CSCS shareholders endorse N3.5bn dividend declared in 2018
Shareholders of the Central Securities Clearing System (CSCS) Plc on Tuesday endorsed a cumulative dividend of N3.5 billion declared by the company for the financial year ended December 31, 2018.
The shareholders approved the dividend at the company’s 25th Annual General Meeting (AGM) held in Lagos.
The News Agency of Nigeria (NAN) reports that the dividend pay-out translates to 70k per share, expected to be paid to shareholders whose names appeared on the register of members as at April 9.
Speaking at the meeting, a shareholder, Mr William Adebayo, said that the 70k dividend was very impressive when compared with dividends paid by some financial institutions.
Adebayo urged the company to map out strategies aimed at maintaining the dividend policy so as to sustain the trend.
He said that the tenure of the Chief Executive Officer, Mr Haruna Jalo-Waziri, had been successful and productive.
Also speaking, another shareholder, Mr Ayodele Ogundeji, who commended the board and management for a job well done said they have demonstrated commitment.
Ogundeji said that shareholders were very impressed with 70k dividend declared by the company during the period under review.
Dr Farouk Umar, Chairman, Association for the Advancement of the Rights of Nigerian Shareholders Association of Nigeria, tasked the company on product diversification to enhance profit.
Umar said that the company should work on listing on the Nigerian Stock Exchange (NSE) in the near future,
Responding, CSCS Chairman, Mr Oscar Onyema, said that in spite of the socio-economic developments and political agitation/instability, the company’s business performed well as seen in its financial results.
Onyema attributed the performance to several factors, including the primary market segment which witnessed the listing of two new companies, Notore Chemicals Industries and Skyway Aviation handing Company (SAHCO).
He added that relatively strong secondary market activity on the exchange, sound corporate governance model, skied workforce and technology contributed to the performance.
Onyema noted that “we continuously strive to create value for our shareholders by developing products and services in addition to our core business.”
According to him, our marketing efforts have been re-energised to establish us as leaders in the document management services space with clientele across several business sectors and in government.
He added that the company would continue to work to be the most respected Central Security Depository across the globe.
On outlook, the chairman of CSCS said that strong corporate governance standards and strategy execution shall remain top of mind for the board and management in the coming years.
“We will continue to stretch ourselves to ensure that our strategic objectives are met, so as to achieve long term value creation for our shareholders and stakeholders,” he said.
Also, Jalo-Waziri said that the company would remain committed to enhanced return and service delivery.
“Overall, our capability to process trades has now significantly increased from hundreds of thousands of trades to millions of trades daily.
“This development ensures that we stay well positioned to deliver clearing and settlement services across current and future product offerings to the stock exchanges we render services to.
“We have continued to strengthen our interaction and influence within and outside of the Nigerian capital market by cultivating and maintaining partnerships that promote similar interests and values,” Jalo-Waziri stated.
The company during the review period posted a profit before tax of N6.09 billion against N5.66 billion achieved in the comparative period of 2017.
Gross earnings stood at N9.08 billion in contrast with N8.69 billion in 2017, an increase of four per cent.
(NAN)
