CSCS shareholders approve N8.8bn dividend at 31st AGM
Central Securities Clearing System (CSCS) Plc held its 31st Annual General Meeting (AGM) on Friday, May 9, where its shareholders approved a total dividend of N8.8 billion for the financial year ended December 31, 2024.
This represents a 17.3 percent increase from the N7.5 billion dividend approved in the previous year. Shareholders will receive a dividend of N1.76 per share, up from N1.50 per share in 2023.
In his statement, Temi Popoola, chairman of the Board of CSCS, highlighted the company’s strong financial performance in 2024, stating that it underscores CSCS’ ability to translate revenue growth into robust bottom-line results despite the prevailing inflationary pressures and currency headwinds.
Popoola attributed this financial strength to increased capital market trading activity, favourable yields in the fixed income space, and foreign exchange gains, further supported by growing demand for CSCS’s expanding suite of services and solutions.
Looking ahead to 2025 and addressing potential shareholder impact, Popoola acknowledged the implications of current tariff tensions on global capital markets.
However, he expressed optimism about Nigeria’s economic outlook, “We believe that the structural reforms already initiated, such as fiscal discipline, infrastructure investment, and improved ease of doing business, are laying the groundwork for sustained economic growth and enhanced investor confidence.
“Furthermore, tariff-induced adjustments may spur local industry development, fostering innovation and creating new value chains.”
The managing director/CEO of CSCS PLC, Haruna Jalo-Waziri in his statement to shareholders, gave a comprehensive overview of the business environment and CSCS’ operational resilience.
He noted the complexities of the global economy in 2024, and the specific challenges faced in Nigeria, including elevated inflation, naira devaluation, and rising borrowing costs.
Despite these, he emphasised that “economic growth was driven by robust government spending, stronger services sector performance, and improved oil revenues, helped by favourable global oil prices and a depreciating naira.”
Jalo-Waziri stated, “Innovation continues to remain central to our strategy, enabling us to elevate service delivery, drive operational efficiency, and deepen market engagement.”
A recent milestone in this journey is the successful launch of the CSCS Chatbot, a tool designed to enhance customer experience through real-time, 24/7 responses to inquiries across our digital channels.
In a similar vein, the rollout of the Debt Management Office (DMO) Portal marks a significant leap in strengthening market infrastructure.
Developed in close collaboration with the DMO, the portal simplifies and digitises the subscription process for FGN Savings Bonds, making it faster, more transparent, and user-friendly for a wider investor base.”
Jalo-Waziri reiterated the company’s commitment to drive innovation and build a more resilient and competitive financial market infrastructure.
At the AGM, shareholders also elected Aisha Muhammed-Oyebode and Bola Adesola as Independent non-executive directors, who were appointed since the last meeting.
Additionally, shareholders re-elected Chinelo Anohu and Ibrahim Dikko as independent non-executive directors.
Shareholders present at the AGM commended the company for its improved financial performance and the significant dividend payout, urging the board and management to sustain this positive trajectory.
The Central Securities Clearing System (CSCS) is a public limited company with a diversified shareholder base, including the Nigerian Exchange Group, some of the largest banks in Nigeria, private equity firms, investment banks and other corporate and individual shareholders.
With over two decades of operation, serving as the Central Securities Depository for the Nigerian Capital Market, CSCS has been pivotal to the growth and transformation of the capital market, including its audacious full dematerialisation of share certificates and shortening of the settlement cycle in the capital market.
