CSCS shareholders approve N7.5bn total dividend for 2023

Mr. Peter Medunoye, Chief Financial Officer, Central Securities Clearing System (CSCS) Plc; Mrs. Tomilayo Aluko, Head, Communications and Marketing, CSCS; Mr. Haruna Jalo-Waziri, Managing Director/Chief Executive Officer, CSCS; Mr. Tobe Nnadozie, Divisional Head, Business Technology & Digital Innovation; Mrs. Isioma Lawal, Acting Head, Enterprise Risk Management and Resilience Services, CSCS; and Mr. Olayemi Agbeleye, Acting Chief Information Security Officer, CSCS during a press conference on the CSCS’ Cybersecurity Conference coming up in Abuja on October 27, 2022.

Shareholders of the Central Securities Clearing System (CSCS) on Friday approved total dividend of N7.5 billion for the financial year ending Dec.31, 2023, as against N6.85 billion paid out in year 2022.

The approval made at the company’s 30th Annual General Meeting (AGM), held in Lagos, translated to a dividend of N1.50 per share.

The shareholders also commended the company for improving its bottom line in the year under review and paying dividends, while urging it to sustain the performance.

Commenting on the performance of the company, the Chairman, Board of Directors of the CSCS, Mr Temi Popoola said that in spite of the challenging business environment, the company achieved an impressive financial result in 2023.

Popoola noted that the significant growth across key financial metrics of the company highlighted its commitment to delivering increased value to its shareholders.

He said the CSCS reported impressive revenue growth in 2023, reflecting its strong performance and strategic initiatives throughout the year.

According to him, the company achieved gross earnings of N19 billion, representing a remarkable 65.2 per cent increase compared to N11.5 billion recorded in 2022.

The chairman said the company realised a Profit Before Tax of N11.2 billion in 2023, marking an impressive 84.2 per cent increase from N6.1 billion in the previous year.

Popoola also disclosed that the company’s gross earnings for the year under review stood at N19.0 billion, a 151.25 per cent performance against budget and a 65.2 per cent year-on-year increase of N11.5 billion in the year 2022.

He noted that the performance was driven by 249.3 per cent growth in non-core revenue, adding that transaction fees were 88.3 per cent and Depository fees stood at 21.3 per cent.

According to him, Electronic Document Management Services (EDMS) grew year-on-year by 34.7 per cent to N985.8 million.

Popoola said that the company’s investment income’s budget performance stood at 96.8 per cent, representing a 15.2 per cent year-on-year decrease.

Having been newly appointed, Popoola acknowledged the dedicated Board members and exceptional Management team of the CSCS.