Kayode Ogunwale

The board of directors of Central Securities Clearing System Plc (CSCS), has paid a total of N7.5 billion as dividend to its shareholders for the financial year ended December 31, 2023. This was following the approval given by shareholders at the company 30th Annual General Meeting (AGM) in Lagos.

The dividend which amounts to 150 kobo per share units will be credited to shareholders accounts on Friday May 24, 2024, particularly to shareholders whose names are on the registrars of the company as of Thursday 16, May 2024 and who have completed the e-dividend registration and mandate forms.

Commenting on the company performance, Managing Director / Chief Executive Officer Haruna Jalo Waziri explained that “the renewed investors appetite for equities spurred secondary market activities, supporting the 88.3% surge of trading fees. More importantly, we grew non core earnings by 249.3% to N8.1 billion, representing 42.5% of our total revenue”

On his part chairman of the board Temi Popoola said considering the company exceptional financial performance their commitments are to create value for shareholders. Adding that despite the International Monetary Finance (IMF) lowered 3% growth prediction for Nigeria in 2024. “we remain confident in our future”.

Popoola stressed that “our main goals are to expand into new markets in West Africa by forging strategic alliances, deepening noncore operations, and fortifying our relationship with other exchanges and CSDs. Corporate governance remains a top priority, and we will continue assessing our processes, ensuring alignments with applicable regulations and global best practice.

Central Securities Clearing System Plc [CSCS] is Nigeria’s Central Securities Depository (CSD) licensed to carry on the depository, clearing and settlement of all transactions in the Nigerian Capital Market.

As the country’s premier Financial Market Infrastructure (FMI), CSCS processes securities in electronic book-entry form, ensuring safe and efficient transaction processing within the ecosystem whilst also pioneering innovative solutions to deepen and enhance the efficient functioning of the market.

CSCS provide an effective single access point for all post-trade services in the Nigerian financial market, covering all forms of capital and money market securities including: equities, treasury bills, bonds, commodities, funds and cash.

With an “A+” CSD rating from Thomas Murray, CSCS ranks amongst the best rated financial services firms in Nigeria and one of the best rated FMI in Africa.

For more than two decades, CSCS has continuously partnered with other stakeholders in redefining the structure and operations of the Nigerian Capital Market, leveraging new technologies in extracting efficiencies across the transaction life cycle while providing assurance in post-trade execution.

With the support of the Securities and Exchange Commission (SEC), other financial market regulators and collaboration with market participants.

CSCS actualized the full dematerialization of share certificates in the Nigerian equity market, thus facilitating the full transition of the Nigerian equity market to the automated trading system. CSCS serves as the post trade agent for transactions on Securities Exchanges in the Nigerian Capital Market.