Shareholders approve CSCS N3.5 billion total dividend
Firm assures investors of sustainable business practice
Shareholders of the Central Securities Clearing System (CSCS) on monday approved the company’s total dividend of N3.5 billion, translating to 70 kobo per share due to every investor of the firm for the 2017 financial year.
Speaking at the 24th yearly general meeting of the company held in Lagos commended the firm’s improved performance recorded during the year under review, urging the not to relent on their efforts and consolidate on the performance.
Specifically, the former president of Noble Shareholders Association, Timothy Adesiyan applauded the firm on the dividend payout amid harsh operating environment.
He urged them to ensure that they reduce the number of unclaimed dividend figure in their list to the barest minimum.
Reviewing its performance, the chairman of firm, Oscar Onyema explained that the gross earnings stood at NN8.7 billion representing 41 per cent rise when compared to N6.2 billion achieved in the comparable period in 2016.
According to him, profit before tax rose from N3.7 billion to N5.7 billion while profit after tax increase to N4.9 billion from N3.5 billion recorded in the previous year.
Onyema assured shareholder that the firm would remain focused on commitment to service excellent and sustainable business practice.
“Based on our continued commitment to excellent, we are one of the highest rated CSDs in Africa with an ‘A’, which is a low overall risk rating, an improvement from the ‘A-’ rating in 2016 from Thomas Murray, the world renowned CSD rating agency. Our target for 2018 is to improve our rating further by achieving an A+ rating.”
The new rating, according to the chairman would support the firm’s desire to become the preferred investment hub in Africa.
He added that it would also highlight the business process improvement as well as the resilience of the firm’s CSD in terms of financial stability and safety of assets in its custody.
He pointed out that the company has unveiled five strategic business plans for 2018-2020 anchored on process optimization, customer satisfaction, technology improvement to deliver corporate goals, partnership through strategic alliances across business and stakeholders and revenue growth.
Oscar added that the management has commenced initiatives to deliver on some of the key pillars.
The Chairman, while fielding questions from shareholders explained that the company had reworked its dividend policy for a more robust payout, adding that the new proposal for 2017 is a reflection of the new dividend policy.
The managing Director of the company, Haruna Jalo-Waziri said the firm had further developed 51 initiatives from its five pillars in order to reposition the company for optimal service delivery.
“As the world embraces the fourth industrial revolution, we are focused on guiding the evolution around our business space to ensure that we size the opportunities it presents.”
“To this end, we are building an enterprise architecture t ensure proper analysis, planning and implementation for the successful development and execution of out strategy.”