Shareholders of Central Securities Clearing System (CSCS) Plc have approved payment of N7.5 billion as cash dividends for the 2023 business year.
Shareholders will receive a dividend per share of N1.50 for the 2023 business year, totaling N7.5 billion, as against N6.85 billion paid for the 2022 business year.
CSCS had reported impressive revenue growth in 2023, reflecting its strong performance and strategic initiatives throughout the year. The company achieved gross earnings of N19 billion, representing a remarkable 65.2 per cent increase compared to N11.5 billion recorded in 2022. Additionally, the company realised a profit before tax of N11.2 billion in 2023, marking an impressive 84.2 per cent increase from N6.1 billion in the previous year.
Chairman, Central Securities Clearing System (CSCS) Plc, Mr Temi Popoola, who spoke at the annual general meeting in Lagos, said the board’s unwavering commitment to steering the strategic direction of the company and providing diligent oversight to management has been pivotal in achieving organisational goals.
“I am particularly proud to note the board’s role in challenging the management team, which has undoubtedly contributed to our company’s stellar performance in 2023. Despite navigating a challenging business environment and socio-economic challenges in Nigeria, the board and management’s collective efforts have yielded commendable results,” Popoola said.
While expressing gratitude for his appointment as chairman, Popoola acknowledged the dedication of other board members and exceptional management team.
He also extended appreciation to his predecessor, Mr. Oscar Onyema, for his distinguished leadership, which significantly contributed to CSCS’s growth and solidified its position as a reputable market infrastructure in Nigeria and West Africa.
Managing Director, Central Securities Clearing System (CSCS) Plc, Mr. Haruna Jalo-Waziri said the strong growth in earnings reflected efficiency gains from both asset utilisation and service enhancement.
He said the company has continue to grow both top and bottom lines, despite dividend payments.
“We are laser-focused on supporting investors’ capability to extract value from ensuing market volatility, which presents opportunities and risks. We would work with market intermediaries to cut through the chase of market complexities, lower costs, and mitigate risks for investors,” Jalo-Waziri said.
Thenation