C&I Leasing Targets Tech for Operational Efficiency, Business Acquisition 

C & I Leasing Plc, said, it will continue to leverage technology to improve operational efficiency and business acquisition for enhanced growth and development.

The chairman of the company, Dr Samuel Onyishi stated this at the company’s 32nd Annual General Meeting (AGM) held in Lagos for the financial year ended December 31, 2022.

According to Onyishi, the company would embrace data & analytics, automation, optimised infrastructure, legacy modernisation and cyber-security.

He said the company would continually consolidate past achievements and seek opportunities to expand its operations and market frontiers.

Onyishi noted that the board has laid down solid foundation for growth, expansion, and diversification, which is already yielding results.

“In 2023, our organisation is focused on achieving all round improvement in the business and delivering a sterling and sustainable performance that enhances optimal returns to shareholders.

“Despite the challenges faced in 2022, our company has emerged stronger and more resilient, thanks to the collective efforts of all staff, management, audit committee and the board,” Onyishi said.

The Group managing director/chief executive officer of C&I Leasing, Mr Ugoji Lenin Ugoji, said the company would pay cash dividend to shareholders in 2024, saying “we know that it has been quite some time since we rewarded shareholders.

“The most important factor for 2024 is going to be the foreign exchange because we think the foreign exchange has an impact on all the other aspect.

“Getting the foreign exchange under control, will help inflation rate, which will impact our business.”

He, however, commended the federal government’s decision to set up

tax special committee to look into issues around taxation for businesses in Nigeria.

Ugoji explained that government’s intervention in taxation was needed for business growth.

He stated that involvement in marine business was the primary hedge for C & l Leasing against fluctuation in the exchange rate, adding that only about 15 per cent of the company’s liabilities were in dollar.

He said that the major challenge faced by the company in 2022 was the instability in interest rate.

Shareholders commended the board and management of the company for the performance in the year under review.

During the year under review, the Group’s gross earnings decreased slightly by one per cent from N18.2 billion in 2021 to N17.9 billion in 2022. Profit after tax rose by 1,746 per cent from N31.2 million profit recorded in 2021 to N577.3 million profit in 2022. Also, the Group’s total assets decreased by one per cent from N58.1 billion in 2021 to N57.8 billion in 2022.

Interestingly, shareholders’ fund grew slightly by 21 per cent from N13.9 billion in 2021 to N16.2 billion in 2022.