Nigeria: CWG Assures Shareholders of Sustained Growth, Consistent Dividend Pay-Out

The management of CWG Plc has assured its shareholders of sustained growth, stressing that it has made significant strides in delivering innovative products and platforms in payments over the years.

At the Annual General Meeting (AGM) held in Lagos, shareholders approved a dividend per share of 4.0 kobo while commending the board and management of CWG for improving the company's fortunes, despite the challenges.

Addressing the shareholders, Chairman CWG, Mr. Philip Obioha, said the group recorded remarkable performance in 2022 as it consolidated the gains of its investments in its payment platform and subscription service businesses.

He outlined that the group made significant strides in its businesses in the past year, including onboarding four new banks on its Finedge Core banking application platform on a subscription service basis while also driving its "infrastructure as a service" business with the addition of new customers to its subscribers' list.

He said the company has continued to make significant investments in its Datacenter offerings to provide the required infrastructure needed to support its platform business, adding that the group has also been making giant strides in its energy metering business as it achieved a 600 percent revenue growth when compared to the previous year.

He also spoke about the newly established Dubai entity, which he said is a part of the group's expansion plan that offers entry into a growing market with a supportive environment for innovation and development. "We are confident that the investments and efforts put into the new organization/ businesses will yield significant returns starting from the 2023 financial year," Obioha said.

Managing Director and Group CEO of CWG Plc, Mr. Adewale Adeyipo, said the group's performance in 2022 demonstrated its business strength and enthusiasm for achieving success.

He noted that key performance indices reached five-year highs in 2022, which underlined the group's commitment to doing the right things at the right time for its business and customers, which helped foster growth across its regional centers .

"We have stepped up our ability to innovate, adapt to new ways of doing business, renewed and repurposed our commitment to service excellence as well as listening to our customers to provide customized superior value to them," Adeyipo said.

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