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Companies

Nigerians react as Anambra lawmakers reject Prado SUVs for Innoson SUVs

Innoson Vehicles has been trending on Twitter since morning after Anambra lawmakers rejected Toyota Prado SUVs meant for them.

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Innoson Vehicles, Nigerians are enraged as lawmakers reject Innoson cars for latest Toyota Camry 

Nigeria’s Innoson Vehicles has been trending on Twitter since morning, as Nigerians react to media reports that lawmakers in Anambra State collectively rejected brand new Toyota Prado SUVs that were intended for them. The lawmakers asked for locally assembled Innoson SUVs instead.

The Anambra State Government reportedly planned to expend as much as N1 billion for the purchase of SUVs which it intends to distribute among the lawmakers in a bid to facilitate the effective discharge of their duties.

 

Why the lawmakers rejected Prado: However, upon deliberation on the matter, the lawmakers rejected the vehicles partly because of the high cost of purchasing them. According to them, Toyota Prado SUVs are costlier than Innoson SUVs. In other words, it would have cost the state government less to patronise the Nigerian auto assembler which is, surprisingly, based in Nnewi, Anambra.

A case for made-in-Nigeria: The lawmakers also called out Governor Willie Obiano for overlooking Innosson Vehicles in the first place. For them, there is no better way to encourage Made-in-Nigeria than patronising Nigerian investors. They want Governor Obiano and other state governors to come to this realisation.

Nigerians on Twitter agree: Many Nigerians have expressed the same sentiments as did the Nigeria lawmakers. Yussuff Azeez said this is a commendable development, as it is indicative of the people’s willingness to grow the economy.

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Charles Eyo also agreed that this is a good development. According to him, government officials should really be compelled to patronise Innoson Vehicles. It is only fair, he said. After all, the Government has banned Nigerians from eating imported rice.

 

Meanwhile, some people also used the occasion to drag Governor Obiano across social media. One Twitter user questioned the governor’s leadership skill, suggesting that he should have been the one leading by example by patronising Innoson instead of Prado.

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https://twitter.com/Shawn_fendi/status/1176747568782598144

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Uchenna Aomine even implied that the Governor has a personal problem with Innoson. After all, his predecessor, Peter Obi, was a fervent customer of the local car assembler.

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Note that this is not the first time Innoson Vehicles is trending because a state governor overlooked the Nigerian company to patronise a foreign car brand. Recall that Nairametrics reported in August that Nigerians were angry with Imo State Governor, Emeka Ihedioha, for snubbing Innoson when it purchased hundreds of trucks from Ford Motor Company.

[READ: Irate Nigerians drag Imo State Governor for snubbing Innoson Vehicles]

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

1 Comment

1 Comment

  1. Muhammad

    September 25, 2019 at 10:17 pm

    A good move, but innosons should also upgrade there design of vehicle . in other to attract people.

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Companies

Africa Prudential proposes dividend of N1 billion for shareholders

Africa Prudential Plc has proposed a sum of N1 billion as dividend for shareholders.

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African Prudential could be worth more than N4.55

The Board of Directors of Africa Prudential Plc has proposed a sum of N1 billion as dividend to shareholders for the period ended 31st of December 2020.

This is according to a disclosure signed by the firm’s secretary, Joseph Jibunoh and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

According to the notification, the proposed dividend will be paid electronically to qualified shareholders on the 26th of March, 2021, subject to appropriate withholding tax and approval from the company’s Annual General Meeting (AGM) scheduled a day earlier.

The breakdown of the proposed dividend shows that a sum of 50 kobo will be paid for each outstanding 2,000,000,000 ordinary shares of the company, held by its shareholders, totalling N1 billion. The proposed dividend is 28.6% lower than the 2019 figures of N1.4 billion.

The comparative decline in the company’s proposed dividend for the year might be attributed to a recent dip in profit and other key metrics recorded by the firm in its latest audited financial statement for 2020. For example, the firm posted a profit of N1.45 billion for the year, indicating a decline of 13.98% YoY. In addition, its earnings per share declined by 14.29% to print at 72 kobo.

What you should know

  • Africa Prudential had recently announced the appointment of Mrs Zubaida Rasheed as Director.
  • Africa Prudential Plc, formerly known as UBA Registrars Ltd, was incorporated as a private limited liability company on 23rd March 2006. It was listed in the NSE on 17th of January, 2013.

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Companies

Dangote Sugar proposes N18.2 billion as final dividend for 2020

Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders.

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Dangote Sugar proposes N18.2 billion as final dividend for 2020

The Board of Directors of Nigeria, Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders for the period ended 31st December 2020.

This announcement was contained in the audited financial statement of the leading integrated sugar company.

In line with the statement of the Board of DSR, the approval of this proposed dividend at the forthcoming Annual General Meeting will see Dangote Sugar pay out a final dividend of N1.50 for each of the outstanding 12,146,878,241 ordinary shares of the company, held by its shareholders.

The proposed dividend is 36.36% higher than the final dividend of N1.1 per share (N13.36 billion) the sugar company paid its shareholders in 2019.

What you should know

  • Dangote Sugar Refinery declared in its audited statement for the period ended 31st December 2020 that its profit for the year climbed to N29.8 billion, from N22.4 billion in 2019.
  • According to these figures, DSR’s earnings per share for 2020 are pegged at N2.45. Hence, with a dividend of N1.50 per share, Dangote Sugar is set to payout 61.2% of its profits for 2020.
  • At the close of trading activities on the floor of the Nigerian Stock Exchange today, shares in Dangote Sugar Refinery declined by 0.83% to close lower at N17.85.
  • At this price, the dividend yield of Dangote Sugar shares is 8.40%.

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