Tuesday, April 30, 2019 /
7.30PM / Bukola Akinyele and Nifemi Taiyese for Proshare WebTV
Central Securities Clearing Systems Plc today hosted its 25th Annual General Meeting in Lagos, which provided an opportunity for the board to make public details of its operating performance to shareholders.
Chaired by Mr Oscar Onyema, OON, the AGM was an avenue for the banks board to review the past year FY 2018 and set the tone for the next phase of its plan in FY 2019 .
In his statement Mr Oscar Onyema, OON said, “The Group’s gross earnings grew to N9.1billion in 2018 from N8.7billion in 2017, which implies a four percent (4%) Year on Year growth . This earning was driven by decent revenue numbers from our core business and proper management of our investment portfolio”.
According to him CSCS continuously strived to create value for the shareholders by developing products and services in addition to its core business model.
The External Auditor KPMG represented by Agnes Lutukai, FCA stated that “CSCS Plc kept proper books of account for its 2018 FY and the statement of financial position and that of profit or loss and other comprehensive income were in agreement with the books of account”.
Also the Chairman of the Statutory Audit Committee Mr Yomi Adeyemi in his report said “The accounting and reporting policies of the Group and Bank conformed with the statutory requirements and agreed ethical practices”.
Shareholders like Otunba Muktar Muktar, Mr. William Adebayo, Mr. Moses Ayodele Ogundeji, Mr. Owolabi Peter and Mrs E.O. Obidehi in their various remarks commended CSCS on its FY 2018 performance and the payment of an 70k dividend, representing a total dividend valued at N3.5billion.
The MD/CEO of CSCS Plc Mr Haruna Jalo-Waziri in his remarks said, “In the face of the deluge of operating environment challenges, I am pleased to report that your Company continued on the positive revenue growth trajectory- eking out a modest 4% year on year increase in total operating income and 7% year on year growth in earnings before tax in the period ”.
Speaking further on the operations for 2018 FY, Waziri stressed that the CSCS was able to grow other income contribution by 21% y-o-y as there has been a renewed focus on asset and digital service offerings to diversify earnings.
Mr Haruna Jalo-Waziri CEO also highlighted the five (5) core pillars that will drive its future operations:
Highlights of the event was the endorsement of the 70k dividend approved by the board and shareholders of the CSCS Plc.
He said, following the rapid digital transformation across industries including ours, we shall be exploring opportunities regarding emerging innovations with the potential of disrupting various aspects of our ecosystem.