CSCS Plc shareholders at the weekend approved a total dividend of N8.8 billion for the financial year ended December 31, 2024. This marks a significant 17.3 per cent increase from the N7.5 billion declared in the previous year, translating to a dividend of N1.76 per share, up from N1.50 in 2023.
Chairman of the Board of CSCS and GMD/CEO of NGX Group, Temi Popoola, while speaking at the 31st yearly general meeting of the company held in Lagos, highlighted the company’s robust financial performance in 2024, emphasising its ability to convert revenue growth into solid bottom-line despite inflationary pressures and currency headwinds.
He attributed this resilience to increased capital market trading activity, favorable yields in the fixed income market, and foreign exchange gains, alongside the growing demand for CSCS’s expanding suite of services.
Looking ahead to 2025, Popoola addressed the potential impact of ongoing tariff tensions on global capital markets but expressed confidence in Nigeria’s economic outlook.
He noted that structural reforms such as fiscal discipline, infrastructure investment, and improved ease of doing business are laying the foundation for sustained growth and stronger investor confidence.
Popoola also pointed out that tariff adjustments could stimulate local industry development, fostering innovation and creating new value chains.
Managing Director/CEO of CSCS Plc, Haruna Jalo-Waziri, provided shareholders with a comprehensive overview of the business landscape, noting the complexities of the global economy in 2024 and the specific challenges faced in Nigeria, including high inflation, naira devaluation, and rising borrowing costs.
Despite these challenges, he highlighted the positive economic impact of robust government spending, a stronger services sector, and improved oil revenues, supported by favorable global oil prices and a weaker naira.
Jalo-Waziri also emphasised the central role of innovation in CSCS’s strategy, noting the successful launch of the CSCS Chatbot for real-time, 24/7 customer support and the rollout of the Debt Management Office (DMO) Portal. Developed in collaboration with the DMO, this platform streamlines the subscription process for FGN Savings Bonds, making it faster, more transparent, and more user-friendly for a broader investor base.
During the AGM, shareholders also confirmed the election of Dr. Aisha Muhammed-Oyebode and Mrs. Bola Adesola as Independent Non-Executive Directors, alongside the re-election of Mrs. Chinelo Anohu and Mr. Ibrahim Dikko in similar roles.
Shareholders lauded the company for its improved financial performance and significant dividend payout, urging continued progress in these areas.
CSCS, a public limited company with a diverse shareholder base, including the Nigerian Exchange Group, leading banks, private equity firms, investment banks, and individual investors, has been at the forefront of transforming Nigeria’s capital market.
As the Central Securities Depository for a wide range of securities, including equities, corporate bonds, mutual funds, and commodities, CSCS plays a vital role in market infrastructure, leveraging digital technologies to serve institutional and retail investors through its web portal, chatbot, and customer service channels.
