E-Financial
CSCS Grows Dividend per Share by 36.0% to N1.17, as Profit Soars 41.4%
Central Securities Clearing System (CSCS) Plc, held its 27th Annual General Meeting (AGM) where the shareholders approved N1.17 dividend per share payout to all qualifying shareholders who held the shares at the close of business on Monday, 10th day of May 2021.
The AGM was held at the Idera Hall of the Raddison Blu Hotel, Victoria Island, Lagos whist observing social distancing protocols and hygiene, as advised by relevant authorities in respect of COVID-19 pre-cautions.
Following the approval of shareholders on the N1.17 dividend per share proposed by the Board, CSCS would be paying a total of N5.85billion to its shareholders, some 36.0% year-on-year growth in return to shareholders, when compared to the N4.3 billion dividend (i.e N0.86 dividend per share) paid in the previous year.
Speaking on the performance of the company, Mr. Oscar N. Onyema, the Chairman of the Board of Directors, noted, “despite the challenges in 2020, CSCS emerged stronger, delivering outstanding growth in top and bottom-lines, and executing far-reaching initiatives that would sustainably strengthen the competitiveness and resilience of the business.”
“Growing profit by over 41% in such a challenging year to deliver 20.3% return on average equity, the Board of Directors is more than ever upbeat on the value accretive prospects of CSCS. More importantly, we are enthusiastic on the progress made thus far in repositioning the business to efficiently play a more active and leading role in deepening the Nigerian capital market.
“With continuous investments in new technologies, talent, and work environment, we expect productivity to grow, as the Board continues to work with the Management to exceed stakeholders’ expectations”, the Chairman of the Board added.
Also commenting on the results, Mr. Haruna Jalo-Waziri, the Managing Director/Chief Executive Officer, said; “These impressive results reflect our enhanced collaboration with different stakeholders and their unflinching support and loyalty to CSCS, as the core infrastructure for the Nigerian capital market.
Hence, my colleagues and I are excited to dedicate this performance to our esteemed participants, regulator and the Board of Directors, whose support kept us stronger through the pandemic.
“We would continue to invest in our collective objective of deepening the capital market and broader financial system, even as we seek new and efficient ways of enhancing our partnerships for mutual prosperity.”
“Having laid a solid foundation over the past three years, we are more than ever optimistic on the prospect of our business, especially as we diversify the business for enhanced resilience against macro and market volatilities.
“The years ahead look challenging, albeit more promising than ever, as we reinforce our commitment to leveraging best-in-class technologies and our continuous investments in human capital in delivering value to all stakeholders”, the Chief Executive Officer added.
The shareholders, most of whom participated through proxies due to the extant COVID-19 precautions, were excited at the performance of the company and unanimously approved the dividend proposal of N1.17 per share, as presented by the Chairman, on behalf of the Board of Directors.
Speaking at the Annual General Meeting, Mr. Eric Idiahi, one of the proxy attendees of the Annual General Meeting and Managing Director, Verod Capital LLC; a core shareholder of CSCS Plc, lauded the Management for the unprecedented performance in such a challenging year and reiterated the support of shareholders for the Company, especially as the diversification of the business and culture of innovation should enhance the sustainability of the business and ensure its capacity to deliver superior returns to shareholders over the long term.
Commenting on the conduct of the Annual General Meeting, Mr. Obong Idiong, the Chief Executive Officer of Africa Prudential Plc, the Registrar to CSCS said, “This is a well conducted General Meeting, with due observance of all relevant statutory requirements, including COVID-19 precautions.
“I congratulate the Board and shareholders of CSCS on the impressive performance during the 2020 financial year and more importantly for a successful General Meeting.”
Interestingly, CSCS afforded shareholders who nominated proxies for physical attendance to observe proceedings of the General Meeting via Zoom and YouTube, as the event was streamed live through the session.
CSCS has a diversified shareholder base, including the Nigerian Stock Exchange, or Nigerian Exchange Group Plc, some of the largest Nigerian banks, private equity firms, other institutional investors and retail investors.
The shares are traded over-the-counter through the NASD-OTC, the premier market for trading unquoted securities of public limited companies. As at close of market on Monday, 17 May 2021, the bid/ask quote on the shares of CSCS indicate a price of N17.65 per share, having rallied 17.3% year-to-date, consolidating the strong performance of the share price over the past few year.
United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.
Oliver Alawuba, GMD/CEO, UBA group,
This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.
The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.
Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.
He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.
“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.
The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.
“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.
Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.
Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.
In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.
“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”
The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.
Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”
It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.
Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.
Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.
The EFCC Chairman emphasised that the suspects found are facing prosecution.
“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.
Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.
“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.
He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.
“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.
He urged the public to stay vigilant, assuring them that the body will see the case to the end.
“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.
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