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).