By Goddy Egene
Shareholders of the Central Securities Clearing System (CSCS) Plc have approved the N5.8 billion dividend recommended for the financial year ended December 31, 2020. The dividend, which translated to N1.17 per share was approved at the annual general meeting (AGM) held in Lagos recently.
Speaking on the performance of the company at the AGM, the Chairman of CSCS Plc, Mr. Oscar Onyema, said 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 ro
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BY Chris Paul
On the cusp of its 60years anniversary of incorporation and trading, The Nigerian Stock Exchange is now restructured via the process of demutualisation, into the Nigerian Exchange Group Plc (NGXGRP). The Group will have three operating subsidiaries, namely: Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent securities regulator for NGX; and NGX Real Estate Limited (NGX RELCO), the real estate company. The structure has been approved by the Securities and Exchange Commission of Nigeria (SEC) and the entities duly registered at the Corporate Affairs Commission (CAC).
Subsequent to this approval, the Group Chairman of NGXGRP, Otunba Abimbola Ogunbanjo, had said: “Successful demutualisation was one of my fundamental objectives when I assumed the Presidency of The Exchange. The SEC’s decision today to approve the NSE’s demutualisation plans brings this aspiration to a successful conclusion in a process that ha
Nigeria’s biggest depository for equities and debt hired consulting firm Oliver Wyman to steer an effort to diversify its business so it depends less on securities vulnerable to downturns in oil prices.
The Central Securities Clearing System is looking to expand services to alternative assets such as commodities, according to Chief Executive Officer Haruna Jalo-Waziri. It could also purchase or partner with a fintech firm to acquire more know-how as it takes on additional responsibilities, he said in an interview in Lagos, Nigeria’s commercial hub.
DISTROSCALE
“If you are a monolithic company, where you rely on fees on your depository, whenever there’s a shock in the market it affects your bottomline,” he said. “If you diversify earning other income not dependent on the market then you de-risk your single income source and so that helps sustainability.”