The Chief Executive Officer of C&I Leasing, Mr. Ugoji Lenin Ugoji, emphasized the significant impact the foreign exchange market will have on businesses in the coming year. Speaking during the 32nd Annual General Meeting for the financial year ending December 2022 in Lagos, Ugoji assured shareholders that the company would resume paying dividends in 2024. Notably, C&I Leasing’s board had abstained from paying dividends in both 2021 and 2022, marking a period of financial restraint.
Addressing the challenges faced by Nigeria’s foreign exchange market, Ugoji pointed out the difficulties arising from the Central Bank of Nigeria’s harmonization of market segments in mid-June. The currency market’s intricacies, often subject to fluctuations, have posed challenges for businesses operating in the country.
“We know that it has been quite some time since we rewarded shareholders,” Ugoji acknowledged, emphasizing the crucial role of foreign exchange in shaping various economic aspects. He highlighted that stabilizing foreign exchange rates would positively influence the inflation rate, subsequently benefiting C&I Leasing’s business operations.
In a positive note, Ugoji commended the Federal Government for establishing a special tax committee to address taxation issues affecting businesses in Nigeria. Recognizing government intervention in taxation as vital for business growth, he explained that the company’s involvement in the marine business served as a primary hedge against exchange rate fluctuations.
In reviewing the 2022 financial year, Ugoji identified instability in interest rates as a major challenge for C&I Leasing. Despite this, he highlighted a significant achievement—maintaining the company’s staff amidst the widespread exodus of Nigerians, commonly referred to as the ‘Japa’ phenomenon. Ugoji emphasized the critical need for skilled professionals in their line of business and credited their ability to retain qualified staff as a noteworthy accomplishment.
Adding to the discussion, the Chairman of C&I Leasing, Dr. Samuel Onyishi, emphasized the company’s commitment to leveraging technology for improved operational efficiency and business acquisition, fostering enhanced growth and development. Onyishi outlined the company’s strategy for the coming year, focusing on achieving comprehensive improvement in business performance and delivering optimal returns to shareholders.
“In 2023, our organization is focused on achieving all-round improvement in the business and delivering a sterling and sustainable performance that enhances optimal returns to shareholders,” Onyishi stated. Despite the challenges faced in 2022, he expressed confidence in the company’s resilience and strength, attributing this to the collective efforts of staff, management, the audit committee, and the board.
In essence, C&I Leasing looks toward the future with a strategic approach, acknowledging external challenges while maintaining a commitment to technological advancement, business expansion, and shareholder value. The anticipation of resuming dividend payments in 2024 reflects the company’s positive outlook and efforts to navigate the intricacies of Nigeria’s economic landscape.
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