Business News
CSCS Plc will pay a final dividend of ₦3.5 billion
The management of Central Securities Clearing System Plc earlier this week received shareholders’ approval to pay a final dividend of ₦3.5 billion for the financial year ended December 2017. This translates to 70 kobo per share.
The management of Central Securities Clearing System Plc earlier this week received shareholders’ approval to pay a final dividend of ₦3.5 billion for the financial year ended December 2017. This translates to 70 kobo per share.
Shareholders endorse Eterna Plc’s dividend payment despite decline in profit(Opens in a new browser tab)
Oscar Onyema, the CEO of the Nigerian Stock Exchange
Read: CBN seeks standard practice from fintech operators (Opens in a new browser tab)
The shareholders gave the approval during the company’s 24th Annual General Meeting, during which they commended the management for their performance in 2017 and specifically for their decision to pay dividends despite the unfavourable business environment.
They, however, called for improvements in subsequent years, while also urging the company’s management to work towards tackling the problem of unclaimed dividends.
Meanwhile, the company’s Chairman, Oscar Onyema, who doubles as the CEO of the Nigerian Stock Exchange, also used the occasion to speak about CSCS’ commitment to excellent business practice.
He stated that the company is currently one of Africa’s highly ranked CSDs, a development he said will go a long way towards supporting their desire to become Africa’s investment hub.
Based on our continued commitment to excellent, we are one of the highest rated CSDs in Africa with an ‘A’, which is a low overall risk rating, an improvement from the ‘A-’ rating in 2016 from Thomas Murray, the world renowned CSD rating agency. Our target for 2018 is to improve our rating further by achieving an A+ rating. -Oscar Onyema
Onyema also spoke about the company’s strategic plans for the next five years which he said will focus on the following factors-
- Customer satisfaction
- technology improvement
- Process optimisation and
- strategic partnerships, etc.
Note that Central Securities Clearing System Plc was incorporated in 1992 and positioned to serve as a financial market infrastructure (FMI) for the Nigerian capital Market. According to the company’s full-year financial report for 2017, gross earnings experienced a 41% increase having risen from ₦6.2 billion in 2016 to ₦8.7 billion in 2017. Profit after tax had also increased from ₦3.5 billion in 2016 to ₦4.9 billion in 2017.
President Muhammadu Buhari has appointed new Military Service Chiefs, and congratulates the outgoing Service Chiefs for efforts of “enduring peace to the country.”
This was disclosed by Presidential media aide, Femi Adesina in a social media post on Tuesday. President Buhari has been urged by the National Assembly to sack Service Chiefs over rising insecurity in the county.
Adesina said: “PMB appoints new Service Chiefs. Maj Gen LEO Irabor, CDS, Maj Gen I Attahiru, Army, Rear Adm AZ Gambo, Navy, AVM IO Amao, Air Force. He congratulates outgoing Service Chiefs on efforts to bring enduring peace to the country.”
“I have accepted the immediate resignation of the Service Chiefs, and their retirement from service. I thank them all for their overwhelming achievements in our efforts at bringing enduring peace to Nigeria, and wish them well in their future endeavours,” Buhari disclosed in a separate statement.
I have also appointed new Service Chiefs, to replace the retired officers:
Major-General Leo Irabor, Chief of Defence Staff
Major-General I. Attahiru, Chief of Army Staff
Rear Admiral A.Z Gambo, Chief of Naval Staff
Air-Vice Marshal I.O Amao, Chief of Air Staff.
— Muhammadu Buhari (@MBuhari) January 26, 2021
what you should know
President Buhari was urged by the Senate to sack his Service Chiefs last year December to implement new chiefs with new ideas on fighting insecurity,
President Buhari had come under heavy criticism
Macro-Economic News
BREAKING: CBN retains MPR at 11.5%, holds other parameters constant
The CBN voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5% and other parameters constant.
The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%
This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 26th January 2021.
Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.
Highlights of the Committee’s decision
- MPR retained at 11.50%
- The asymmetric corridor of +100/-700 basis points around the MPR
- CRR was retained at 27.5%
- While Liquidity Ratio was also kept at 30%
More details shortly…
Coronavirus
FG says N10 billion disbursed funds not only for Covid-19 vaccines
FG has clarified that the N10 billion it earlier disbursed was not only for the development of Covid-19 vaccines.
The Ministry of Finance, Budget and National Planning has said that the N10 billion it released for vaccine development is not only for the production of Covid-19 vaccines.
This was disclosed by the Director-General of the Budget Office, Mr. Ben Akabueze, representing the Finance Minister during a meeting with the National Assembly Joint Committee on Health on Monday, reported by NTA.
Following the announcement of the disbursement of the sum of N10 billion to the Ministry of Health for the development of Covid-19 vaccine, the Joint Committee scheduled a meeting with the Ministers of Finance and Health for clarifications on the funds.
“The joint committee is invited to note that N10 billion has been released, to the Federal Ministry of Health under the budgetary vote referenced in above,” Akabueze said.
Ibrahim Oloriegbe, Chairman, Senate Committee on health, said the Committee wanted to know what the use of the funds was for and urged against the implementation of a lockdown.
“We got to see that what was released was in line with what was already there, for preparing the country for all other vaccines arrangements
“So our economy, we only need to live with covid, we cannot with due respect, contaminate Nigeria with a lockdown, it will badly affect our economy,” Oloriegbe said.
The committee also said the total aim is to see how Nigeria can develop its capacity towards the development of vaccines,
The Joint Committee, therefore, resolved that the Minister of Health who was absent at the meeting should appear before it on Tuesday for a breakdown on the proposed use of the funds.
What you should know: Nairametrics reported last week that the Federal Government, through the Ministry of Finance, announced the sum of N10billion for the production of vaccines in Nigeria, to fight the coronavirus.
Anonymous
May 30, 2018 at 4:25 pm
pls who are the investors entitle to the dividends
Anonymous
May 31, 2018 at 12:12 pm
Is the share sold on the exchange
Oyeleke Emmanuel
May 31, 2018 at 4:39 pm
How do one become shareholder of CsCS Plc.
Ilori Segun
April 28, 2019 at 7:37 am
Please where is the location of CSCS Plc in Ibadan?