Wednesday, June 14, 2017 7.00pm/Proshare WebTV
Nigeria’s Central Securities Depository, the Central Securities Clearing Systems Plc (CSCS) held its 23rd Annual General Meeting, where shareholders approved the payment of 21k divided proposed by the board today.
This payment comes despite the challenging 2016 financial year for the company, with a 38.61% dip in gross earnings from N7.6bl to N6.17bl in 2016, as a result of the macro-economic challenges in the country characterized by the recession, which impacted the capital market activities.
On the Total Assets level, the CSCS Plc witnessed an increase from N25.40bl in 2015, to N27bl for the 2016 financial year. The company also recorded a profitable 2016 financial year with a Profit-After-Tax of N3.53bl, though this was a decline of 20.85% from the 205 financial year figure of N4.46bl.
Independent Auditors KPMG representative at the meeting Mr Olufemi Awotoye giving his report said the CSCS Plc kept proper books for the 2016 FY, complying with the provisions of the Company and Allied Matters Act (CAMA).
Chairman of the Audit Committee Mr Yomi Adeyemi in his statement affirmed the position of the independent auditors, that the accounting and reporting policies of the CSCS Plc for 2016 FY, conformed to legal requirements and ethical practices.
Shareholders in their various contributions commended the CSCS Plc for paying the 21k dividend amidst the challenging 2016 market year, but called for an improvement in the dividend structure.
They also harped on the need for the confirmation or appointment of a substantive CEO, to ensure efficiency in the operations of the company.
In the area of Corporate Social Responsibility and Donations, they made a strong case for strategic and robust programmes that will have far-reaching impact on the populace.
Chairman of the CSCS Plc Mr Oscar Onyema in his response said the management had taken note of the issues raised on the dividend payment and assured shareholders that a robust structure, is currently being worked on to provide a revised dividend policy.
Mr Onyema on the appointment of a CEO informed shareholders, that the process is in progress and is in the top priority of the board to resolve.
Interim CEO Mr. Bola Adeeko on the CSR activities of the company, asserted that the company will remain committed to real-time community impactful projects, while its focus in 2017 will be promoting financial literacy, advancing community development and promoting community engagement culture.
Mr Oscar Onyema, Mr Uche Ike, Mr Eric Idahi and Mr Haruna Jalo-Waziri were all re-elected as board members of the CSCS Plc by the shareholders, at the 23rd AGM.