Blue-chip Firms Declare N3.8tn Profit, N1.02tn Tax in Q1

In the first quarter of 2026, 27 blue-chip firms listed on the Nigerian Exchange declared a total profit of N3.8 trillion and a tax expense of N1.02 trillion, representing a 25% increase from N820.45 billion in the same period in 2025. MTN Nigeria Communications PLC reported the highest tax expense of N583.18 billion, a 289.07% increase from N149.89 billion in 2024.

Seplat Energy PLC and Dangote Cement PLC followed with tax expenses of N176.6 billion and N100.07 billion, respectively. The overall profit before tax for these companies increased by nearly 30% from N2.93 trillion in Q1 2025.

Guarantee Trust Holding Company PLC (GTCO) paid the highest income tax expense among financial institutions, totaling N84.76 billion, a 100.2% increase from the previous year. The report emphasizes the importance of tax remittance for economic growth and the obligation of companies to promote transparency in tax payments.