New Telegraph

CSCS shareholders endorse N5.85bn dividend

Shareholders in Central Securities Clearing System (CSCS) Plc. have approved N1.17 dividend per share payout to all qualified shareholders, who held the shares at the close of business on Monday, May 10, 2021. The AGM was held in Lagos while observing social distancing protocols and hygiene, as advised by relevant authorities in respect of COVID-19 pre-cautions. Following the approval by shareholders on the N1.17 dividend per share proposed by the board, CSCS would be paying a total of N5.85 billion to its shareholders, some 36.0 per cent year-on-year growth in return to shareholders, when compared to the N4.3 billion dividend (i.e N0.86 dividend per share) paid the previous year.

Speaking on the performance of the company, the Chairman of the Board of Directors, Mr. Oscar N. Onyema, noted: “Despite the challenges in 2020, CSCS emerged stronger, delivering outstanding growth in top and bottom-lines, and executing far-reaching initiatives that would sustainably strengthen the competitiveness and resilience of the business.

“Growing profit by over 41 per cent in such a challenging year to deliver 20.3 per cent return on average equity, the Board of Directors is more than ever upbeat on the value accretive prospects of CSCS. More importantly, we are enthusiastic on the progress made thus far in repositioning the business to efficiently play a more active and leading role in deepening the Nigerian capital market. “With continuous investments in new technologies, talent and work environment, we expect productivity to grow, as the Board continues to work with the Management to exceed stakeholders’ expectations,” the chairman of the board added.

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