CSCS Plc Shareholders Approve N5.85bn Dividend Payout
Shareholders of the Central Securities Clearing System Plc, on Tuesday, approved a proposal by its directors for a total payout of N5.85bn as dividend for the year ended December 31, 2020, a 30% increase over the N4.3bn distributed at the end of the 2019 financial year.
This translated to a dividend per share of N1.17 payment to those whose names appeared in the register of members at the close of Monday, May 10, 2021, up from N0.86 each, in the previous year.
Speaking on the company’s performance, the chairman, 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.”
According to him, profit rose by over 41%, as the company delivered 20.3% return on average equity, expressing the board’s satisfaction at 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.
While dedicating the year’s performance to its various stakeholders, the Managing Director/Chief Executive Officer, Haruna Jalo-Waziri said the “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.
The support from the stakeholders- participants, regulator and the board, he continued, “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. “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. 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 stressed.
Speaking at the virtual meeting, Eric Idiahi, a proxy attendee and Managing Director, Verod Capital LLC, a core shareholder of CSCS Plc, applauded the unprecedented performance during such a challenging year. He expressed support for the company’s planned diversification, as well as the culture of innovation needed to enhance business sustainability and capacity to deliver superior returns over the long term.
Photo caption: From left, Haruna Jalo-Waziri, Managing Director/Chief Executive Officer, Central Securities Clearing System Plc; Mrs. Tairat Tijani, Non-Executive Director, CSCS; Oscar Onyema, chairman; Ms. Tinuade Awe, Non-Executive Director; Eric Idiahi, Non-Executive Director; and Charles Ojo, Company Secretary, at the company’s 27th Annual General Meeting in Lagos on Tuesday.