Finance

CSCS shareholders approve N5.85bn dividend payment

Shareholders of Central  Securities Clearing System (CSCS) Plc have approved the payment of N5.85 billion, translating to N1.17 per share dividend for the year ended December 31, 2020. This represents 36 percent year-on-year growth in return to shareholders, when compared to the N4.3 billion dividend (N0.86 dividend per share) paid in 2019.

They gave the approval at the company’s Annual General Meeting (AGM) in Lagos.  

Addressing shareholders at the event, Mr. Oscar Onyema, Chairman, Board of Directors, CSCS, said: “Despite the challenges in 2020, CSCS emerged stronger, delivering outstanding growth in top and bottom-lines, and executed far-reaching initiatives that would sustainably strengthen the competitiveness and resilience of the business.

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“Growing profit by over 41 percent in such a challenging year to deliver 20.3 percent 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 about 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.” Also speaking, Mr. Haruna Jalo-waziri, Managing Director/CEO, CSCS, 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.” “Having laid a solid foundation over the past three years, we are more than ever optimistic on the prospect of our business, especially as we diversify the business for enhanced resilience against macro and market volatilities.

Vanguard

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