The 2016 financial scorecard of Central Securities Clearing System (CSCS) Plc shows the group recorded a decline in gross earnings from N7.6billion in 2015 to N6.17billion in 2016.
CSCS Plc facilitates the delivery and settlement of securities transacted on the approved Nigerian Exchanges.
Its full year profit before tax (PBT) declined to N3.72billion in 2016 from N5.02billion in 2015. Total Assets, as at December 31, 2016 stood at N27.07billion, representing an increase over the N25.40billion recorded in 2015. The board of directors got shareholders’ approval to pay a final dividend per share of 21kobo.
The company will name its Chief Executive Officer (CEO) next month, Oscar Onyema, chairman, CSCS Plc said at its 23rd annual general meeting .
“Our people are the nucleus of our business and we are committed to ensuring that we recruit and retain the best in class employees who can deliver on the company’s goals and objectives as we strive to position CSCS as the globally respected and leading CSD in Africa,” Onyema said.
“The foundation for any company that wants to be built to last is to have a business model that actually supports that objective,” Bola Adeeko, interim CEO told shareholders.
“The Pension Contribution Management System (PCMS) is another one of CSCS’ firsts which would be beneficial to both formal and informal businesses. The system is currently in use by our company and other companies that agreed to be part of our test participant forum to efficiently manage their employees’ pension contribution. The PCMS will be fully available to the market before the end of third-quarter (Q3) of 2017,” the chairman added.