CSCS Shareholders Approve N8.8bn Total Dividend in 2024
The Central Securities Clearing System (CSCS) shareholders have approved the payment of N8.8 billion final dividend of N1.76 per share for the 2024 financial year.
The dividend approval was at the 31st Annual General Meeting (AGM) of CSCS Plc held on Friday, in Lagos. This is an increase from the N7.5 billion of N1.50 dividend paid in the year 2023.
Speaking during the AGM, Mr Temi Popoola, Chairman, Board of CSCS, said, “In recognition of our strong performance for the year 2024, the board of directors approves a dividend of N1.76 per share.
“This distribution reflects our ongoing commitment to delivering consistent returns to our shareholders while maintaining a balanced approach to reinvesting in long-term value.
Popoola said in the year 2024, CSCS’s gross earnings rose to 26.1 billion which represents 37.2 per cent year- on-year growth and 156 per cent performance against budget.
He said this was driven by increased transaction volumes, product uptake, and a favourable interest rate environment that boosted investment income.
He noted that the profit before tax increased to N13.84 billion, surpassing budget expectations by 218.1 per cent. “Our pre-tax earnings reflect strong topline growth, efficient operations, and gains from strategic cost management.
“The profit after tax soared to N11.94 billion, marking 243.9 per cent of budget, this outcome demonstrates our ability to convert revenue growth into strong bottom line performance despite inflationary pressures and currency headwinds.
“In spite a challenging operating environment, CSCS delivered a robust financial performance in 2024, underscoring the strength of our business model, strategic execution, and operational discipline.
“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,” he said.
Popoola noted that the CSCS, through disciplined cost management, preserved healthy margins and sustained profitability as the operating expenses increased by 41.3 per cent, year- on-year.
He said this was attributable to macroeconomic challenges, particularly persistent inflation and the depreciation of the naira, which significantly impacted foreign currency-denominated costs.
Also, Alhaji Haruna Jalo-Waziri, Managing Director, CSCS, emphasised the company’s dedication to delivering exceptional service, innovative solutions and unmatched market infrastructure.
“2024 marked a significant year in our transformation journey as we advanced our aspiration to be Africa’s most trusted and innovative Central Securities Depository.
“We successfully completed the final phase of our office retrofit, a transformative project that reimagines our workspace as a modern technology-enabled environment designed to enhance employee well-being, creativity, and productivity.
Looking into 2025, Jalo-Waziri noted that one of the key milestones for the year was the launch of a new corporate website and RegConnect 2.0.
He said the company remains confident that the various enhancements would provide a more seamless experience and foster deeper collaboration, reaffirming Nigeria’s role as Nigeria’s trusted financial market infrastructure provider.
The AGM featured the re-election of Dr Aisha Oyebode, Mrs Bola Adesola, Mrs Chinelo Anohu and Mr brahim Dikko as Independent Non-Executive Directors for the CSCS Plc. Also, the shareholders elected Deloite as the auditing firm for the company, after a 10-year deal with KPMG. #CSCS Shareholders Approve N8.8bn Total Dividend in 2024#
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