NEITI revealed in its 2019 Audit Report that the two companies contributed about N778.28 million, representing 31 per cent of the N79.96 billion generated in 2019.
The NEITI’s 2019 Audit Report was signed by Mr Orji Ogbonaya Orji, its Executive Secretary.
Specifically, Dangote Cement Plc’s revenue contribution stood at N635.52 million, while Dangote Industries Limited’s revenue was at N142.76 million, representing 25.40 per cent and 5.71 per cent of the total revenue.
The report named the top five companies that contributed significantly to revenue from the solid mineral sector to include Dangote Cement Plc, Dangote Industries Limited, Lafarge PLc, Julius Berger, and Reynolds Construction.
According to the report, out of 702 companies that paid royalties to the government in 2019, only 74 companies met the materiality threshold of three million Naira.
“These 74 companies accounted for 87.63 per cent of total royalties of N2.50 billion paid in 2019, with the top 5 companies (Dangote Cement PLC; Lafarge PLC; Dangote Industries; Julius Berger; and Reynolds Construction) paying more than 50 per cent of total royalties.