- July 25, 2020
- Posted by: Oluwatoyin Bayagbon
- Category: Blog, Economics, Finance & accounting, Investors, News
C&I Leasing Plc (C&I Leasing), Nigeria’s foremost leasing and business support services company has declared a dividend payout of N278,350,500 at 20k per ordinary share of 50k each (payable less withholding tax), making it the highest in the last 22 years of dividend payment.
Shareholders unanimously endorsed the payment during the company’s 29th Annual General Meeting (AGM) which held on July 23rd 2020 at the Landmark Towers, Oniru, Lagos but was coordinated by the use of proxies in line with the guidelines of the Corporate Affairs Commission (CAC) aimed at stemming the spread of the Coronavirus (Covid-19) pandemic. Others joined remotely via live streaming on YouTube.
In his remarks during the meeting, Chief Chukwuma H. Okolo, chairman, C&I Leasing Plc said the dividend warrant will be posted on or before 31 July, 2020 to shareholders whose names appeared on the register of members at the close of business on Wednesday, 6 May, 2020.
Citing C&I Leasing’s successes since 1990, Chief Okolo expressed confidence in the company’s ability to maintain its winning streak given its dedication and penchant for teamwork and excellent service delivery in all its business lines.
“C&I Leasing has emerged as the foremost company in its industry,” he said. In any organization or in life, we are running a marathon, not a 100-meter dash. There might b a few potholes over the next one year, but the board and management remain resolute that the successes in the past 30 years will be more than replicated in the next 30 years for the coming generation.”
While craving for a return to normalcy and reiterating the company’s support, the C&I Leasing chairman commended the federal government, Lagos state government, ministry of health and the Nigerian Centre for Disease Control (NCDC) for assiduously battling the Covid-19 pandemic.
Also speaking during the AGM, Mr. Andrew Otike-Odibi, managing director, C& I Leasing Plc said the company’s 30-year journey is worth celebrating and being “thankful” for, considering the times we live in.
Mr. Otike-Odibi said despite the COVID-19 pandemic, oil price slide and its attendant impact on the economy, the company is keeping in step with its promise to exceed shareholders’ expectation just as it seeks growth opportunities in its marine and telematics business amongst others.
“The marine business is one of our fastest growing businesses. But in 2020 with the COVID and slide in oil price, being focused on the oil and gas industry, it has taken its own beating in that process. But as the economy picks up, we expect that the marine business will also pickup because the only clients we have in that business are in the oil and gas industry. So whatever happens in that industry impacts heavily on the business positively or negatively.
“What we are currently experiencing is common to all businesses in Nigeria but we’re thankful that we are still alive and doing well with customers being served properly.
“We’re grooming our telematics business. From tracking cars in our large fleet, it has now grown into tracking vessels and more sophisticated services like fuel monitoring. It is still a young business, but we’ve seen the potential. It is growing and we are grooming the business.
“Going into the years ahead, we’ll beat your dividend expectations.”
The shareholders, who were represented by proxies, commended the board, management, and staff of the business service conglomerate, saying that it has succeeded despite all odds and built a track record worthy of emulation.
Chief Timothy Adesiyan, President of the Nigerian Shareholders’ Solidarity Association (NSSA) who stood as one of the representatives said: “I appreciate very much, the way this company is progressing. At the time this company started the business, people thought that it will not succeed, but the way C&I Leasing was operating was so impressive that many companies decided to work with you.”
Incorporated in 1990 as a limited liability company duly licensed by the Central Bank of Nigeria, C&I Leasing Plc has enjoyed consistent growth, evolving from finance lease to a business service conglomerate, covering major sectors of the economy including Marine, Oil and Gas, Telecommunications, Personnel Outsourcing, Telematics and transportation etc.
Watch the AGM on Youtube here