On Thursday, September 26, 2024, the management delegation of C & I Leasing Plc, the largest integrated leasing company in West Africa, led by Dr. Samuel Maduka Onyishi MON, Board Chairman, C & I Leasing Plc; Mr. Chukwuemeka Ndu, Founder and Vice Chairman, C & I Leasing PLC; and Mr. Ugoji Lenin Ugoji, GMD/CEO, C & I Leasing Plc, rang the closing gong for the day’s trading activities on the floor of the Nigerian Exchange Group house in Lagos, Nigeria.
C & I Leasing Plc is set to tap into opportunities in the compressed natural gas (CNG) space, in line with the vehicle alternative fueling initiative of the Federal Government’s gas policy. This is expected to drive down fueling costs and boost profitability.
Ugoji Lenin, GMD/CEO C & I Leasing Plc, disclosed that their subsidiary ( Leasafric Plc) has already commenced experimenting with electric vehicles in Ghana, stressing that in Nigeria, it is currently carrying out testing/research into how CNG powered vehicles will support the logistics market and getting promising results.
Speaking to journalists at the company’s “Facts Behind the Figures” presentation on the floor of Nigerian Exchange Limited (NGX) on Thursday, September 26, 2024, in Lagos, said, “We think that we’re going to continue in that line in terms of not just to speak to CNG vehicle investment, but actually to do it. We think we can provide some support in that sector.”
According to him there is a need to understand the impact CNG will have on manufactured fuel combustion engines in the Long-term, stressing on the importance of file combustion to CNG combustion conversion research.
“We will research as long as we think it is necessary. A typical vehicle is amortized over four or five years. So, that means that you need to know what’s going to be the impact of CNG on vehicles.
“By the end of first year, we should be able to provide some credible results. We are also using the test for clients as well to see how it also services them and brings down their cost,” he said
On dividend to shareholders, he said government policies are tending towards the Oil & gas sector with the aim of increasing revenue.
“The FG requires revenue to invest a lot in the Oil & Gas sector. We provide services in the Marine services, most especially in the mid-stream and of course, with the increased production means increased requirement for services in the marine space. We think that will naturally bring more revenue for the company. We think that will give us the sustainability of a higher dividend,” he added.
Okechukwu Nnake, Chief Financial Officer, C & I Leasing presenting the “Fact Behind The Figures” said the turnover increased by N8.2 billion, 82 per cent above actual in H1 2023 over optimal utilization of operating leased assets, growth in cross-marine charter and new contracts and expansion in the existing ones.
He stated that the profit before tax increased by N807 million, 299 per cent above actual in H1 2023 due to growth in revenue through expansion in existing/ new contracts, employing several cost optimization techniques via continuous process improvement and automation technology.
He assured the market community that C&I Leasing would continue to optimise it’s brand to collaborate on it’s cross charter business strategy in order to support it’s Marine Unit margins with minimal capital investment.
On fleet, he said, “Subsidy removal has created opportunities in the Alternative Energy vehicles space for C & I Leasing. New opportunities in EV and CNG propel engines in line with Federal Government green energy policy.
“Deregulations of the downstream petroleum sector hold opportunities for logistics expansion in the Oil & gas sector.”
Jude Chiemeka, CEO, NGX Limited said C & I Leasing has been a prominent player on the Exchange, with over three decades of operational excellence.
He expressed that over the years, the company has evolved into a diversified conglomerate specializing in leasing and business services.
“The Company now serves a wide range of clients, including both indigenous and multinational organizations across West Africa. Its comprehensive service portfolio includes Fleet Management, Personnel Outsourcing, and Marine Services, positioning the company as a leader in its industry.
“In the face of ongoing economic challenges, we recognize the commendable efforts of C & I Leasing’s Board and Management in enhancing operations, promoting business continuity, and restoring investor confidence. Your dedication to these goals reflects the resilience and adaptability that are essential in today’s market environment,” Chiemeka said.