The Central Securities Clearing System (CSCS) Plc has confirmed the payment of N8.8 billion to its shareholders as dividends for the 2024 financial year. The approval for the payment was given during the company’s 31st Annual General Meeting (AGM) which took place on Friday, May 9, 2025.
According to details from the AGM, the N8.8 billion payout represents a 17.3 percent increase from the N7.5 billion dividend approved in the 2023 financial year. With this development, shareholders will now receive N1.76 per share, compared to N1.50 per share they got last year.
Chairman of the CSCS Board, Mr. Temi Popoola, explained that the company’s good financial performance in 2024 made the improved dividend possible. He noted that CSCS was able to grow its revenue and still deliver strong profits, even though the Nigerian economy faced serious inflation and foreign exchange challenges during the year.
Mr. Popoola said the financial results were driven by higher trading activities in the capital market, better returns from fixed income investments, and foreign exchange gains. He also mentioned that more customers are using the company’s services, and this increase in demand helped to boost the company’s income.
Speaking on the economic outlook and how it could affect shareholders, Mr. Popoola pointed out that there are concerns about global trade tensions and tariffs that may affect capital markets. However, he said the CSCS remains confident about Nigeria’s long-term growth. He highlighted the government’s ongoing reforms, including efforts to maintain fiscal discipline, invest in infrastructure, and make it easier to do business in the country.
He also mentioned that though tariffs could increase costs for some industries, they may also help to grow local industries, drive innovation, and create new opportunities within Nigeria.
In his own remarks, the Managing Director and Chief Executive Officer of CSCS Plc, Mr. Haruna Jalo-Waziri, spoke about how the company was able to navigate a difficult year in 2024. He noted that the global economy had many uncertainties, and Nigeria faced problems like high inflation, devaluation of the naira, and higher interest rates.
Despite all these, Mr. Jalo-Waziri said Nigeria recorded some level of economic growth in 2024. He said this growth was supported by strong government spending, better performance in the services sector, and increased revenue from oil exports, which benefited from higher global oil prices and the weaker naira.
Mr. Jalo-Waziri told shareholders that CSCS remained stable and strong throughout the year, and the company is well-positioned to continue delivering value to investors. He thanked the shareholders for their continued support and trust in the leadership of the company.
The CSCS is an important institution in Nigeria’s capital market. It acts as the central securities depository for the Nigerian Exchange (NGX) and ensures the smooth clearing and settlement of trades in the Nigerian stock market. The dividend payout shows that the company is committed to sharing its profits with investors and maintaining investor confidence.
