CSCS Eyes NGX Listing Amid Soaring Profits and Shareholder Demand for Transparency
News Breakdown:
1. Listing Ambition on the Horizon
Central Securities Clearing System (CSCS) Plc is considering listing on the Nigerian Exchange (NGX) to boost capital access, visibility, and governance standards.
• This was revealed at the company’s 31st Annual General Meeting (AGM) in Lagos.
• Chairman Temi Popoola stated that although the benefits of listing are clear, the company is taking a cautious approach.
• Factors like market conditions, regulatory environment, and long-term strategy are being thoroughly reviewed before making a move.
2. Strong Financial Performance in 2024
CSCS had a stellar year, reporting:
• Gross earnings up by 37% to ₦26.1 billion
• Profit After Tax (PAT) up by 18.7% to ₦11.95 billion
• Total assets grew 22% to ₦64.43 billion
• Declared dividend of ₦1.76 per share, a 17.3% increase, totaling ₦8.8 billion payout
3. Regional Expansion in the Pipeline
The company’s 3–5-year strategy includes:
• Becoming a top post-trade infrastructure provider in Africa
• Active involvement in the African Exchanges Linkage Project (AELP) to drive cross-border trading and investment
4. Tech-Driven Transformation
Managing Director/CEO Haruna Jalo-Waziri described 2024 as a “transformative year” with bold tech investments:
• Cybersecurity, AI, and digital infrastructure upgrades
• These aim to boost efficiency, decision-making, and resilience, despite rising tech costs due to forex instability
5. Shareholders Push for More Transparency & CSR Impact
Shareholders demanded:
• Greater governance transparency
• Broader CSR efforts beyond education—suggestions included healthcare, youth empowerment, and social welfare
• The board promised more transparent reporting, possibly using blockchain-enabled tools
6. Cost Challenges & Internal Audit
• Rising costs from diesel and technology upgrades prompted shareholder concerns
• CSCS is conducting an internal cost review to find savings without reducing service quality.
Overall Summary:
CSCS is not just celebrating impressive financials but also charting an ambitious future—possibly listing on NGX, expanding across Africa, and doubling down on tech and social impact. As shareholders call for more openness and innovation, CSCS is showing signs of transformation on multiple fronts.
News Breakdown:
1. Listing Ambition on the Horizon
Central Securities Clearing System (CSCS) Plc is considering listing on the Nigerian Exchange (NGX) to boost capital access, visibility, and governance standards.
• This was revealed at the company’s 31st Annual General Meeting (AGM) in Lagos.
• Chairman Temi Popoola stated that although the benefits of listing are clear, the company is taking a cautious approach.
• Factors like market conditions, regulatory environment, and long-term strategy are being thoroughly reviewed before making a move.
2. Strong Financial Performance in 2024
CSCS had a stellar year, reporting:
• Gross earnings up by 37% to ₦26.1 billion
• Profit After Tax (PAT) up by 18.7% to ₦11.95 billion
• Total assets grew 22% to ₦64.43 billion
• Declared dividend of ₦1.76 per share, a 17.3% increase, totaling ₦8.8 billion payout
3. Regional Expansion in the Pipeline
The company’s 3–5-year strategy includes:
• Becoming a top post-trade infrastructure provider in Africa
• Active involvement in the African Exchanges Linkage Project (AELP) to drive cross-border trading and investment
4. Tech-Driven Transformation
Managing Director/CEO Haruna Jalo-Waziri described 2024 as a “transformative year” with bold tech investments:
• Cybersecurity, AI, and digital infrastructure upgrades
• These aim to boost efficiency, decision-making, and resilience, despite rising tech costs due to forex instability
5. Shareholders Push for More Transparency & CSR Impact
Shareholders demanded:
• Greater governance transparency
• Broader CSR efforts beyond education—suggestions included healthcare, youth empowerment, and social welfare
• The board promised more transparent reporting, possibly using blockchain-enabled tools
6. Cost Challenges & Internal Audit
• Rising costs from diesel and technology upgrades prompted shareholder concerns
• CSCS is conducting an internal cost review to find savings without reducing service quality.
Overall Summary:
CSCS is not just celebrating impressive financials but also charting an ambitious future—possibly listing on NGX, expanding across Africa, and doubling down on tech and social impact. As shareholders call for more openness and innovation, CSCS is showing signs of transformation on multiple fronts.