CSCS shareholders approve N4.3bn dividend

Central Securities Clearing System (CSCS) shareholders have approved the payment of N4.3 billion dividend, translating to N0.86 per share earlier recommended by the Board of Directors.

This approval was given at the 26th Annual General Meeting (AGM) held by proxy at the Nigerian Stock Exchange (NSE) in Lagos.

The dividend represents 22.8 percent year-on-year growth in return to shareholders, when compared to N3.5 billion or N0.70dividend per share paid in the previous year.

Speaking at the meeting, Mr. Oscar Onyema, Chairman, CSCS, noted the resilience of CSCS’ performance amidst market volatility and waning transaction volumes in 2019.

He stated: “This set of results and impressive returns to shareholders are commendable, particularly when put in the perspective of the relatively weak liquidity in the market in 2019. This feat reflects the tenacity of the management in diversifying the business and commitment to cost efficiency.

“Whilst transaction fees waned, it is satisfying that CSCS sustained both top and bottom-line growths, with revenue and profit before tax of N9.1billion and N6.3 billion respectively”, he said.

Also commenting on the results, Mr. Haruna Jalo-Waziri, Managing Director/CEO, CSCS, said: “The overall performance reflects the pay-off of our painstaking investment in people and new technologies, as we strengthen our capacity to serve our participants better and meet anticipatory need of the market”.

Source: Voice of Nigeria