Mr Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) has disclosed that the rapid increase in food prices and all other products, excluding farm produce, is momentary and will reverse aggressively in another three to four months.
The CBN disclosed this after the publication of the National Bureau of Statistics’ (NBS), inflation report for the month of October which reflects inflation figures at a 17-month high, from 11.24% in September to 11.61% in October.
According to Channels Television, Mr. Emefiele stated that the attribution of the rise in food prices and all other goods to the border closure is true but the benefits outweigh the temporary rise in prices.
“Inflation goes up from 11.22 to 11.61 between September and October, and mainly it’s because of the border closure.”
Mr Emefiele, after admitting that the border closure led to shortfalls in the supply of goods as a result of local production not meeting up with the market demands and the non-existence of dumped goods from other countries, said it is still Nigerian farmers and car dealers that are benefitting from the price increase.
“I am not going to entirely disagree that yes, because of border closure that has resulted in some supply shortages because of goods that are being dumped into the country.
“Who are those benefitting, in as much as I don’t like the fact that prices went up momentarily from September and October, the beneficiaries are Nigerians and companies where we have seen a situation where people have jobs, farmers who produce poultry and those benefitting from import of cars legitimately.”
However, the CBN Governor reportedly expressed his irritation at the inflationary pressure but was quick to assure that the trend would witness an immediate downward trend.
“In as much as I do not like the fact that the inflationary pressures are coming up right now, I’m also saying that it will moderate and very quickly, maximum of another 3 to 4 months aggressively downwards.”
Meanwhile, how long can Nigerians endure increased inflationary pressure and a shortened supply of goods within the economy, as the implications of the border closure take its toll on businesses and individuals?
The recent events with the popular eatery, Chicken Republic running out of chickens to sell to its customers, as earlier published by Nairametrics, might not be unrelated to the happening at the Nigerian land borders.
BUA Cement pays N129 billion in dividend in 2 years
BUA Cement has paid shareholders a dividend of N129 billion in 2 years.
BUA Cement Plc, one of Nigeria’s leading cement producers has recommended a total dividend payout of about N70 billion from the profits made in 2020.
The company will be paying shareholders a dividend of N2.067 per share for all the outstanding 33,864,354,060 ordinary shares of the company.
According to the figures contained in the company’s audited financial statement for the period ended December 31st 2020, the cement giant has now paid about a total of N129.26 billion to shareholders since 2019.
Africa’s 6th richest billionaire, Abdulsamad Rabiu is the majority shareholder of the company, with an ownership stake running in excess of 90% of the outstanding shares of the cement company.
The billionaire owns this stake directly, and indirectly through Damnaz Cement Company Limited, BUA International Limited and BUA Cement Company Limited.
In line with this, we estimate that over 90% of the dividends paid out over the last 2 years were paid to the billionaire industrialist.
The company’s dividend policy
BUA Cement Plc has maintained a dividend payout of more than N1.75 per share in the last two years, and a dividend payout ratio that averages 97.3% over the last two years, with 2019 being the highest with about 98% in the dividend paid out of profits.
- However, the defunct Cement Company of Nigeria (CCNN) that was acquired by BUA Cement, paid shareholders a dividend of N5.3 billion in 2019, which translates to a dividend of 40 kobo per share.
- The dividend payout ratio for 2020 was 96.76%, meaning it retained a meagre 3.24% from the profits it earned during the year.
- Total profits earned since 2019 is about N132.96 billion. Thus, over the last 2 years, it has paid out 97.2% of all its profits as dividends.
- BUA Cement Plc is currently valued at about N2.46 trillion, this valuation is 34x (thirty-four times) the company’s earnings of N72.344 billion in 2020.
- Despite paying out almost all its profits in the last 2 years, the cement manufacturer boasts strong retained earnings of N159.92 billion.
What you should know
- Focusing on price appreciation, the shares of BUA Cement from the price of N35.30 per share on April 1st 2020, are worth about 106% more in recent times, as the market value of the shares of the leading cement maker is currently put at N72.70 per share.
- BUA Cement’s topline revenue rose from N175.52 billion in 2019 to N209.44 billion in 2020, the company’s profits also increased from N60.61 billion to N72.34 billion between 2019 and 2020.
- BUA Cement’s total installed production infrastructure of 8 million MTPA, in line with the cement maker’s strategic midterm expansion program is expected to expand to 20 million MTPA by the end of 2022.
JAMB: How to register for the 2021 UTME examinations
JAMB stated that the registration for the examinations has now commenced in full swing as all the issues have been resolved.
The Joint Admissions and Matriculation Board (JAMB) had about 3 weeks ago announced the commencement of the 2021 Unified Tertiary Matriculation Examination and Direct Entry registration exercise on April 8, 2021, to May 15, 2021, with National Identification Number (NIN) made mandatory at the point of registration.
This was put on hold due to the exam body’s effort to ensure that candidates have access to its registration app for the 2021 UTME/DE and also finalise work on its pin vending process before the take-off of the exercise.
However, in a new statement, the spokesperson for JAMB, Dr Fabian Benjamin, said the registration for the examinations has now commenced in full swings as all the issues have been resolved.
JAMB in its public communications gave a guide on how to register for the UTME.
How to register for the 2021 UTME
- VALID, FUNCTIONAL E-MAIL, PHONE NUMBER: The applicants must have a valid and functional e-mail account in addition to an active phone number. This is relevant for registration and sending and receipt of information from JAMB.
- NATIONAL IDENTIFICATION NUMBER (NIN): JAMB has made it mandatory for applicants or potential candidates to provide their NIN at the point of registration or enrolment.
- VISIT JAMB WEBSITE: After having your email address and NIN, the applicant can proceed to the examination body’s website, where he/she can create a JAMB profile, preferably before buying the form.
- CHECK JAMB iBass: After creating a profile, you are advised to check JAMB iBass to be sure of your eligibility to take this year’s examination. The information is provided on the official website of the exam body.
- JAMB e-pin: After confirming your eligibility, you can go ahead to buy your 2021 JAMB e-pin registration from banks and other accredited outlets.
- CBT CENTRE: Then, proceed to any accredited 700 computer-based test (CBT) centre with your personal details and your profile code.
What you should know
JAMB a few days ago confirmed the commencement of registration for the 2021 UTME/DE examinations after the initial hiccup.
It stated that applicants must provide NIN at the point of registration with the registration by Direct Entry candidates to run concurrently with that of UTME candidates.
JAMB also said that the mock examination is expected to hold on Friday, April 30, 2021, for those who indicate interest and are registered before April 24, 2021, with the registration fee for the application still N3,500 and N500 for recommended Reading Text.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
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- Union Homes REIT proposes final dividend worth N465.03 million for shareholders.
- GT Bank Plc holds FY 2020 investors presentation.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.