NAN-HE-13
Dividend
By Chinyere Joel-Nwokeoma
Lagos, June 14, 2017 (NAN) The shareholders of Central Securities Clearing System (CSCS) on Wednesday approved a total dividend of N1.05 billion recommended by the board for the financial year ended Dec. 31, 2016.
The News Agency of Nigeria (NAN) reports that the shareholders gave the approval at the company’s 23rd Annual General Meeting (AGM) held in Lagos.
The dividend approved translated to 21k per share compared to 27k paid in the corresponding period of 2015.
Mr Oscar Onyema, CSCS Board Chairman, assured the shareholders at the meeting of higher dividend in the current year.
Onyema said that the company would announce a new dividend policy in the next couple of months, noting that the dividend policy of 30 per cent would be reviewed.
According to him, the company will diversify its income streams to boost profitability and dividend accruable to the shareholders.
He stated that the company had registered the Insurance Repository Nigeria Ltd (IRNL) to enhance the record-keeping of insurance data and policies to increase income streams.
Onyema added that the company would launch the Pension Contribution Management System (PCMS) before the end of the third quarter to manage employees’ pension contribution.
“The beauty of the PCMS is the ease of its use and its integrated platforms, which include a mobile app for smart phone users and an activated dollar code feature that enable our customers stay abreast of their pension contribution on the go,’’ Onyema said.
He said that the company would continue to work hard to sustain its promise of impressive return on investments through the years.
Mr Bola Adeeko, CSCS Interim Chief Executive Officer, said that the company was committed to the building of an integrated market nfrastructure, strong and sustainable capital market.
Adeeko said that the company would continue to enhance integration with other capital markets for market growth and development.
He stated that CSCS would continue to invest in its people, processes and infrastructure to deliver optimum services and reward to all stakeholders and shareholders.
Adeeko said that full materialisation was realised during the year under review with a total of 188 out of 189 registers dematerialised, representing 99.5 per cent of the total registers in the capital market.
Dematerialisation is the process of converting physical shares into electronic format.
He said that the balance of 0.5 per cent could be achieved through sustained and moral suasion to get the remaining issuer and its registrars to co-operate in getting registers of companies fully dematerialised.
NAN reports that the company during the period under review posted gross earnings of N6.17 billion as against N7.6 billion in the previous year.
Profit before tax stood at N3.72 billion compared to N5.02 billion in 2015.
Total assets rose to N27.07 billion in contrast with N25.40 billion recorded in 2015. (NAN)
JNC /EEE
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Edited by Ese E. Ekama