The FIRS on Tuesday, October 28th directed banks, stockbrokers, and other financial institutions to begin the deduction of a 10 per cent withholding tax on interest income earned from investments in short-term securities including but not limited to government bonds, treasury bills, bills of exchange, promissory notes, corporate bonds, financial papers, etc.

In a public notice issued on Tuesday, the agency said the new directive takes effect immediately.The tax is to be deducted at the point of payment and remitted to the government in line with the provisions of the tax law.

Interest income from short-term securities, before this directive, was exempted from tax as part of measures introduced years ago to deepen the domestic debt market and enhance returns for investors.

However, the exemption had helped attract substantial local and foreign participation in Nigeria’s money market, particularly among yield-hungry investors seeking quick and relatively safe returns.

Investors, under the new arrangement, will receive tax credits for the amounts withheld unless the deduction represents a final tax, the FIRS explained.

However, interest on Federal Government bonds will remain exempt from the levy, in line with existing tax incentives for long-term instruments.

“All relevant interest-payers are required to comply with this circular to avoid penalties and interest as stipulated in the tax law,” said FIRS Executive Chairman, Zacch Adedeji, in the circular announcing the policy.

Although the FIRS did not disclose how much the government expects to generate from the new tax, analysts say the measure could marginally boost non-oil revenue but may also dampen short-term investment appetite in the fixed-income market.

Dangote Cement Plc has announced robust financial results for the nine months ended September 30, 2025, showcasing a remarkable 164.8 per cent increase in earnings per share (EPS), which rose from ₦16.55 to ₦43.80.
This significant growth reflects the company’s strong operational performance and strategic expansion efforts.

Group revenue climbed by 23.2 per cent, reaching ₦3,154.8 billion compared to ₦2,560.6 billion in the same period of 2024. The company also recorded a 57.7 per cent rise in Group EBITDA, which grew from ₦908.7 billion to ₦1,428.2 billion. Profit after tax (PAT) surged by 166.3 per cent, from ₦279.1 billion to ₦743.3 billion.

EPS, a key indicator of profitability and shareholder value, continues to be a central metric in Dangote Cement’s financial reporting, reflecting the company’s commitment to delivering returns to investors.

A major contributor to this performance was the commissioning of a new 3Mta grinding plant in Côte d’Ivoire, which expanded Dangote Cement’s total installed capacity to 55Mta across Africa. This strategic move reinforces the company’s leadership in the continent’s cement industry and supports regional self-reliance.

Commenting on the results, Arvind Pathak, Chief Executive Officer of Dangote Cement, stated:

“The commissioning of our 3Mta Côte d’Ivoire grinding plant marks a significant milestone in our growth journey. It strengthens our position as Africa’s leading cement producer and underscores our commitment to regional self-reliance.”

Pathak attributed the revenue growth to proactive management strategies and resilient market demand. He highlighted the success of efficiency programs and disciplined cost management, particularly in Nigeria, where a more favorable energy mix helped reduce cash costs. Exports from Nigeria increased by 23 per cent, driven by 27 clinker shipments to Ghana and Cameroon.

He also emphasized the company’s sustainability initiatives, including the phased deployment of 1,600 CNG-powered trucks aimed at reducing logistics costs and carbon emissions. Progress on the Itori Integrated Plant is also underway, expected to boost domestic capacity and open new export opportunities.

Looking ahead, Pathak added: “Our focus remains on sustaining earnings momentum, enhancing operational efficiency, and executing our long-term growth strategy. With a clear strategic direction and a strong balance sheet, Dangote Cement is well-positioned to continue delivering superior value to stakeholders.”

Earlier in the year, for the six months ended June 30, 2025, Dangote Cement reported a 17.7 per cent increase in revenue to ₦2,071.6 billion—the highest in its history. Group EBITDA rose by 41.8 per cent to ₦944.9 billion, while Nigeria operations saw an 82.4 per cent increase to ₦845.4 billion. Profits before tax jumped by 149 per cent to ₦730 billion, and PAT soared by 174.1 per cent to ₦520.5 billion.

Dangote Cement remains Africa’s largest cement producer, with a fully integrated quarry-to-customer model and a production capacity of 35.25Mta in Nigeria alone. Its facilities include: Obajana Plant (Kogi State): 16.25Mta across five lines; Ibese Plant (Ogun State); 12Mta across four lines; Gboko Plant (Benue State): 4Mta; Okpella Plant (Edo State): 3Mta

Through strategic investments, the company has eliminated Nigeria’s reliance on imported cement and transformed the country into a net exporter of cement and clinker.

Dangote Cement also operates across several African countries, including: Cameroon, Congo, Ghana, Ethiopia, Senegal, Sierra Leone, South Africa, Tanzania, Zambia and Côte d’Ivoire.

The Minister of Power, Chief Adegoke Adelabu has said that over $2 billion has been raised through to accelerating renewable energy deployment and expand reliable, affordable power across Nigeria.

At the Nigeria Energy Forum 2025, holding in Lagos, the Minister said that Nigeria has been advancing its energy transition and access goals by ‘leveraging bilateral funding and development finance to de-risk investments and attract private participation for access expansion across underserved and unserved communities, educational institutions, healthcare facilities and government institutions’.

Adelabu further said: ‘In the past two years, over $2 billion has been mobilised through key facilities, including the $750 million World Bank DARES (Distributed Access through Renewable Energy Scale-up) programme for off-grid and mini-grid expansion, the $500 million NSIA RIPLE (Nigeria Sovereign Investment Authority’s Renewables Investment Platform for Limitless Energy) platform to unlock private capital for renewables, and the $190 million JICA (Japan International Cooperation Agency) fund to complement DARES. Collectively, these interventions are accelerating renewable energy deployment and expanding reliable, affordable power across the country’.

He said that Nigeria now has over 10 GW of stranded generation capacity, explaining that this is energy that could power industries, create jobs, and support electricity exports to the neighboring countries through the regional power pool.

‘We are therefore open to strategic partnerships to mobilise the necessary investments and unlock this potential. Our market fundamentals are improving, our policy environment is clear, and the national leadership is committed to creating the enabling conditions for long-term investment and innovation’, Adelabu told his audience.

He spoke of Nigeria’s aspiration, along with its partners, ‘to build a resilient, inclusive, and sustainable energy future’. Such a move, the Minister further said, ‘speaks not only to the urgent need for capital infusion but also to the transformative role of collaboration, especially with the private sector in driving progress’.

He said that the Federal Government is pursuing a comprehensive, multi-pronged approach to reposition the Nigerian power sector for sustainability, efficiency, and growth. ‘This approach spans critical pillars which include legislation, policy reforms, infrastructure development, energy transition and access expansion, and local content and capacity development with each designed to address structural challenges, unlock private capital, and enhance service delivery across the electricity value chain’, Adelabu said.

He pointed at the enactment of the Electricity Act 2023 as a major milestone, which provides a robust governance and regulatory framework for the Nigerian Electricity Supply Industry.

The Minister said that one of the essence of the Act is that it devolves regulatory powers to the states, enables subnational markets, promotes competition, and empowers private participation across the value chain.

‘This represents a clear shift towards a liberalised and investment-friendly electricity market. Since its passage, 15 states have received regulatory autonomy to establish subnational electricity markets with one fully operationalised. We are working actively with these states to ensure strong alignment between the wholesale market and the retail market. In this regard, we believe the active involvement of state governments, particularly in the off-grid segment is critical, given the series of roundtable engagements held with governors by the Rural Electrification Agency, as well as the ongoing efforts to closely track the Distribution Companies’ performance within their respective jurisdictions’, he said.

He said that the development of the Integrated National Electricity Policy, initiated by his Ministry and approved by the Federal Executive Council last February, ‘marks the first comprehensive, sector-wide policy framework in nearly two decades, and we deeply appreciate the industry experts and development partners many of whom are here today for their invaluable contributions in achieving this milestone’.

Adelabu told the Forum that the Nigerian government is deepening power sector commercialisation to strengthen revenue, liquidity, and investor confidence. He added: ‘Through tariff policy reforms, which enabled cost-reflective tariffs for select consumers, supply reliability has improved while reducing energy costs for industries, and industry revenue has increased by 70% to N1.7 trillion in 2024 compared to previous year and the revenue is expected to exceed N2 trillion for 2025.

‘To stabilise the market, Mr. President has approved a N4 trillion bond to clear verified GenCo (electricity generating companies) and gas supply debts. Alongside this, a targeted subsidy framework is being developed to protect vulnerable households and ensure a sustainable path toward full commercialization and viable industry’.

He said that the Federal Government has operationalised the Presidential Metering Initiative (PMI) to close the national metering gap and improve sector viability.

According to the Minister,N700 billion has been secured from FAAC (Federation Accounts and Allocation Committee) to deploy 1.1 million meters by end of 2025, and two million annually over the next five years under the PMI.

‘This complements the 3.2 million meters being procured through the World Bank’s DISREP program, positioning Nigeria to close the metering gap within five years and strengthen transparency and revenue assurance across the value chain’, he said.