CSCS Shareholders Approve N5.8bn Dividend, Laud Performance

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By Goddy Egene

Shareholders of the Central Securities Clearing System (CSCS) Plc have approved the N5.8 billion dividend recommended for the financial year ended December 31, 2020. The dividend, which translated to N1.17 per share was approved at the annual general meeting (AGM) held in Lagos recently.

Speaking on the performance of the company at the AGM, the Chairman of CSCS Plc, 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 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,” he added.

Also speaking, the Managing Director/Chief Executive Officer of the company, 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.”

According to him, having laid a solid foundation over the past three years, there are more than ever optimistic on the prospect of their business, especially as they 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,” he said.

One of shareholders, who was a proxy attendees at the AGM and Managing Director, Verod Capital LLC, Mr. Eric Idiahi, lauded the management for the unprecedented performance in such a challenging year and reiterated the support of shareholders for the company, saying that the diversification of the business and culture of innovation should enhance the sustainability of the business and ensure its capacity to deliver superior returns to shareholders over the long term.