Nigeria: Dangote, Lafarge, Others Account for N3.48bn Social Expenditure – Neiti

Nigeria: Dangote, Lafarge, Others Account for N3.48bn Social Expenditure – Neiti

By Nkiruka Nnorom

The Nigeria Extractive Industries Transparency Initiative (NEITI) has named Dangote Group, Lafarge Africa Plc and First Patriots as the top three contributors to the mining industry’s social expenditure with N3.48 billion total spending.

The figure, according to the NEITI’s latest Solid Minerals Audit report for December 2020, represents 94.6 percent of N3.87 billion total social expenditure in the mining sector during the period.

The report showed that Dangote Group emerged the highest spender out of the 29 entities that that submitted their social spending during the time under review with N2.18 billion, representing 56.36 per cent of the total social expenditure, followed by Lafarge Africa with N1.26 billion or 32.57 per cent of the total spending, while First Patriots paid N219.9 million.

Detailing the data in its Solid Minerals Audit for the year under review, the Dr. Ogbonnaya Orji, Executive Secretary/CEO, NEITI, listed other top spenders to include CCECC, Nigeria Limited, which paid out N49.2 million or 1.7 per cent and Triacta which spent N35.5 million or 0.92 per cent of total spending.

The report further showed that the 29 companies spent N376.5 million on their mandatory social obligations and N3.495 billion on non-mandatory social spending to bring the total mining industry’s social expenditure for the review period to N3.87 billion.

More Premium content in your inbox! 

Sign up here:

“The social expenditure in 2020, based on data received from 29 companies, was N3.87 billion, representing an increase of 49 per cent compared to the 2019 figure.

“There is still much to be done by the regulatory agencies to ensure all companies in the industry abide by the social expenditure commitments they signed in the Community Development Agreements (CDAs) before commencing operations,” Orji said.

Business Local News