The firm declared a N30M dividend to the shareholders and the bonus script of 25 million.
Remarking at the event, the CEO and Managing Director of the firm Segun Ogunleye said: “Despite the economy downturn and difficult business operation environment, we’ve been able to forge the company ahead and we will continue to deliver excellent results, excellent services to our customers, to stakeholders and challenge their expectation each time and always.”
Ogunleye who appreciated God for the success and dynamism of the firm said, “The economy is tough, difficult, and inflation is high, but we see it as an advantage. We see it as an opportunity that we can still explore, that is why we are still moving on despite all the challenges around the business world.”
He however noted that the firm would have done better if there was a sharp upturn in the economy. “We’re all aware of what the interest rate is doing now, particularly to our industry that is a little bit prejudiced. We are not banks; we are non-bank financial institutions. For people to give us money, they certainly ask for a higher premium and they can only get this by asking for a higher interest rate, which is far above what the CBN rate is. Everybody is taking the inflationary rate; they almost turn it into an interest rate now that is either on par with inflation. It’s quite difficult, but we understand our market, we have our market, we identify our target market and we’ve been exploring that.”
On the targeted market he said: “We lend money to Small and Medium Enterprises (SMEs) and we also have payroll lending in a public sector division that is to civil servants, federal civil servants, Lagos State civil servants, paramilitaries, those are the people that we do business with and we are growing their numbers in that market.”
Ogunleye further said: “Another thing that is equally important is expanding our market. We are changing our strategy. We are developing new markets, new frontiers to meet the needs of the people.”
He however implores the government to come up with policies that aid business owners to thrive, as this would automatically upturn the economy. “They need to look at some of the fiscal and economic policies.
It is very important. It is difficult but at least we can have serious policies that are addressing the challenges, not policies that are really attacking the economy and if some of these policies are put in place, it can encourage foreign investors to come into the country and that will give you a platform for funding direct investment into the economy which will boost and stimulate the economy back.”
