CSCS pledges to diversify income streams for improved profitability

The Central Securities Clearing System (CSCS), a disaster recovery facility, which ensure business continuity, has pledged to diversify its income streams to boost profitability and increase shareholders ‘value.

The Chairman, Oscar Onyema, who said this during its 23rd yearly general meeting in Lagos recently, added that the firm, in line with efforts to achieve sustainable growth plans to launch the Pension Contribution Management System (PCMS) before the end of the third quarter to manage employees’ pension contribution

Furthermore, he pointed out that CSCS had registered the Insurance Repository Nigeria Ltd. (IRNL), as a going concern, to enhance the record-keeping of insurance data and policies to increase income streams.

Besides, company shareholders approved a total dividend of N1.05 billion translated to 21k per share for the financial year ended December 31, 2016.

Onyema assured the shareholders of higher dividend in the current year, noting that the company would continue to work hard to sustain its promise of impressive return on investments through the years.

“The beauty of the PCMS is the ease of its use and its integrated platforms, which include a mobile app for smartphone users and an activated dollar code feature that enable our customers stay abreast of their pension contribution on the go,” Onyema said.

According to him, CSCS would announce a new dividend policy in the next couple of months, while promising to review its 30 per cent dividend.

The CSCS Interim Chief Executive Officer, Bola Adeeko, reiterated the company’s commitment to building an integrated market infrastructure, strong and sustainable capital market.

Adeeko said the company would continue to enhance integration with other capital markets for growth and development, while also investing in its people, processes and infrastructure to deliver optimum services and reward to all stakeholders and shareholders.

Adeeko said full materialisation, which is a process of converting physical shares into electronic format was realised during the year under review with a total of 188 out of 189 registers dematerialised, representing 99.5 per cent of the total registers in the capital market.