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Trading Result: CSCS Shareholders Get N5.85bn

All qualifying shareholders of the Central Securities Clearing System (CSCS) Plc, who held the shares at the close of business on Monday, May 10, 2021, would be paid a dividend of N1.17 per share.

This follows the approval of the dividend payout by shareholders at the 27th Annual General Meeting (AGM) of the depository held in Lagos whist observing social distancing protocols and hygiene, as advised by relevant authorities in respect of COVID-19 pre-cautions.

Consequently, the CSCS would be paying a total of N5.85billion to its shareholders, about 36.0% year-on-year growth in return to shareholders, when compared to the N4.3 billion (N0.86 dividend per share) paid in the previous year.

Speaking on the performance of the company, the Chairman of the Board of Directors, Oscar Onyema said the company has remained strong despite the headwinds experienced during the year under review,

In his words: “despite the challenges in 2020, CSCS emerged stronger, delivering outstanding growth in top and bottom-lines, and executing far-reaching initiatives that would sustainably strengthen the competitiveness and resilience of the business.”

“Growing profit by over 41% in such a challenging year to deliver 20.3% return on average equity, the Board of Directors is more than ever upbeat on the value accretive prospects of CSCS. More importantly, we are enthusiastic on the progress made thus far in repositioning the business to efficiently play a more active and leading role in deepening the Nigerian capital market.” He added.

. Also commenting on the results, the Managing Director/Chief Executive Officer of CSCS, Haruna Jalo-Waziri said the impressive results reflect enhanced collaboration with different stakeholders and their unflinching support and loyalty to CSCS, as the core infrastructure for the Nigerian capital market.

“My colleagues and I are excited to dedicate this performance to our esteemed participants, regulator and the Board of Directors, whose support kept us stronger through the pandemic. We would continue to invest in our collective objective of deepening the capital market and broader financial system, even as we seek new and efficient ways of enhancing our partnerships for mutual prosperity.”

One of the proxy attendees of the AGM, a core CSCS shareholder, Managing Director of Verod Capital LLC; Eric Idiahi, lauded the Management for the unprecedented performance in a challenging year and reiterated the support of shareholders for the Company.

Also commenting on the conduct of the Annual General Meeting, the Chief Executive Officer of Africa Prudential Plc, and Registrar to the CSCS, Obong Idiong, commended conduct of the meeting, which he noted complied with due observance of all relevant statutory requirements, including COVID-19 precautions.

“I congratulate the Board and shareholders of CSCS on the impressive performance during the 2020 financial year and more importantly for a successful General Meeting.”

CSCS has a diversified shareholder base, including the Nigerian Exchange Group Plc, some of the largest Nigerian banks, private equity firms as well as other institutional investors and retail investors.

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