CSCS to appoint New MD Next Month

Central Securities Clearing System

The Central Securities Clearing System (CSCS) Plc said it will name its Chief Executive Officer (CEO) next month.

Oscar Onyema, Chairman, CSCS Plc, said this at its 23rd annual general meeting held Wednesday at the Nigerian Stock Exchange. He said the board of CSCS engaged the services of PwC.

“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 2016 financial scorecard shows the group recorded a decline in gross earnings from N7.6billion in 2015 to N6.17billion in 2016. Also, profit before tax (PBT) declined to N3.72 billion in 2016 from N5.02billion in 2015. Total Assets, as at December 31, 2016 stood at N27.07 billion, representing an increase over the N25.40 billion recorded in 2015. The board of directors got shareholders’ approval to pay a final dividend per share of 21 kobo.

“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.



Previous articleSaraki Release: Sound Of Joy In Ilorin
Next articleVice president To Meet South East, Northern Leaders June 22
Statereporters is a media power house focusing on the daily happenings around the world, in politics, business, sports entertainment and more. We are not for any section or region. Our reports are based on honesty and integrity not minding the body or persons involved in as much as Nigeria is concerned. For humanity, we shall stand in defense of what is right and appropriate at all cost. Should you have any article feel free and welcomed to send it to us for publication via