By Omodele Adigun
Central Securities Clearing System (CSCS) shareholders have approved N1.17 dividend per share at its 27th Annual General Meeting (AGM) held in Lagos recently.
Following the approval of the dividend proposed by the Board, CSCS would be paying a total of N5.85billion to its shareholders, some 36 per cent year-on-year growth in return to shareholders, when compared to the N4.3 billion dividend or 86 kobo paid in the previous year.
Speaking on the performance of the company, the Chairman of the Board of Directors, Mr. Oscar N. Onyema noted, “despite the challenges in 2020, CSCS emerged stronger, delivering outstanding growth in top and bottom-lines, and executing far-reaching initiatives that would sustainably strengthen the competitiveness and resilience of the business.”
“Growing profit by over 41percent in such a challenging year to deliver 20.3percent return on average equity, the Board of Directors is more than ever upbeat on the value accretive prospects of CSCS. More importantly, we are enthusiastic on the progress made thus far in repositioning the business to efficiently play a more active and leading role in deepening the Nigerian capital market. With continuous investments in new technologies, talent, and work environment, we expect productivity to grow, as the Board continues to work with the Management to exceed stakeholders’ expectations”, the Chairman of the Board added.
Also commenting on the results, the Managing Director/Chief Executive Officer, Mr. Haruna Jalo-Waziri, said; “These impressive results reflect our enhanced collaboration with different stakeholders and their unflinching support and loyalty to CSCS, as the core infrastructure for the Nigerian capital market. Hence, my colleagues and I are excited to dedicate this performance to our esteemed participants, regulator and the Board of Directors, whose support kept us stronger through the pandemic. We would continue to invest in our collective objective of deepening the capital market and broader financial system, even as we seek new and efficient ways of enhancing our partnerships for mutual prosperity.”
“Having laid a solid foundation over the past three years, we are more than ever optimistic on the prospect of our business, especially as we diversify the business for enhanced resilience against macro and market volatilities. The years ahead look challenging, albeit more promising than ever, as we reinforce our commitment to leveraging best-in-class technologies and our continuous investments in human capital in delivering value to all stakeholders”.
The shareholders, most of whom participated through proxies due to the extant COVID-19 precautions, were excited at the performance of the company and unanimously approved the dividend proposal of N1.17 per share, as presented by the Chairman, on behalf of the Board of Directors.
Speaking at the Annual General Meeting, Mr. Eric Idiahi, one of the proxy attendees of the Annual General Meeting and Managing Director, Verod Capital LLC; a core shareholder of CSCS Plc, lauded the management for the unprecedented performance in such a challenging year and reiterated the support of shareholders for the company.