C & I Leasing Plc has affirmed its commitment to leveraging technology for enhanced operational efficiency and business acquisition. The Chairman of the company, Dr. Samuel Onyishi, shared this vision during the 32nd Annual General Meeting (AGM) held in Lagos to discuss the financial results for the year ended December 31, 2022.
Dr. Onyishi outlined the company’s strategic focus on incorporating data & analytics, automation, optimized infrastructure, legacy modernization, and cybersecurity into its operations. He assured shareholders that C & I Leasing would build on past achievements, seeking opportunities for expansion and diversification in the market.
The Chairman emphasized the board’s solid foundation for growth and diversification, yielding positive results. Despite challenges in 2022, the company emerged stronger and more resilient, showcasing the collective efforts of staff, management, the audit committee, and the board.
Speaking at the AGM, the Group Managing Director/Chief Executive Officer of C & I Leasing, Mr. Ugoji Lenin Ugoji, announced plans to pay cash dividends to shareholders in 2024. He acknowledged the challenges faced by the company in 2022, particularly the instability in interest rates. However, he commended the Federal Government’s decision to establish a tax special committee, recognizing the positive impact on business growth.
Mr. Ugoji highlighted the significance of government intervention in taxation, stating that involvement in the marine business served as a primary hedge for C & I Leasing against fluctuations in the exchange rate. He noted that approximately 15% of the company’s liabilities were in dollars.
During the AGM, shareholders commended the board and management for the company’s performance in 2022. Mrs. Bisi Bakare, the President of Pragmatic Shareholders Association of Nigeria, described the performance as highly commendable, urging the board to maintain the momentum in the coming year.
Mr. Moses Igbrude, the National Coordinator of Independent Shareholders Association of Nigeria, encouraged the management to ensure the payment of dividends to shareholders in 2024. Chief Timothy Adesina advised the company to remain vigilant against cyber fraud.
In the financial year under review, C & I Leasing recorded a slight decrease in gross earnings but witnessed significant growth in profit before tax and profit after tax. The company’s total assets and shareholders’ fund demonstrated stability and growth during the period.
The AGM provided a platform for shareholders to engage with the company’s leadership, express their concerns, and offer valuable insights into the company’s future trajectory.