Economy
CSCS Assures Shareholders Sustainable Value, to Pay N1.17 Dividend
By Adedapo Adesanya
Shareholders of Central Securities Clearing Systems (CSCS) Plc have been assured sustainable value as the company saw its profit after tax grow year-on-year by 41.4 per cent to N6.9 billion in the year 2020.
In the audited financial results of the firm released recently, the group improved its profit before tax by 22.3 per cent y-o-y to N7.4 billion from the N6.0 billion recorded in 2019, while the total income went up by 31.3 per cent year-on-year to N12.1 billion compared to N9.2 billion in 2019, with investment income growing by 61.4 per cent to N7.4 billion from N4.6 per cent in the preceding year.
The company also recorded an operating expense of N4.7 billion compared to N3.2 billion, this indicated a year-on-year growth of 46.0 per cent partly, reflecting investments in technology and human capital.
Return on Average Equity (ROAE) grew by 20.3 per cent compared to 15.3 per cent in 2019 while Earnings Per Share (EPS) grew to N1.39 from 98 Kobo in 2019, indicating a 41.8 per cent year-on-year growth.
The group delivered a 20.3 per cent return on average equity for the 2020 financial year, compared to 15.3 per cent in 2019.
According to the statement, total assets grew to N41.4 billion compared to N36.6 billion as at 2019, showing that there was a 13.1 per cent year-on-year growth.
Property, Plant and Equipment (plus intangibles) grew 25.0 per cent in the year under review to N1.4 billion, reflecting continued investments in infrastructure to enhance operational efficiency and resilience.
Equally, shareholders’ funds rose to N35.5 billion, up 7.9 per cent between the period under review, reflecting strong capacity for organic capital growth.
Commenting on the group’s performance, Mr Oscar Onyema, the Chairman, Board of Directors of CSCS, said, “It is exciting to report these stellar results.
“Defying the unprecedented challenges that characterised 2020 financial year, 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.
“Having grown profit by over 41.4 per cent in such a challenging year to deliver 20.3 per cent return on average equity, the board of directors and management are upbeat about the value-accretive prospects of CSCS and we are enthusiastic that the progress made thus far in repositioning the business to efficiently play a more active and leading role in deepening the Nigerian capital market will be sustained.
“With continuous investments in new technologies, talent, and work environment, we are optimistic on the productivity of CSCS going forward.
“Subject to shareholders’ approval at the upcoming annual general meeting (AGM), the board is recommending a dividend of N5.85 billion or dividend per share of N1.17, representing a growth of 36 per cent over the 86 kobo dividend per share paid from the 2019 financial year earnings.”
While commenting on the Group’s results, Mr Haruna Jalo-Waziri, the Chief Executive Officer, said; “Amidst the COVID-19 twin threat to lives and livelihoods, and more importantly the attendant challenges in an economic and business environment, we outperformed budget, reinforcing our commitment to delivering superior value to our shareholders irrespective of the odds.
“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. We will sustain our disciplined cost-efficiency culture, in our commitment to delivering sustainable value to shareholders over the long term.
“We are excited at the 39.0 per cent cost-to-income ratio, despite the impact of exchange rate volatilities and rising headline inflation on our cost base. 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.”
Also commenting on CSCS’ financial performance, the Chief Financial Officer, Mr Peter Medunoye noted “We recorded impressive double-digit growth in revenue and profitability, and more importantly recorded continuous improvement across all key performance indicators.
“We recorded decent growth in income from our CSD and ancillary services whilst also leveraging our ingenuity in effectively positioning the proprietary investment portfolio for growth.
“Delivering 17.7 per cent and 20.3 per cent return on average assets and return on average equity respectively, we are excited at the capacity of the business in generating internal capital to fund the exciting growth ahead.”
By Aduragbemi Omiyale
One of the brewery companies in Nigeria, Champion Breweries, has received regulatory approval for its N42 billion public offer.
The brewer intends to use net proceeds from the public offer, together with an earlier N15.9 billion rights issue, to fund the acquisition of the Bullet brand portfolio through an asset carve out that transfers ownership of Bullet’s brands, trademarks, recipes and commercial rights across its African markets to Champion Breweries.
In addition, funds from the exercise would be used to support working capital requirements and growth initiatives in areas such as route to market, marketing, innovation and capacity expansion.
Bullet is Nigeria’s leading ready to drink alcoholic beverage and one of the top energy drink brands in its markets of presence. The brand is currently sold in 14 African countries and earns a significant portion of its revenues in foreign currency, providing Champion Breweries with a natural foreign exchange (FX) hedge and a platform for continued regional expansion.
In a statement to the Nigerian Exchange (NGX) Limited, Champion Breweries said it now has the approval of the Securities and Exchange Commission (SEC) to raise the fresh funds.
The company is selling a total of 2,625,000,000 ordinary shares of 50 kobo each at a unit price of N16.00, payable in full on application.
Application for the public offer opened on Thursday, January 8, 2026, and will close on Wednesday, January 21, 2026.
The lead issuing house for the public offer is Rand Merchant Bank Nigeria Limited, while the joint issuing houses are FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, CardinalStone Partners Limited, Greenwich Merchant Bank Limited, Chapel Hill Denham Advisory Limited, Comercio Partners Capital Limited, and Fortress Capital Limited, with Africa Prudential as the registrar.
The exercise, according to the Champion Breweries, gives institutional and retail investors an opportunity to participate in its “next phase of growth.”
“The opening of our public offer is an invitation for investors to share in the next phase of Champion Breweries’ growth. With the Bullet acquisition, we are combining nearly 50 years of brewing heritage with a proven pan African RTD and energy drink platform,” the Managing Director of Champion Breweries, Mr Inalegwu Adoga, said.
“Champion Breweries’ story is one of disciplined execution and smart capital deployment. The asset carve out structure for Bullet will mean we can unlock FX earnings and scale quickly, without heavy upfront investment in new plants. This public offer allows a wider pool of investors to participate in that strategy,” the Managing Director of enJOYcorp, Mr David Butler, added.
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced January 14, 2026, for the pre-bid conference of the 2025 oil and gas licensing round.
The conference comes as the federal government intensifies efforts to attract fresh upstream investments.
In an announcement notice dated January 8, 2026, and signed by the commission’s chief executive, Mrs Oritsemeyiwa Eyesan, the event will take place in Lagos.
The notice, published on the official X handle of the agency, said, “The Nigerian Upstream Petroleum Regulatory Commission is proud to announce the 2025 licensing round pre-bid conference scheduled for 9 am on Wednesday, January 14, 2026, at the Grand Ballroom, Eko Hotels and Suites, Lagos.”
The pre-bid conference is a key milestone in the licensing round process and is expected to provide prospective investors with detailed guidance on the conduct of the bid exercise.
According to the organisation, discussions at the conference will focus on the implementation timetable for the licensing round, bid package preparation, eligibility requirements, as well as the assessment criteria and procedures for determining winning bidders.
The upstream regulator explained that the announcement followed an earlier notice published in both local and international newspapers, in compliance with the provisions of the Petroleum Industry Act (PIA).
“The focus areas of the upcoming pre-bid conference include the implementation timetable, bid package preparation, eligibility terms, and the assessment and winners’ determination procedure. Interested members of the public are urged to register for the pre-bid conference through the portal br2025.nuprc.gov.ng,” the notice stated.
It added that comprehensive information on the licensing round, including guidelines, block descriptions and participation instructions, is available on the commission’s website.
“Detailed information on the licensing round guidelines, block descriptions and participation instructions is also available on the website, nuprc.gov.ng. We look forward to your participation,” it concluded.
Recall that last year, the erstwhile Commission Chief Executive, Mr Gbenga Komolafe, announced that the 2025 oil block licensing bid round would commence on December 1.
The 2025 licensing round, expected to offer 50 blocks across multiple terrains, is part of a broader agenda to rebuild confidence in Africa’s largest oil producer, deepen indigenous participation, and reposition Nigeria as a competitive investment destination.
The licensing round comes at a time when Nigeria is seeking to reverse years of declining upstream investment caused by regulatory uncertainty, oil theft and project delays.
Since the enactment of the Petroleum Industry Act in 2021, the NUPRC has overseen multiple bid rounds aimed at improving transparency, competitiveness and investor confidence in the upstream sector.
Pre-bid conferences have become increasingly important under the PIA regime, as they provide clarity on fiscal terms, compliance obligations and the evaluation framework, helping to reduce disputes and post-award uncertainty.
The last licensing round conducted by the commission attracted a mix of indigenous and international players, with the regulator pledging to ensure a transparent and commercially competitive process.
The NUPRC said it looks forward to broad participation at the Lagos conference, signalling what could be another major test of investor appetite for Nigeria’s upstream assets.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has wooed American investors, declaring that the country will focus on disciplined reforms and transparent markets to restore investor confidence in the country.
Mr Cardoso disclosed this after leading Nigeria’s engagement with senior business leaders and global investors at the US-Nigeria Executive Business Roundtable in Washington, convened by the US Chamber of Commerce’s US–Africa Business Center.
According to him, Nigeria used the platform to send a clear message to international capital: the country is focused on macroeconomic stability, regulatory clarity, and private sector-led growth.
“With global capital cautious and highly selective, we presented Nigeria’s message clearly and practically: disciplined reform, transparent markets, and credible institutions,” the CBN Governor said.
He noted that discussions at the roundtable centred on stabilising the macroeconomic environment and strengthening the financial system to support sustainable business expansion.
“Our discussions focused on macroeconomic stabilisation, regulatory clarity, and fostering private sector-led growth, laying the groundwork for a deeper phase of US–Nigeria commercial engagement,” Mr Cardoso stated.
Looking ahead to 2026, the CBN chief outlined an ambitious reform agenda aimed at reinforcing Nigeria’s financial architecture and improving the operating environment for businesses and investors.
“We will continue to strengthen the banking system through rigorous supervision and sound governance,” he said, adding that the apex bank would also “refine our inflation-targeting framework to deliver durable price stability.”
Mr Cardoso disclosed plans to modernise Nigeria’s payments infrastructure to boost efficiency and financial inclusion, while also promoting responsible fintech innovation anchored on consumer protection and financial integrity.
He further revealed that the CBN would deploy data and artificial intelligence-enabled tools to enhance regulatory responsiveness and execution.
“We will continue to build institutional capacity within the Bank, leveraging data and AI-enabled tools to support faster, more responsive, and higher-quality execution,” he said.
The central banker stressed that sustained reform, rather than short-term measures, remains critical to unlocking long-term growth and investment.
“Reform is a process that rewards consistency and discipline. Our focus remains steady: to protect trust, sustain stability, and entrench the foundations for disciplined, lasting economic growth in Nigeria,” he added.
He noted that the engagements signalled growing international confidence in Nigeria’s reform trajectory, positioning the country for deeper commercial ties with the United States and renewed inflows of global capital in the year ahead.
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