Enugu State governor, Dr. Peter Mbah, has announced plans by his administration to set up a committee to look into allegations of tax increase in the state, explaining that his administration had only widened the tax net without increasing the tax rate.

Mbah, who also explained that the surge in the state’s Internally Generated Revenue, IGR, were due to the introduction of e-payment and technology by his administration to plug revenue leakages, what he described as false narratives on taxation in Enugu State on beneficiaries of the old order of corruption in revenue collection in the state.

The governor stated this while fielding question during a media chat with journalists at Government House, Enugu, during the week.

Recall that Enugu State raked in N180.05 billion, up from N37 billion in 2023, to rank 5th on 2024 IGR table of the 36 states and FCT released by the National Bureau of Statistics about a fortnight ago.

Lagos state ranked 1st with N1.26 trillion, Rivers State placed second with 317.3 billion, FCT ranked 3rd with N282.3 billion, while Ogun State ranked 4th with N194.9 billion.

Diffusing the allegation of high tax burdens by the opposition in the state, Mbah said, “The Taxation thing that you hear is actually misplaced. But I have also committed to setting up a committee that will include the market unions, the civil society organisations, non-governmental organisations, and other relevant groups, so that they can do a review of what is happening in our tax space and come up with a report.

“My belief is that based on what we have done so, we have not increased the tax rate. In fact, even under the laws, we are not able to do that. This is because the issue of personal income tax or company income tax is a matter that is legislated by the National Assembly. That is to say that those rates can only be adjusted by laws made by the National Assembly. Those numbers there were not legislated by the Enugu State House of Assembly but by the federal legislature.

“The only thing we did, which is something we believe that is now being politicised, is that we displaced some entrenched interests because we have plugged the leakages we had in the system before now. Payments are now made directly to the state coffers. We now have e-payments. The era of people going to market with paper and harassing people like drivers and Keke to collect cash payments from them is gone.

“Once you initiate programmes and policies like this, you will be displacing some entrenched intrests and be sure to know that they will fight back. They won’t just go down without fighting.

“This falsehood is also narrated in such a way that if you have not done your own independent investigation, you will not know. You may be tempted to agree that the narrative is true.

“But that notwithstanding, as a leader, we must be listen I believe that we need to probe further to know perhaps there are somethings we are not aware of. This is why I said let us constitute the committee and it will be done pretty soon.”

Shareholders of Dangote Cement Plc have received over N3.3 trillion in dividends over the last 15 years. Aside from this impressive dividend payout, the shareholders have also significantly benefited from the capital appreciation of the cement stock.

The benefits to the shareholders were disclosed on the floor of the Nigerian Exchange last Wednesday during the “Facts Behind the Figure” presentation, by the Management and Board of Dangote Cement, which was ably led by the new Chairman, Mr. Emmanuel Ikazoboh.

Ikazobor who just assumed the position of the chairman from Aliko Dangote, thanked the shareholders for standing by the company, while also assuring them of consistent good returns on their investments.

He said Dangote Cement remains resolute in transforming Africa by creating sustainable value for all its stakeholders, as it will do all to achieve its vision of making Africa self-sufficient in cement and clinker. 

He stated that: “To our investors, you have my unwavering commitment to safeguarding and growing your investment. To our regulators and market operators, you have my pledge of continued partnership and adherence to governance standards that lead rather than follow. To our employees and partners, you have my gratitude and my assurance that our collective strength will propel us to achievements we haven’t yet imagined.”

Speaking further on the future of the company, the Chief Executive of the company, Arvind Pathak, said: “We aim to expand installed capacity to 66.4Mta by 2030, supporting our long-term vision of making Africa self-sufficient in cement and clinker production. This growth will be driven by a mix of greenfield and brownfield projects.”

He revealed that the company has commissioned the first phase (1.5Mta) of its 3Mta Côte d’Ivoire plant, while construction of the 6Mta integrated Itori Plant continues to advance steadily. In addition, the company, according to him, has announced a $400 million investment to double its production capacity in Ethiopia.

He added that: “Over the past 15 years, DCP has committed more than $8.5 billion in capital investments across Africa, underscoring our long-term confidence in the region’s growth prospects.”

The Group Chairman of the Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, praised the President/Chief Executive, Dangote Group, Aliko Dangote, for his substantial contributions to the Nigerian capital market and private sector development. He said the former Chairman of Dangote Cement, who is also his mentor, has clearly shown that wealth can be created but also transferred to the public through the capital market.

Group Managing Director and Chief Executive of the Nigerian Exchange Group, Temi Popoola, also lauded the new Management and Board of Dangote Cement, noting that with Mr. Ikazoboh as the Chairman, the shareholders will surely be happy.

It would be recalled that the shareholders of the company, in its last Annual General Meeting (AGM) for the year 2024, were full of praise for the Board, Management, and staff of the company after approving a dividend payout of N502.6 billion, which translated to N30 kobo per share. 

The company, in the same vein, also significantly increased its social investments by 469.8 per cent to N3.2 billion. The corporate social responsibility (CSR) activities were in education, healthcare, agriculture, infrastructure, and economic empowerment. 

President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Faruk Umar, said the shareholders were pleased with Aliko Dangote and his team. He said that for the company to still pay a robust dividend despite the obvious economic challenges, which also affected their operations, shows the doggedness and fighting entrepreneurial spirit of the management of the company. 

According to him: “We are happy with this result. The year 2024 was very challenging due to the fluctuations in the foreign exchange market and the company’s expansion programme. But despite all these challenges, the company was still able to pay us a very good dividend and even gave us hope of better returns on our investments in the years to come. This is very commendable, and it is only a company like Dangote Cement that can achieve this laudable feat.”

Chairperson of the Pragmatic Shareholders Association of Nigeria, Bisi Bakare, also commended the company’s consistent dividend payment, noting that the company is moving in the best way of corporate governance. He stated that: “As a shareholder and an active investor of this company, I am very happy and pleased with the performance of our company so far. The earnings are not even up to N30 per share, and for the company to still declare N30 per share dividend speaks volumes of the quality of leadership that we are lucky to have in Dangote Cement. It should also be noted that Dangote Cement is the only manufacturing company that paid the highest dividend in the year under review. So, we are happy and very proud to be part of this company.”

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO, B. Adedipe & Associates Limited, says fintech and financial inclusion are not only contemporary in the Nigerian financial ecosystem, they also hold exciting promises in the transition of the Nigerian economy from jobless growth of over two decades now, to inclusive and sustainable growth that assures shared prosperity for all stakeholders.

Adedipe added that over $2 billion were invested in fintech and startups by over 50 angel investors and venture capitalists in 2024.

Delivering the keynote paper at the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 in Lagos, Adedipe described financial inclusion as a critical driver of economic growth and poverty alleviation.

“This makes financial inclusion critical to developing economies, especially those like Nigeria that have been experiencing jobless growth in the last 20 years thereabout and also deep in multi-dimensional poverty. The real challenge resides at the bottom of the pyramid where there is not only poor access to finance but also lack of the basic elements that define good quality of life.”

In its 2023 survey, EFInA reported 64% financial inclusion in Nigeria, driven by marginal growth in the banked population and major gains in non-bank formal adoption.

He listed the opportunities of both fintech and financial inclusion in Nigeria to include youthful and tech savvy population, increasing demand for financial services, unbanked and under-served population, significant informal economy estimated at 54% to 58% of Nigeria’s Gross Domestic Product (GDP) and necessity-based entrepreneurship, which is a rampant phenomenon in fragile economies where informal economic activities and low income are pervasive.

Adedipe said the challenges facing the Nigerian economy in terms of fintech and financial inclusion include the ability and capacity of the Central Bank of Nigeria (CBN) in promoting and regulating the two concepts effectively.

He listed past and current CBN interventions as the National Financial Inclusion Strategy, National FinTech Strategy, Strategy for Leveraging Agent Networks to Drive Women’s Financial Inclusion and Payment System Vision 2025.

Other key pitfalls to avoid are measuring, identifying and filling gaps, consumer protection and awareness, cost and affordability, technology and infrastructure.

The economist added that both regulators and operators also face significant risks – market, structural, strategic, cybersecurity and operational, as well cultural barriers and gender bias, and credit assessment and KYC.

“If Nigeria (or any developing country for that matter) will maximally benefit from financial inclusion and the deep role that fintech plays in that process, there must be a balance of interests. That balance will be effective only if all stakeholders collaborate (no one seeking to take advantage of the other) and maintain tight focus on the over-arching purpose of inclusive growth and shared prosperity.”

He said for Nigeria to have an inclusive financial system, policies, regulations, products, services, technology and infrastructure must be inclusive by design.

Other factors include integrated system, safe and efficient digital payment/finance ecosystem, economically sustainable and commercially viable market infrastructure, robust data information system and effective regulation.

According to Remita “as Nigeria continues to embrace digital transformation and foster innovation in the financial sector, the role of fintech in empowering SMEs will only grow in significance. With a young and dynamic entrepreneurial ecosystem, the demand for fintech solutions tailored for SMEs is expected to soar, driving further innovation and competition in the market.”