A Twitter thread about the Central Bank of Nigeria (CBN) and its fiscal policies took an interesting turn yesterday when the apex bank was accused of establishing a poultry farm. The CBN quickly denied the accusation, by the way.
It all started when Igho Alonge, a financial expert, tweeted a quote from American economist, Ben Bernanke. The quote simply stated that “monetary policy is not a panacea”, and Alonge captioned it with “if only Meffy knew”. This implied that Emefiele loves implementing his monetary policies no matter what the outcome.
Alonge’s tweet elicited reactions, including one from popular Channels TV’s business presenter, Boason Omofaye who, interestingly, was defensive of the CBN.
He does. But what other options did he have when fiscal policy was largely comatose?
— Boason Omofaye (@BBoason) January 16, 2020
Another person whose comment caught our attention is Dayo Akinola, a Senior Financial & Risk Management Consultant. Akinola called out the CBN for doing the most to support its monetary policies, even when it is obvious that said policies are not working. For instance, he accused the apex bank of establishing poultry and taking over the National Art Theatre. He then stated that these moves are tantamount to the apex bank losing focus of its core functions.
This regime of @cenbank even though has called out the fiscal arm to do the needful, the @cenbank appears to be acting ultravires in some of its actions such as establishment of poultry, taking over National Art Theatre, etc which make it look as losing focus of its core mandate.
— DAYO AKINOLA, FRM, PRM (@akinolaij) January 16, 2020
Let’s break it down: The CBN has, over the years, come up with several policies aimed at conserving foreign exchange and protecting the naira from devaluation. In 2018 for instance, the apex bank spent $36 billion defending the naira as Nairametrics reported.
[READ MORE: CBN may announce new recapitalisation plan soon)
Poultry products such as chicken and turkey are among the items the CBN restricted importers from being able to bring into the country using the official forex windows. Recent closure of Nigeria’s land borders has further made the illegal smuggling of these items very difficult. The government maintained that these policies are aimed at encouraging local production of these items, thereby diversifying the economy.
In view of the foregoing, it is possible that the CBN allegedly established the poultry farm in a bid to boost local production of chicken and turkey.
But the CBN has denied this: Issuing an immediate response, the CBN stressed that it did not establish any poultry farm, even as it called Akinola’s claim “totally false”. The CBN also clarified its involvement with the National Art Theatre, saying that it is a joint effort with banks with the aim of creating jobs.
This claim is totally false. CBN has not established any poultry. The national theatre project is a joint effort with bankers to promote creative industry and IT software development in the country. Is there any wrong in financing the resuscitation of that place to create jobs?
— Central Bank of Nigeria (@cenbank) January 16, 2020
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.
Konga launches revolutionary membership programme, Konga Prime
Konga Prime puts money back into the pockets of subscribers by helping them make great savings.
Konga, Nigeria’s leading composite e-Commerce giant, has rolled out Konga Prime, a revolutionary membership programme, with a lot of benefits for shoppers.
Konga Prime members enjoy unlimited free shipping, have access to exclusive offers and early bird deals, among others.
The incentives-filled loyalty programme went live on Monday March 1st, 2021.
Specifically, Konga Prime brings together a suite of exciting benefits which delivers great value to subscribers, helping them enjoy exclusive deals and other incentives such as faster deliveries of their orders. In addition, Konga Prime puts money back into the pockets of subscribers by helping them make great savings, incomparable to that offered by any other retail platform.
Furthermore, members of Konga Prime including busy individuals and families get to enjoy premium access to the full range of Konga’s cutting-edge assets. Among these are its powerful e-Commerce engine and online presence as well as the nationwide reach of a growing list of over 31 stores spread across the nooks and crannies of Nigeria. With this, Konga Prime members can take advantage of nationwide delivery of their items as fast as the next day.
Also, members have the added incentive of unlimited free delivery from Konga.com and access to discounts that make shopping faster and cheaper for all categories of shoppers.
Interested subscribers can sign up for Konga Prime here: https://www.konga.com/konga-prime Membership of Konga Prime is available to all customers, effective March 1st, 2021, beginning with Lagos and Abuja, the Federal Capital Territory (FCT). Equally important, Konga is currently offering specially discounted rates for interested subscribers to sign up for Konga Prime. In other words, subscription rates for Konga Prime membership have been slashed by as much as 50% for early bird subscribers.
In Lagos, membership of Konga Prime is currently up for N1,000 a month, as against N2,000 and N2,490 for three months, instead of N4,950 along with a 7-day free trial period. For Abuja, membership rates presently stand at N1,290 a month, as opposed to N2,500 and N3,490 for three months, instead of N6,950.
Meanwhile, the Konga Prime rollout is set to be extended to other states soon.
Vice President, Konga Online, Kenny Oriola, says the initiative is one that will deliver great value for members, including exclusive access to a growing list of special offers. These include unlimited free delivery, early access to exclusive deals as well as partner benefits and rewards.
“This initiative was implemented to provide a platform that allows our esteemed customers enjoy great value, including having their orders delivered to their preferred location for free. Saving time and money is not just the end goal here, but having access to exclusive deals, and mouth-watering discounts on special products also makes this service one to subscribe to.
‘‘Today, we kick-off this initiative in Lagos and Abuja. Subsequently, other states across the country will benefit from this service. We urge all interested subscribers to take advantage of the ongoing discounted rates to sign up for this value-adding programme,’’ he disclosed.
Further, Oriola submits that in the future, Konga will leverage its wide-ranging assets to add additional benefits for members in a variety of services and offerings, adding that the list of benefits will continue to grow over time.
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