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.
The Anambra House of Assembly have rejected brand new Toyota Prado SUVs from Gov.Obiano describing it as a great waste of state resources.
They have asked him to instead get cheaper vehicles from Innoson.
Can the Nigerian Senate learn from them pls?
— the Morris Monye factor (@Morris_Monye) September 25, 2019
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.
Anambra lawmakers reject Toyota Prado jeep for #Innoson
I have always maintained that if we desire a great country, We the people, be willing to take great steps. pic.twitter.com/GezM2nuPBU
— The Realist (@YusuffAzeez10) September 25, 2019
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.
All lawmakers buying cars must be compelled to buy Innoson vehicles. Don't ask us to eat local rice and you buy imported cars! pic.twitter.com/SqDYGu9X4f
— Charles Eyo (@Charles81607596) September 22, 2019
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.
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.
Obiano should tell us the problem he has with Innoson because I remember Peter Obi's govt. being his biggest customer then. https://t.co/qjG0xcLcJ2
— Uche Aomine (@UcheUchiha) September 25, 2019
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.
Africa Prudential proposes dividend of N1 billion for shareholders
Africa Prudential Plc has proposed a sum of N1 billion as dividend for shareholders.
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.
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.
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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