Shareholders of the Central Securities Clearing System (CSCS) have approved and received dividend payment of N1.76 per share for the year ended December 31, 2024.
The shareholders gave their approval at the company’s 31st Annual General Meeting(AGM) held at the weekend in Lagos, where the 2024 financial report was presented, even as the shareholders commended the company’s management team for their dedication to driving growth and increasing returns on investment.
Chairman of the Progressive Shareholders Association of Nigeria(PSAN), Mr. Boniface Okezie described the company’s financial result as excellent despite the economic headwinds. He tasked the CSCS on extending its operations to other African countries, considering its status as the biggest security depository registrar in West Africa.
He also commended the CSCS for being able to improve on curtailing fraud and forgery within the Nigerian Exchange Limited, while advising on reducing costs, particularly those related to expenses incurred by the board.
President of the Highly Favoured Shareholders Association of Nigeria, Mrs Adetutu Shiyanbola, lauded the company’s 2024 financial performance.
Also, a member of the Independent Shareholders Association of Nigeria (ISAN), Mrs Juliet Mbaka, commended the CSCS for the dividend paid and urged the company to look toward improving it in the current year.
The chairman of CSCS, Mr Temi Popoola had earlier said, the board would look critically into increasing dividends in the coming years. He said, one of the biggest projects the board was working on had to do with expanding the reach of the CSCS.
He explained that the CSCS is also working on embracing the African Exchange Linkage Programme as a way to extend its operations.
Popoola noted that, “our goal is to unlock new opportunities across all business lines, consolidate our leadership in the post-trade ecosystem and derive ling term shareholder value.”
The managing director/CEO of CSCS, Haruna Jalo-Waziri attributed the high cost of operation of the company to inflation, adding that the company continues to work on optimising costs.
He said, the CSCS had achieved remarkable growth in combating cybercrime as it continues to invest hugely in cybersecurity infrastructure, noting that, “We are scaling up our cybersecurity infrastructure, and this is one of the reasons we are incurring more costs. We are building KPIs and engaging Artificial Intelligence. Also, for our Corporate Social Responsibility, we are being strategic to embrace initiatives that, in turn, build our business.”
Jalo-Waziri noted that the company is more energized than ever to deliver consistent and superior performance, alongside long term value.