29 May 2018

Nigeria: CSCs Records N4.9 Billion Profit, Pays 70 Kobo Dividend

The Central Securities Clearing System (CSCS) Plc, the financial market infrastructure (FMI) arm for the Nigerian capital market, has announced a dividend of 70 kobo per share to shareholders for the year ended December 31, 2017.

The dividend, which amounts to N3.5 billion, was 233 per cent higher than the N1.05 billion paid out in 2016. Shareholders of the company approved the dividend at the 24th annual general meeting (AGM) in Lagos yesterday and commended the board and management for the improved performance.

Speaking on the 2017 financial results, chairman of CSCS Plc, Mr. Oscar Onyema, said despite the headwinds at the beginning of 2017, CSCS emerged with a strong performance for the year across all metrics.

According to him, at the end of the year, profit-before tax stood at N5.6 billion, from N3.72 billion in 2016, while profit after tax rose from N3.5 billion to N4.9 billion. Total assets stood at N32 billion compared with N27 billion in 2016.

"We attribute our performance to better economic macro story, the Investors' and Exporters' FX Window, our sound corporate governance model, focus on implementing strategic initiatives, skilled workforce and technology," he said.

Onyema said in order to ensure competitiveness in the capital market and remain the foremost Central Securities Depository (CSD) in Africa, the company made significant investment in infrastructure by changing its core CSD platform, the Equator, to a more technologically advanced and state-of-the-art CSD platform, the TCS BaNCS .

Also speaking, the Managing Director/Chief Executive Officer, CSCS Plc, Mr. Haruna Jalo-Waziri, said though 2017 was considered the year of hope, CSCS adapted very quickly to ensure attainment of decent financial results and other achievements in the course of the year.

"CSCS had a profit before tax budget of N3.86 billion but surpassed this target to finish the year with a profit before tax of N5.66billion (a 46.63 favourable variance). This was driven by the confidence which returned to the capital market. Hence, actual earnings from our depository, clearing and settlement services, which constituted 49.63 (2016: 42.48 per cent) of our total revenue increased by 64.49 per cent in the current year."

According to him, working with the Securities and Exchange Commission (SEC) and registrars of companies, CSCS successfully achieved 100 per cent dematerialisation of securities of quoted companies.

"The importance of this achievement is that it brings into effect the existence of a unified and comprehensive record of issued shares and the aforementioned companies' shareholders. As is applicable in other markets, this puts CSCS in the position of bona fide Custodian of the golden record of securities and a sub registry for all quoted companies" Mr. Jalo-Waziri added.


Most African Children Without Birth Certificates Are Nigerians

For every 10 Nigerian children that are at least five years old, there are no records about the birth of seven. Even… Read more »

See What Everyone is Watching

Copyright © 2018 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.