Shareholders of the Central Securities Clearing System (CSCS) have expressed satisfaction with the company’s financial performance and the declaration of a N1.76 dividend payment for the 2024 financial year.
The shareholders expressed their satisfaction during the company’s 31st Annual General Meeting in Lagos, where the 2024 financial report was presented.
The shareholders commended the company’s management team for their dedication to driving growth and increasing returns on investment.
Boniface Okezie, Chairman of the Independent Shareholders Association of Nigeria, described the company’s financial result as excellent despite the economic headwinds.
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Mr Okezie tasked the CSCS on extending its operations to other African countries, considering its status as the biggest security depository registrar in West Africa.
He also commended the CSCS for being able to improve on curtailing fraud and forgery within the Nigerian Exchange Ltd.
He advised on reducing costs, particularly those related to expenses incurred by the board.
Also, Adetutu Shiyanbola, President of the Highly Favoured Shareholders Association of Nigeria, lauded the company’s 2024 financial performance.
She noted that CSCS’s impressive performance, marked by a 44 per cent growth in the company’s operating income, a 24 per cent rise in its profit before tax, a 37 per cent increase in gross earnings, and a 22 per cent growth in total assets, showcased the company’s significant responsibility and stewardship.
She encouraged the company to further enhance its gender balance policy, promoting greater diversity and inclusion within the organisation.
A member of the Independent Shareholders Association of Nigeria, Juliet Mbaka, commended the CSCS for the dividend paid and urged the company to look toward improving it in the current year.
Mrs Mbaka also urged the management of the company to consider giving some bonus to its shareholders.
Responding, Temi Popoola, Chairman of the Board of Directors for CSCS, said the board would look critically into increasing dividends in the coming years.
He said one of the biggest projects the board was working on had to do with expanding the reach of the CSCS.
He explained that the CSCS is also working on embracing the African Exchange Linkage Programme as a way to extend its operations.
He said, “We are also taking intentional steps toward gender balance, embracing women with the right character and expertise on the board.”
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Also, Haruna Jalo-Waziri, Managing Director of CSCS, attributed the high cost of operation of the company to inflation, adding that the company continues to work on optimising costs.
He said the CSCS had achieved remarkable growth in combating cybercrime as it continues to invest hugely in cybersecurity infrastructure.
“We are scaling up our cybersecurity infrastructure, and this is one of the reasons we are incurring more costs. We are building KPIs and engaging Artificial Intelligence.
“Also, for our Corporate Social Responsibility, we are being strategic to embrace initiatives that, in turn, build our business,” he said.
(NAN)
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