By NKIRUKA NNOROM

Central Securities and Clearing System, CSCS, has vowed to sustain the ‘A’ minus rating it received last year from one of the world’s leading central securities depository rating agency, UK-based Thomas Murray Rating Limited.

Managing Director/Chief Executive Officer of CSCS, Mr. Kyari Bukar, gave this indication at the company’s 19th annual general meeting in Lagos.

His vow came as the company’s chairman, Mr. Oscar Onyema, said CSCS grew its profit after tax for 2012 by 158 percent as a result of prudent financial management of resources and successful implementation of a corporate transformation agenda.

Bukar disclosed that CSCS expanded its data exchange platform to include modules to cater for settlement banks, stockbroking firms and custodians.

Emphasising that the company placed much value on its people and considered them  the heartbeat of its business, he said:  “We aim to attract, develop and retain the best people, treating each other with honesty, compassion and respect.”

Looking ahead, he said focus would primarily centre on assets safety and its clearing and settlement mechanism in the Nigerian capital market.

“We are committed to pursuing our aspiration of seeking avenues to sell our premium services to new prospects.

“Along this line, we are optimistic that in the current year, we shall fulfill this aspiration by our engagement as the clearing and settlement agency to the NASD Limited, the promoter of the trading network for transactions of unquoted securities”.

Chairman of the company, Mr. Oscar Onyema, said that CSCS’s profit after tax soared from N1 billion to N2.58 billion in 2012, while, profit before tax witnessed a growth of 77 percent from N1.73 billion to N3.06 billion in 2012.

The company also posted total revenue of N5.17 billion in 2012, up by19 percent from the N4.19 billion in 2011.

Following the performance, N750 million, amounting to 15kobo per share dividend was declared at the meeting, up from N500million paid in the previous year.

Onyema noted that apart from the growth in profitability, total assets rose from N13.64 billion in 2011 to N15.43 billion in 2012, adding that the increase in dividend declared was in consideration of the company’s commitment to shareholders and the cost implications of its future strategy.

He disclosed that in furtherance of its growth objectives, CSCS benchmarked its process and risks framework against the Committee on Payment and Settlement Systems and the International Organisation of Securities Commissions (CPSS-IOSCO) principles, which provide globally acceptable standards for assessment of financial market infrastructure.

The outcome of the exercise, he said, led to the establishment of an Enterprise Risk Management department.

Onyema added that during the year under review, CSCS included the provision of Over-the-Counter services to its service offerings giving room for transactions on the shares of unquoted companies in the secondary market.

“With the use of technological innovations, the company improved its process thereby reducing market infractions, while maximising efficiency in its services,” he said.

Speaking at the event, the Managing Director/Chief Executive Officer, Mr. Kyari Bukar, said CSCS sustained an ‘A’minus (A-) rating from Thomas Murray Rating Limited of United Kingdom, a foremost Central Securities Depository rating agency.

Bukar further disclosed that CSCS expanded its data Exchange Platform to include modules to cater for settlement banks, stockbroking firms, and custodians.

Emphasised that the company places much value on its people and considers them to be the heartbeat of its business, he said, “We aim to attract, develop and retain the best people treating each other with honesty, compassion and respect.”

Looking ahead, the CSS boss said the focus will primarily centre on assets safety and its   clearing and settlement mechanism in the Nigerian capital market.

“We are committed to pursuing our aspiration of seeking avenues to sell our premium services to new prospects. Along this line, we are optimistic that in the current year, we shall fulfill this aspiration by our engagement as the clearing and settlement agency to the NASD Limited, the promoter of the trading network for transactions of unquoted securities,” Bukar said.