Nigeria’s corporate sector continues to contribute significantly to government revenue despite the challenging macroeconomic environment characterized by inflation, FX volatility, sluggish consumer spending, and rising operational costs.
Analysis of cashflow figures from 64 publicly listed companies shows that corporates in Nigeria paid a total of N2.15 trillion in taxes in the first nine months of 2025 (9M 2025).
This represents a massive jump from the N1.13 trillion recorded in the same period of 2024.
However, a closer look reveals that the top 10 tax-paying companies alone paid N1.93 trillion, a staggering 116.54% year-on-year increase from N893.37 billion paid in 9M 2024.
This means the remaining listed firms contributed just N211.92 billion combined, showing how heavily government tax receipts rely on a handful of super-performing players.
Notably, the financial services sector, especially Nigeria’s biggest banks, remains the most dominant contributor, taking seven out of the top 10 spots.
No surprises that the majority of the companies are members of the NMX 100, the largest companies in Nigeria with annual revenues of at least N100 billion and above.
Top 10 corporate taxpayers for 9M 2025
AradelHoldings – N39.99 billion
Aradel Holdings paid N39.99 billion in taxes in 9M 2025, more than doubling the N15.39 billion paid last year. The oil and gas producer recorded profit before tax (PBT) of N300.68 billion, translating to a tax-to-profit ratio of 13.30%.
The growth reflects stronger crude output and improved refined product sales.
FirstHoldCo– N46.96 billion
First HoldCo paid N46.96 billion in taxes during the first nine months of 2025, up from N37.24 billion in the same period of 2024. The financial services group posted a profit before tax (PBT) of N566.54 billion, translating to a tax-to-profit ratio of 8.29%.
This performance signals better business stability following restructuring and stronger banking operations.
Stanbic IBTC – N74.75 billion
Stanbic IBTC recorded one of the sharpest YoY jumps, paying N74.75 billion, compared to just N20.20 billion in 2024.
With PBT of N393.84 billion, its tax-to-profit ratio stands at 18.98%, driven by strong performances from its banking, asset management, and wealth businesses.
Dangote Cement – N115.40 billion
Dangote Cement paid N115.40 billion in taxes during the first nine months of 2025, slightly lower than the N128.74 billion recorded in the same period of 2024. The cement giant reported PBT of N1.04 trillion and a tax-to-profit ratio of 11.09%, one of the lowest among the top 10.
Despite strong sales, margin pressures from FX fluctuations, logistics, and energy costs weighed on tax efficiency.
Access Holdings – N165.44 billion
Access Holdings’ tax bill surged to N165.44 billion, up from N57.31 billion last year.
However, with PBT of N295.68 billion, the group’s tax-to-profit ratio soared to 55.95%, the highest of all major corporations. This unusually high level reflects increased impairments and higher operating costs despite strong topline growth.
UBA – N167.14 billion
United Bank for Africa paid N167.14 billion, up from N102.29 billion in 9M 2024. The bank posted PBT of N578.59 billion, resulting in a tax-to-profit ratio of 28.89%.
UBA’s pan-African operations remain a powerful growth engine, consistently boosting group profitability. strategy.
GTCO – N247.05 billion
Guaranty Trust Holding Company paid N247.05 billion in taxes during the first nine months of 2025, a significant rise from N83.15 billion in the same period of 2024.
The group reported a PBT of N900.80 billion, translating into a tax-to-profit ratio of 27.42%. GTCO remains one of Nigeria’s most profitable banking groups, leveraging strong digital banking operations and diversified income streams to sustain growth.
EcoBank– N296.86 billion
EcoBank paid N296.86 billion in 9M 2025, up slightly from N275.08 billion last year.
With PBT of N1.01 trillion and a tax-to-profit ratio of 29.25%, the bank continues to benefit from its diversified presence across multiple African markets, which helps balance economic pressures.
Zenith Bank – N311.58 billion
Zenith Bank paid N311.58 billion in taxes during the first nine months of 2025, a remarkable increase from N78.09 billion in the same period of 2024. The bank posted a profit before tax (PBT) of N917.41 billion, resulting in a tax-to-profit ratio of 33.96%.
Zenith ranked second overall among top corporate taxpayers, driven by strong interest income, robust asset growth, and improved net trading income, which underpinned its stellar performance.
Seplat Plc – N469.32 billion
Seplat leads all listed companies with a massive N469.32 billion tax payment, up from N95.88 billion in 2024.
The oil producer reported PBT of N878.99 billion, resulting in a tax-to-profit ratio of 53.39%. Higher crude output and favorable global oil prices helped drive the company’s strong year.
Several factors explain the steep rise in tax remittances in 2025.
- First, higher corporate profitability played a major role, as leading banks and oil companies recorded strong foreign exchange-related revaluation gains, asset repricing, and improvements in non-interest income despite challenging macroeconomic conditions.
- Second, foreign exchange policy reforms triggered significant revaluation of profits for banks, which directly boosted taxable income and, consequently, tax liabilities.
- Finally, tighter regulatory oversight and improved transparency in financial reporting encouraged more accurate tax remittances, reflecting stronger compliance across the corporate sector.
With tightening monetary conditions, inflation, and exchange rate instability still influencing business conditions, many companies may face additional pressures going into Q4 2025.
