{"id":32062,"date":"2021-07-15T05:01:20","date_gmt":"2021-07-15T04:01:20","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=32062"},"modified":"2021-10-07T00:43:22","modified_gmt":"2021-10-07T00:43:22","slug":"neiti-rates-dangote-group-as-highest-revenue-contributor-to-solid-minerals-sector","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/neiti-rates-dangote-group-as-highest-revenue-contributor-to-solid-minerals-sector\/","title":{"rendered":"NEITI rates Dangote Group as highest revenue contributor to solid minerals sector"},"content":{"rendered":"<p>Dangote Cement Plc and Dangote Industries Limited are the highest revenue contributors to Nigeria\u2019s solid mineral sector in 2019, Nigeria Extractive Industries Transparency Initiative (NEITI) reports.<br \/>\nThe 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.<br \/>\nThe NEITI\u2019s 2019 Audit Report was signed by Mr Orji Ogbonaya Orji, its  Executive Secretary.<br \/>\nSpecifically, Dangote Cement Plc\u2019s revenue contribution stood at N635.52 million, while Dangote Industries Limited\u2019s revenue was at N142.76 million, representing 25.40 per cent and 5.71 per cent of the total revenue.<br \/>\nThe 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.<br \/>\nAccording 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.<br \/>\n\u201cThese 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.<br \/>\n\u201cOn minerals exported, the report showed that the solid minerals sector accounted for N124.23 billion of the total government exports of N24.275 trillion for 2019, representing 0.51 per cent of total export for the year.<br \/>\n\u201cA sectorial review of revenue distribution of taxes and royalties by the 74 companies shows that manufacturing and construction companies contributed 68.60 per cent and 29.67 per cent, respectively, in royalty and taxes.<br \/>\n\u201cQuarry, mining companies and buying centres contributed only 1.73 per cent,\u201d the report read.<br \/>\nApart from the Presidential initiatives on gold, salt and fertilizers, the NEITI report also identified on-going projects in the sector.<br \/>\nThey include: Gold Mining Development; Mapping of ASM and Buying Centres; and Procurement of Airborne Geophysical Survey; and Integrated Automated and Interactive Solid Mineral Portal (IAISMP).<br \/>\nOthers are: Development of geoscience data bank for mineral exploration; Development of jewelry and gemstone industry; Automation of royalty payment and documentation across the country.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-32062\" data-postid=\"32062\" class=\"themify_builder_content themify_builder_content-32062 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>Dangote Cement Plc and Dangote Industries Limited are the highest revenue contributors to Nigeria\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125,126],"tags":[525,406],"class_list":["post-32062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","category-trade-and-industry","tag-mineral","tag-neiti","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NEITI rates Dangote Group as highest revenue contributor to solid minerals sector - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/neiti-rates-dangote-group-as-highest-revenue-contributor-to-solid-minerals-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NEITI rates Dangote Group as highest revenue contributor to solid minerals sector - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"Dangote Cement Plc and Dangote Industries Limited are the highest revenue contributors to Nigeria\u2019s 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 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thefreezonechannel.com\/old\/neiti-rates-dangote-group-as-highest-revenue-contributor-to-solid-minerals-sector\/\" \/>\n<meta property=\"og:site_name\" content=\"The Freezone Channel\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-15T04:01:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-07T00:43:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2020\/07\/Solid-minerals-1-e1530355723686.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"414\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"The Freezone Channel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Freezone Channel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/neiti-rates-dangote-group-as-highest-revenue-contributor-to-solid-minerals-sector\/\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/neiti-rates-dangote-group-as-highest-revenue-contributor-to-solid-minerals-sector\/\",\"name\":\"NEITI rates Dangote Group as highest revenue contributor to solid minerals sector - 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