CSCS shareholders approve N8.8bn 2024 dividend

Shareholders of the Central Securities Clearing System (CSCS) approved a N8.8 billion final dividend of N1.76 per share for the 2024 financial year. Daily Trust reports that this shows an increase from the N7.5 billion of N1.50 dividend paid in the year 2023. They approved the final dividend payment at the 31st Annual General Meeting […]

Shareholders of the Central Securities Clearing System (CSCS) approved a N8.8 billion final dividend of N1.76 per share for the 2024 financial year.

Daily Trust reports that this shows an increase from the N7.5 billion of N1.50 dividend paid in the year 2023.

They approved the final dividend payment at the 31st Annual General Meeting (AGM) of CSCS Plc. held in Lagos on Friday.

In his remarks, the Chairman, Board of CSCS, Temi Popoola, said within the period under review, CSCS’s gross earnings rose to 26.1 billion which represents 37.2 per cent year-on-year growth and 156 per cent performance against budget.

He noted that the profit before tax increased to N13.84 billion, surpassing budget expectations by 218.1 per cent.

Popoola said the record was driven by increased transaction volumes, product uptake, and a favourable interest rate environment that boosted investment income.

He said in spite of a challenging operating environment, CSCS delivered a robust financial performance in 2024, underscoring the strength of our business model, strategic execution, and operational discipline.

“In recognition of our strong performance for the year 2024, the board of directors approves a dividend of N1.76 per share.”

The managing director, Haruna Jalo-Waziri, said, “2024 marked a significant year in our transformation journey as we advanced our aspiration to be Africa’s most trusted and innovative Central Securities Depository.”