The shareholders of the Central Securities Clearing System Plc have approved the sum of N8.80bn as dividend payout for the 2024 financial year.
The approval was given at the 31st Annual General Meeting of the firm held on Friday in Lagos.
CSCS is a financial market infrastructure involved in the depository, clearing, and settling of securities traded in the Nigerian capital market.
The proposed dividend for the 2024 financial year was higher at N1.76 per share compared to N1.50 per share from the previous year.
Speaking on the performance of the company in the past year, the Chairman of the CSCS Plc’s Board of Directors, Temi Popoola, said, “Our financial strength in 2024 was underpinned by several factors, including higher capital market trading activity, favourable yields in the fixed income space, and foreign exchange gains. These were complemented by growing demand for our expanding portfolio of services and solutions.
“Operating expenses increased by 41.3 per cent year-on-year, largely attributable to macroeconomic challenges, particularly persistent inflation and the depreciation of the naira, which significantly impacted foreign currency-denominated costs. Nevertheless, through disciplined cost management, we preserved healthy margins and sustained profitability.”
On the outlook, Popoola said the board remained optimistic despite the implications of tariff tension for the global capital markets.
“We believe that the structural reforms already initiated, such as fiscal discipline, infrastructure investment, and improved ease of doing business, are laying the foundation for sustained economic growth and investor confidence. Additionally, tariff-induced adjustments may catalyse local industry development, promoting innovation and creating new value chains.
“We are framing a new corporate strategy effective in 2025, with a renewed focus on enhancing operational efficiency, deploying technology for growth, and building resilience into our service delivery. Our goal is to unlock new opportunities across all business lines, consolidate our leadership in the post-trade ecosystem, and drive long-term shareholder value,” he said.
The Managing Director/ Chief Executive Officer, Haruna Jalo-Waziri, also expressed similar optimism, saying, “I must say that we are more energised than ever to deliver consistent and superior performance, alongside long-term value. Our value delivery commitment remains strong as we continue to drive innovation and build a more resilient and competitive financial market infrastructure. With your continued trust and support, I am confident that CSCS will remain a catalyst for growth and transformation in the financial markets.”
Speaking on the floor of the AGM, a shareholder, Juliet Ebere, commended the firm for increasing the dividend payout but demanded the issuance of bonus shares.
“We also want to thank you for the dividend that you have given us, 176 Kobo, and I wish that you had just made it 200 Kobo. Also, it has been a long time since you gave us a bonus; we need a bonus (shares),” she said.
Some of the shareholders also raised the issue of listing the firm on the Nigerian Exchange Limited, saying it would improve the gains for stakeholders.
