CSCS Shareholders Commend N8.8bn Dividend Payment
Kayode Tokede
The shareholders of the Central Securities Clearing System (CSCS), have expressed satisfaction with the company’s impressive financial performance and the declaration of a N8.8 billion dividend payment for the 2024 financial year.
This represents a 17.3per cent increase from the N7.5 billion dividend approved in the previous year. Shareholders will receive a dividend of N1.76 per share, up from N1.50 per share in 2023.
The shareholders expressed their satisfaction during the company’s 31st Annual General Meeting in Lagos, where the 2024 financial report was presented.
The shareholders present at the AGM commended the company for its improved financial performance and the significant dividend payout, urging the Board and Management to sustain this positive trajectory.
Chairman of the Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie described the company’s financial result as excellent despite the economic headwinds.
He tasked the CSCS on extending its operations to other African countries, considering its status as the biggest security depository registrar in West Africa.
Also speaking, President of the Highly Favoured Shareholders Association of Nigeria, Mrs Adetutu Shiyanbola lauded the company’s 2024 financial performance.
Chairman of the Board of CSCS and GMD/CEO, NGX Group, Mr. Temi Popoola highlighted the company’s strong financial performance in 2024. Stating that it underscores CSCS’s ability to translate revenue growth into robust bottom-line results despite the prevailing inflationary pressures and currency headwinds.
Popoola attributed this financial strength to increased capital market trading activity, favourable yields in the fixed income space, and foreign exchange gains, further supported by growing demand for CSCS’s expanding suite of services and solutions.
The Managing Director/CEO of CSCS, Haruna Jalo-Waziri in his statement to shareholders gave a comprehensive overview of the business environment and CSCS’s operational resilience. He noted the complexities of the global economy in 2024, and the specific challenges faced in Nigeria, including elevated inflation, naira devaluation, and rising borrowing costs. Despite these, he emphasized that “economic growth was driven by robust government spending, stronger services sector performance, and improved oil revenues, helped by favourable global oil prices and a depreciating naira.”
Jalo-Waziri stated, “Innovation continues to remain central to our strategy, enabling us to elevate service delivery, drive operational efficiency, and deepen market engagement. A recent milestone in this journey is the successful launch of the CSCS Chatbot, a tool designed to enhance customer experience through real-time, 24/7 responses to inquiries across our digital channels.”
