CSCS shareholders approve N5.85bn dividend

Shareholders of Central Securities Clearing System have approved a dividend payout of N1.17 proposed by the company.

The approval was given at their 27th Annual General Meeting on Tuesday.

The business entity declared a 36.05 per cent year-on-year growth return of N5.85bn to shareholders, against the N4.3bn it paid in the previous year.

Commenting on the company’s performance, the Chairman of the Board of Directors, Mr Oscar Onyema, said, “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 41 per cent in such a challenging year to deliver 20.3 per cent return on average equity, the BoD is more than ever upbeat on the value-accretive prospects of CSCS.”

On the progress made thus far in repositioning the business, Onyema, added, “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 Managing Director/Chief Executive Officer of CSCS, 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.

“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.”

According to him, the board is optimistic about the prospect of the company’s business, especially as it diversifies the business for enhanced resilience against macro and micro 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 investment in human capital in delivering value to all stakeholders,” Jalo-Waziri added.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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