Temi Popoola, Chairman of the Board of Directors at the Central Securities Clearing System (CSCS) Plc, lauded the company’s stellar financial performance in 2023 during its 30th Annual General Meeting held on 24th May 2024 at the Civic Centre, Victoria Island, Lagos.
Following shareholders’ approval at the AGM, CSCS Plc will pay a total dividend of N7.5 billion to shareholders, a notable increase from N6.85 billion paid out in the previous year, translating to a dividend of N1.50 per share. This highlights the company’s commitment to delivering increased value to its shareholders.
CSCS Plc reported impressive revenue growth in 2023, reflecting its strong performance and strategic initiatives throughout the year. The company achieved gross earnings of N19 billion, representing a remarkable 65.2% increase compared to N11.5 billion recorded in 2022.
Additionally, the company realized a profit before tax of N11.2 billion in 2023, marking an impressive 84.2% increase from N6.1 billion in the previous year.
Expressing gratitude for his appointment as Chairman, Mr. Popoola acknowledged the dedicated Board members and exceptional Management team. He extended appreciation to his predecessor, Mr. Oscar N. Onyema, OON, for his distinguished leadership, which significantly contributed to CSCS’s growth and solidified its position as a reputable market infrastructure in Nigeria and West Africa.
Mr. Popoola remarked, “It is with great enthusiasm that I joined the esteemed and diverse Board of CSCS, a body that has consistently exhibited effective and efficient leadership over the years. The Board’s unwavering commitment to steering the strategic direction of our company and providing diligent oversight to Management has been pivotal in achieving our organizational goals. I am particularly proud to note the Board’s role in challenging the Management team, which has undoubtedly contributed to our company’s stellar performance in 2023. Despite navigating a challenging business environment and socio-economic challenges in Nigeria, the Board and Management’s collective efforts have yielded commendable results.”
Also commenting on the company’s performance, the Managing Director/Chief Executive Officer, Mr. Haruna Jalo-Waziri said, “The strong growth in earnings reflects efficiency gains from both asset utilization and service enhancement… Looking back, we have grown both top and bottom lines by 20% minimum regulatory requirement for our business, despite dividend payment during the year.”
Speaking about the company’s Strategy and Outlook, Mr. Jalo-Waziri stated, “…we are laser-focused on supporting investors’ capability to extract value from ensuing market volatility, which presents opportunities and risks. We would work with market intermediaries to cut through the chase of market complexities, lower costs, and mitigate risks for investors.”