CSCS shareholders approve N5.58bn as total dividend payout

Shareholders of Central Securities Clearing System (CSCS) Plc, have approved total dividend payout of N5.58 billion for the 2020 financial year.

The amount translated to N1.17 kobo per share held by investors at the close of business May 10, 2021, representing an increase of 36.0 per cent year-on-year growth in return to shareholders, when compared to the N4.3 billion dividend or N0.86 dividend per share paid in the previous year.

Speaking on the performance of the company, the Chairman of the Board of Directors, Mr. Oscar N. Onyema said, “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 per cent in such a challenging year to deliver 20.3 per cent 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. With continuous investments in new technologies, talent, and work environment, we expect productivity to grow, as the Board continues to work with the Management to exceed stakeholders’ expectations”, he added.

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

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