C&I Leasing Unveils N5bn CP Issuance, urges FG To Check FX Surge, Tame Inflation

C&I Leasing Plc, Nigeria’s equipment leasing, and logistics giant, on Monday launched the ₦5bn Series 3 Commercial Paper Issuance under its ₦50bn Issuance Programme.
The net proceeds of the fund, whose allotment opened on Monday, November 20, to close Thursday November 24, according to the programme memorandum, will be used to support the company’s short-term working capital and funding needs.
Meanwhile, Group Managing Director/Chief Executive Officer of the company, Ugoji Lenin Ugoji, says the board and management is working towards paying cash dividend at the end of the 2024 financial year.
Speaking at the annual general meeting held last week in Lagos, ugorji acknowledged the fact “that it has been quite some time since we rewarded shareholders.”
The most important factor for businesses in 2024, he said, “is going to be the foreign exchange, because we think the foreign exchange has an impact on all the other aspect.
“Getting the foreign exchange under control, will help inflation rate, which will impact our business,” Ugoji said.
He, however, commended the Federal Government’s decision to set up tax special committee to look into issues around taxation for businesses in Nigeria.
Ugoji explained that government’s intervention in taxation was needed for business growth, noting that involvement of C&I in marine business was its primary hedge against fluctuation in the exchange rate.
He said only about 15% of the company’s liabilities were in dollar, adding that the major challenge faced by the company in 2022 was the instability in interest rate.
“The major thing we have accomplished is being able to keep our staff because there has been a significant attrition of qualified staff in the country, there is an exodus of professionals in Nigeria, and our business is such that requires those that have skill.
“We have been able to maintain a large part of our contract,” he said.
The company said it will continue to leverage technology to improve operational efficiency and business acquisition for enhanced growth and development.
Speaking earlier at the AGM, in his review of business activities and financial for the year ended December 31, 2022, the chairman Dr Samuel Onyishi, assured that the company would embrace data & analytics, automation, optimised infrastructure, legacy modernisation and cyber-security.
The company, he continued, would continually consolidate past achievements and seek opportunities to expand its operations and market frontiers, noting that the board has laid down solid foundation for growth, expansion, and diversification, which is already yielding results.
He recalled that “in 2023, our organisation is focused on achieving all round improvement in the business and delivering a sterling and sustainable performance that enhances optimal returns to shareholders.
“Despite the challenges faced in 2022, our company has emerged stronger and more resilient, thanks to the collective efforts of all staff, management, audit committee and the board,” Onyishi said.
During the period under review, the group’s gross earnings decreased slightly by one per cent from N18.2bn in 2021 to N17.9bn in 2022, while profit before tax increased by 216% from N198.5m to N626.8m in 2022.
Similarly, the group’s profit after tax rose by 1,746% from N31.2m recorded in 2021 to N577.3m.