Economy
CSCS Distributes N4.3bn to Shareholders as Reward
By Adedapo Adesanya
Following the conclusion of its 26th Annual General Meeting (AGM), the Central Securities Clearing System (CSCS) Plc has distributed the sum of N4.3 billion to its shareholders.
The money is the total dividend recommended by the board of directors of the organisation for the financial year ended December 31, 2019.
The payment followed the approval of the shareholders at the company’s virtual AGM by proxy held at the Nigerian Stock Exchange (NSE) event centre in Lagos on Friday, May 22.
The CSCS dividend translated to 86 kobo per share, higher than the 70 kobo per share paid in the comparative period of 2018.
Speaking to the shareholders at the meeting, Chairman of the securities depository company, Mr Oscar Onyema, noted that the firm was still able to record a stellar performance despite market volatility and waning transaction volumes in 2019.
“These sets of results and impressive returns to shareholders are commendable, particularly when put in the perspective of the relatively weak liquidity in the market in 2019.
“This feat reflects the tenacity of the management in diversifying the business and commitment to cost efficiency.
“Whilst transaction fees waned, it is satisfying that CSCS sustained both top and bottom-line growths, with revenue and profit before tax of N9.1 billion and N6.3 billion respectively,” Mr Onyema said.
On his part, Mr Haruna Jalo-Waziri, CSCS Managing Director, said that the performance was a result of commitment to superior value for shareholders.
“My colleagues and I remain committed to our earnings growth and cost efficiency philosophies, as we are driven by the ultimate objective of creating superior value for shareholders and enhancing market efficiencies.
“I am pleased with the 165 percent growth in non-core earnings, reflecting our tenacity toward diversifying the business.
“More importantly, the overall performance reflects the pay-off of our painstaking investment in people and new technologies, as we strengthen our capacity to serve our participants better and meet anticipatory need of the market,” he said.
“Notwithstanding the inflationary environment, we closed 2019 with 31.5 per share cost-to-income ratio, demonstrating continuous improvement in cost efficiency.
“As we deliver on our strategic initiatives aimed at enhancing the post-trade segment of the Nigerian capital market, we are upbeat on the earnings outlook of the company, with expectations of delivering superior returns to shareholders over the long term,” Mr Jalo-Waziri added.
He also said that the company would continue to strengthen its partnership with all market stakeholders toward deepening the market for mutual growth.
“In 2019, we seamlessly delivered on our core responsibilities of safe depository, clearing and settlement of capital market transactions, but these do not excite us, as we are not in business for these table stakes, which we consider to be routine.
“We have greater and audacious ambitions of partnering with our stakeholders in realising the huge potential of the Nigerian capital market through innovations.
“I am pleased that we are laying solid foundations for creating value and impactful innovations for the Nigerian market, even as we reckon the odds,” Mr Jalo-Waziri said further.
On how the coronavirus pandemic has affected its operations, the CSCS MD said that the company activated its Business Continuity Plan, requiring staff to work from home well ahead of the federal government’s lockdown in Lagos, Ogun and Abuja.
“I am happy to report that we continue to seamlessly serve the market remotely, extracting the benefits of our proactive investments in new technologies and people.
“Whilst operating remotely over the past eight weeks, we continue to record 99.99 per cent uptime across all our channels, with a resounding commitment to efficiently support all primary and secondary market transactions through this challenging time, and always,” he stated.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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