The Central Securities Clearing System (CSCS) Plc recorded gross earnings of N19 billion, representing a remarkable 65.2% increase in its 2023 financial year when compared to N11.5 billion it recorded in 2022.

This was revealed at the company’s 30th annual general meeting on Friday in Lagos.

This is even as the organisation is paying a dividend of N1.50 kobo per share, translating to total dividend payment of N7.5billion in its 2023 financial year end, a notable increase from N6.85 billion paid in the previous year.

Temi Popoola, the Chairman of the Board of Directors, Central Securities Clearing System Plc, showed gratitude to his predecessor, Oscar Onyema, for his leadership, which bolstered CSCS’s expansion and establishment of its standing as a respectable market infrastructure in Nigeria and West Africa.

He said, “It is with great enthusiasm that I joined the esteemed and diverse board of CSCS, a body that has consistently exhibited effective and efficient leadership over the years.

“The board’s unwavering commitment to steering the strategic direction of our company and providing diligent oversight to management has been pivotal in achieving our organisational goals.”

Commenting on the company’s performance, Haruna Jalo-Waziri, the Chief Executive Officer of CSCS, stated that despite paying a dividend during the year, the company increased both its top and bottom lines by the necessary 20 percent required by regulations for the firm.

He said, “The strong growth in earnings reflects efficiency gains from both asset utilisation and service enhancement. Looking back, we have grown both top and bottom lines by 20 per cent of the minimum regulatory requirement for our business, despite dividend payments during the year.”