C & I Leasing Plc said it will deploy more technology to enhance operational efficiency and business acquisition for sustained growth

The Chairman of the company, Dr Samuel Onyishi, while addressing shareholders at the company’s 32nd yearly general meeting (AGM) in Lagos said the company would embrace data and analytics, automation, optimised infrastructure, legacy modernisation and boost cyber-security.

According to him, the company would continue to consolidate past achievements as well as seek opportunities to expand its operations and market frontiers.

Onyishi noted that the board has laid down a solid foundation for growth, expansion, and diversification, which is already yielding results.

“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.

Also speaking, the Group Managing Director/Chief Executive Officer of C&I Leasing, Ugoji Lenin Ugoji, decried the extent to which multiple taxation is impacting negatively on businesses in the sector, urging government to do everything within its powers to address the issue and forestall collapse of firms in the industry.

He assured shareholders that the company would pay cash dividends in the next financial year.

“We know that it has been quite some time since we rewarded shareholders. The most important factor for 2024 is going to be the foreign exchange because we think the foreign exchange has an impact on all the other aspects.

“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 a 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.

He stated that involvement in marine business was the primary hedge for C & l Leasing against fluctuation in the exchange rate, adding that only about 15 per cent of the company’s liabilities were in dollars.

He pointed out that the major challenge faced by the company in 2022 was the instability in interest rates.
“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 it requires those that have skill. We have been able to maintain a large part of our contract,” he said.

Responding, shareholders commended the board and management of the company for the performance in the year under review.

The President, the Pragmatic Shareholders Association of Nigeria, Bisi Bakare, said the company’s performance for 2022 was highly commendable and urged the board to do more in the coming year.

National Coordinator, Independent Shareholders Association of Nigeria, Moses Igbrude, urged the management to ensure payment of dividends to shareholders in 2024.

The group’s gross earnings decreased slightly by one per cent from N18.2 billion in 2021 to N17.9 billion in 2022.

The profit before tax increased by 216 per cent from N198.5 million in 2021 to N626.8 million in 2022.

Similarly, the group’s profit after tax rose by 1,746 per cent from N31.2 million profit recorded in 2021 to N577.3 million profit in 2022.