Nigeria’s corporate sector has delivered a major boost to government revenue, paying a record N2.15 trillion in taxes in the first nine months of 2025 despite facing severe economic headwinds including soaring inflation, FX volatility, weak consumer spending, and rising operational costs.
Fresh analysis of cashflow statements obtained from 64 publicly listed companies by Fintechinsights, shows that total tax contributions more than doubled from the N1.13 trillion recorded in the same period of 2024.
However, the surge is largely driven by a small group of major players. The top 10 tax-paying companies alone remitted N1.93 trillion, representing a 116.54% year-on-year increase from N893.37 billion in 9M 2024. This means that the remaining listed firms contributed a combined N211.92 billion, underscoring how heavily tax revenue depends on a handful of dominant corporations.
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Unsurprisingly, Nigeria’s financial services sector particularly its biggest banks continued to lead the pack, securing seven out of the top 10 positions. Most of these companies also belong to the NMX 100 Index, which includes Nigeria’s largest firms generating annual revenues of over N100 billion.
Top 10 Corporate Taxpayers in 9-Month 2025
10. Aradel Holdings – N39.99 billion
Aradel’s tax payments rose sharply from N15.39 billion last year. With a PBT of N300.68 billion and a tax-to-profit ratio of 13.30%, the oil and gas firm benefited from improved crude output and refined product sales.
9. FirstHoldCo – N46.96 billion
The group recorded an increase from N37.24 billion in 2024. With PBT at N566.54 billion, its tax-to-profit ratio stood at 8.29%, reflecting stronger banking operations and improved stability.
8. Stanbic IBTC – N74.75 billion
One of the biggest jumpers, Stanbic’s tax payment surged from N20.20 billion last year. A PBT of N393.84 billion translates to a high 18.98% tax-to-profit ratio, driven by solid banking and wealth management performance.
7. Dangote Cement – N115.40 billion
Despite paying slightly less than the N128.74 billion paid in 2024, Dangote Cement remains a top contributor. With a PBT of N1.04 trillion and tax-to-profit ratio of 11.09%, the firm faced FX pressures and rising logistics and energy costs.
6. Access Holdings – N165.44 billion
Access’ tax bill nearly tripled from N57.31 billion. However, its PBT of N295.68 billion resulted in a very high 55.95% tax-to-profit ratio due to increased impairments and rising operating expenses.
5. UBA – N167.14 billion
United Bank for Africa increased its tax payment from N102.29 billion last year. A PBT of N578.59 billion places its tax-to-profit ratio at 28.89%, powered by strong pan-African operations.
4. GTCO – N247.05 billion
GTCO’s tax remittance rose significantly from N83.15 billion in 2024. With PBT at N900.80 billion and a tax-to-profit ratio of 27.42%, the bank maintains its reputation as one of Nigeria’s most profitable financial groups.
3. EcoBank – N296.86 billion
EcoBank recorded a modest increase from N275.08 billion. Its PBT of N1.01 trillion produced a tax-to-profit ratio of 29.25%, supported by its diversified presence across African markets.
2. Zenith Bank – N311.58 billion
Zenith’s tax payments soared from N78.09 billion in 2024. With PBT of N917.41 billion and a tax-to-profit ratio of 33.96%, the bank remains one of the country’s top performers, driven by strong interest income and trading gains.
1. Seplat Energy – N469.32 billion
Seplat leads all corporate taxpayers with N469.32 billion, up from N95.88 billion last year. With PBT of N878.99 billion and a tax-to-profit ratio of 53.39%, the company benefited significantly from higher crude production and strong global oil prices.
Why Tax Revenues Surged in 2025
Several key factors fueled the sharp rise in corporate tax contributions:
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Stronger profitability in banks and oil companies, driven by FX revaluation gains, asset repricing, and improved non-interest income.
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FX reforms that boosted taxable income for banks due to profit revaluation.
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Improved regulatory oversight and enhanced financial reporting transparency, resulting in better tax compliance.
Despite the strong numbers, companies are expected to face more pressure heading into Q4 2025, with inflation, tight monetary conditions, and exchange rate instability still shaping the operating environment.
