CSCS Pays N8.8 Billion Dividend as Approved by Shareholders at 31st AGM

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The Central Securities Clearing System (CSCS) PLC, has effected the payment of N8.8 billion corporate action to shareholders of the company as approved at the 31st Annual General Meeting (AGM) held on Friday, May 9, 2025.

The board of the CSCS had at the AGM proposed N8.8 billion dividend payment for the 2024 financial year ended December 31.

The approved amount represents a 17.3 per cent increase from the N7.5 billion dividend approved in the previous year. Shareholders will receive a dividend of N1.76 per share, up from N1.50 per share in 2023.

Temi Popoola, Chairman of the Board of CSCS, in his statement, highlighted the company’s strong financial performance in 2024. Stating that it underscores CSCS’s ability to translate revenue growth into robust bottom-line results despite the prevailing inflationary pressures and currency headwinds.

Mr. Popoola attributed this financial strength to increased capital market trading activity, favourable yields in the fixed income space, and foreign exchange gains, further supported by growing demand for CSCS’s expanding suite of services and solutions.

Looking ahead to 2025 and addressing potential shareholder impact, Mr. Popoola acknowledged the implications of current tariff tensions on global capital markets. However, he expressed optimism about Nigeria’s economic outlook, “We believe that the structural reforms already initiated, such as fiscal discipline, infrastructure investment, and improved ease of doing business, are laying the groundwork for sustained economic growth and enhanced investor confidence. Furthermore, tariff-induced adjustments may spur local industry development, fostering innovation and creating new value chains.”

Haruna Jalo-Waziri, Managing Director/CEO of CSCS PLC, in address to shareholders, gave a comprehensive overview of the business environment and CSCS’s operational resilience. He noted the complexities of the global economy in 2024, and the specific challenges faced in Nigeria, including elevated inflation, naira devaluation, and rising borrowing costs. Despite these, he emphasized that “economic growth was driven by robust government spending, stronger services sector performance, and improved oil revenues, helped by favourable global oil prices and a depreciating naira.”