Economy
Companies Pay N392.8bn Income Tax to Government in Q1 2021
By Dipo Olowookere
In the first quarter of 2021, companies operating in Nigeria remitted not less than N392.8 billion to the government as income tax.
Data released by the National Bureau of Statistics (NBS) showed that this was 32.8 per cent higher than the N295.7 billion paid as Company Income Tax (CIT) in the first quarter of 2020 and also 32.8 per cent higher than the N295.7 billion remitted in the fourth quarter of last year.
Business Post observed that out of the total amount generated in Q1 2021, N152.33 billion was raked locally, while N184.59 billion was from foreign CIT payment, with the balance of N55.85 billion generated from other payments.
The stats office disclosed that breweries, bottling and beverages generated the highest amount of CIT with N23.3 billion and was closely followed by professional services including telecoms with N18.2 billion and state ministries & parastatals with N17.4 billion.
For the least CIT generated in the period under consideration, it was the textile and garment industry with just N13.5 million. Mining generated N34.4 million, while automobiles and assemblies raked N73.57 million.
A look at some key sectors of the economy showed that banks and financial institutions had a CIT of N9.3 billion, lower than N13.0 billion in Q1 2020 and N10.4 billion in Q4 2020.
Commercial and trading had N13.5 billion in the first three months of this year, higher than the N11.9 billion in the same period of last year and lower than the N19.4 billion in the last quarter of 2020.
In the period under review, federal ministries and parastatals had a CIT of N6.4 billion, lower than N7.0 billion in Q1 2020 and slightly higher than the N6.3 billion in Q4 2020, while hotels and catering had N789.8 million, lower than N1.3 billion recorded in the first three months of last year and higher than N746.5 million in the fourth quarter of last year.
For oil-producing, the CIT in Q1 2021 was N15.4 billion, higher than the N9.4 billion declared in Q1 2020 and the N11.1 billion declared in Q4 2020, while other manufacturing recorded N16.3 billion in the period under review, higher than N14.1 billion in the corresponding period of last year but lower than the N25.6 billion recorded in the previous quarter, Q4 2020, with properties and investments raking N1.1 billion as CIT in Q1 2021, marginally higher than N1.0 billion in Q1 2020 but flat at N1.1 billion raked in the fourth quarter of 2020.
Business Post reports that big organisations with over N100 million gross turnover are required to pay 30 per cent of the revenue, while firms with more than N25 million revenue pay 20 per cent, with companies raking less than N25 million not required to pay CIT.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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