Onyema: CSCS to Deliver Superior Performance, Create Wealth for Shareholders

The Chairman, Board of Directors of Central Securities Clearing System (CSCS) Plc, Mr. Oscar Onyema, has stated that with the support of shareholders and other stakeholders, the company will continue to deliver superior performance and create wealth for shareholders.

Addressing shareholders at the company’s 28th Annual General

Meeting (AGM) held in Lagos over the weekend, Onyema, said: “Notwithstanding the volatile operating environment and moderated capital flows, as reflected in the subdued capital market activities, the earnings fundamentals of your Company remained resilient and indeed stronger than ever.

“This fact is evident in the impressive revenue growth of 39.2per cent, driven by stellar growth in ancillary income. The equity market recorded one of the weakest secondary market activities in the past few years, with the average daily trade value of N3.9billion, some 10per cent below the trading activity recorded in 2020 financial year, explaining the tepid transaction fees.

“Albeit income from ancillary services recorded a significant boost, contributing N2.2billion or 21.5 per cent of total income in 2021FY, from N526million or 11.3 per cent of total income in 2020FY. This performance reinforces the capacity of the Management in delivering on the Board’s vision result of diversifying the business and enhancing the value accretion prospect to shareholders in a sustainable manner.”

Speaking, the Chief Executive Officer, CSCS Plc, Mr. Haruna

Jalo-Waziri, said; “Reflecting the ingenuity of our participants and more importantly quick adoption of new remote access technologies, the Nigerian capital market remained active through the prolonged COVID-19 crisis. The collaboration of our regulator and participants has been incredible in sustaining our operational protocols and IOSCO PFMI standards.”

“Though clearing and settlement activity waned by 10.2 per cent due to lower participation of foreign investors in the Nigerian equity market and a host of macro challenges, we are excited at the growth in our depository assets by 6.1 per cent to N23.0trillion, reflecting new listings of securities across our multiple Exchange partners as well as issuers’ and investors’ confidence in the safety and secured accessibility of our systems.