Shareholders of the Central Securities Clearing System (CSCS) recently, approved the final dividend payout of 70 kobo per share, amounting to a total dividend of N3.5 billion. This is even as they urged the company to diverse ways of maintaining its current dividend policy.
Speaking at the 25th Annual General Meeting (AGM) recently in Lagos, Chairman, Trusted Shareholders’ Association of Nigeria (TSAN), Alhaji Muktar Muktar, commended the Board and Management of CSCS for striving hard in creating value for its shareholders and added that the growing numbers in the company’s financial position, reflects CSCS’s target in achieving target pillars set for growth in the future.
Corroborating him, another shareholder, Moses Ogundeji, expressed happiness with the financial position of the firm, while adding that the company should seek ways to improve on dividend payment as well as reduce the growing number of unclaimed dividends
He said, “The board has shown a sign of committment to taking the company to greater heights in terms of total equity, retained earnings, cost control and others. We are happy with the financial well-being of the company. However, there is room for improvement in the area of unclaimed dividend and increasing our dividend payout, the management cannot afford to rest on its oars”
Responding, Chairman, CSCS Plc, Oscar Onyema, said that the company will continue to work with registrars in reducing the number of unclaimed dividend, adding that the company will further stretch itself to ensure its strategic objectives are met so as to achieve long term value creation for its shareholders and stakeholders.
Onyema noted that the Group’s gross earnings grew to N9.1 billion in 2018 from N8.7 billion in 2017, representing a 4 per cent increase year-on-year while income from other non-core services amounted to N260 billion, up from N215 million which represents 17 per cent growth.