The Group Managing Director of C&I Leasing Plc, Ugoji Lenin Ugoji, said that government intervention programmes and investment in priority areas, especially infrastructure, have underscored the demand for capital assets.
Ugoji, who stated this at the company’s 31st annual general meeting (AGM) held in Lagos, said Nigeria is moving more and more towards infrastructure independence and for a company like ours, “we believe that we can play a role in that independence by facilitating the operation of that infrastructure”.
As the Federal Government restrategizes to unlock rapid development in infrastructure, C&l Leasing Plc has unveiled plans to explore opportunities by realigning its business model to enable it to manage assets in that space and sustain growth in the next financial year, Ugoji said.
What the company is saying
Ugoji stressed the need for the government to deepen its support for the industry by improving both the regulatory and operating environment, especially in the area of tax moderation.
According to him, a favourable tax policy would stimulate activities in both the demand and supply side of the leasing industry in Nigeria and spur economic growth.
Ugoji also disclosed that the company would soon expand its business activities and increasing operational efficiency in the existing ones.
He remarked that the company would focus more on fleet management, marine, and other non-oil businesses to diversify the risk in oil and gas.
- “Our business expansion will come in the form of fleet management because we feel that there are many opportunities in fleet management space and the marine business but more in the non-oil sector so that we can diversify the risk of oil and gas. We may look at acquiring vessels in the area for dry product movement.”
He also noted that inflationary pressures and exchange rate fluctuations are two issues the company continues to grapple with, adding that measures are in place to hedge against such uncertainties.
- “We thank our shareholders for their patience; we also ask them to give us that support for us to be able to transform some of these initiatives into cogent sustainable benefits,” he said.
Reviewing its performance, the company’s Chairman, Dr Samuel Maduka Onyishi said profit before tax for the group increased by 9.5% to N542 million from N490 million in 2020, even as total assets rose by 4% to N58.1 billion from N55.9 billion posted in 2020.
To consolidate on the performance, he said the company would continue to demonstrate resilience by seeking innovative and novel technology solutions to grow its business and increase revenue.
- “Technology solutions birthed in the year under review include the skill central e-learning platform, which was launched by the outsourcing business, 360 Fleet solutions, vehicle monitoring initiative, digitalized marine vessel management solution,” he said.
He pointed out that the group has identified expanding medical and sales process outsourcing services and digital offerings such as online training and after-lease services to broaden its client base.
Onyishi also assured that the company is focused on the all-around improvement of the business and the delivery of a sterling and sustainable performance that enhances optimal returns to shareholders.
What shareholders are saying
National coordinator of the Investors and Issuers Alternative Dispute Resolution Initiative (IIADRI), Moses Igbrude, commended the company for its efficiency and the high level of corporate governance entrenched in its operations over the years.
The immediate past president of the Nigerian Shareholders Solidarity Association, Timothy Adesiyan, also urged the company to always adhere strictly to all post-listing requirements to avoid penalties that could shrink the company’s profitability.