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The Group Managing Director/Chief Executive Officer of C&I Leasing, Mr Ugoji Lenin Ugoji, has said that the foreign exchange market of the country will impact businesses in the coming year.
Ugoji said this at the 32nd Annual General Meeting for the financial year ended December 2022 which was held in Lagos.
He reassured shareholders that the company will pay dividends in 2024. C&I Leasing’s board of directors did not pay a dividend in 2021 and 2022.
Nigeria’s foreign exchange market has been facing difficulties in recent months following the harmonisation of the segments of the market by the Central Bank of Nigeria in mid-June.
Ugoji said, “We know that it has been quite some time since we rewarded shareholders,” and added, “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 aspects. Getting the foreign exchange under control will help the inflation rate, which will impact our business.”
He, however, commended the Federal Government’s decision to set up a special tax committee to look into issues around taxation for businesses in Nigeria. Ugoji explained that the government’s intervention in taxation was needed for business growth.
He stated that the company’s involvement in the marine business was the primary hedge for C&I Leasing against fluctuation in the exchange rate.
In the 2022 financial year, it was revealed that the major challenge faced by the company was the instability in interest rates.
Ugoji stated that a major highlight of the company was that it was able to keep its staff members amid the mass exodus of Nigerians, popularly called the ‘Japa’ phenomenon.
“The major thing we have accomplished is being able to keep our staff because there has been a significant attrition of qualified staff in the country. There is an exodus of professionals in Nigeria, and our business is such that requires those who have skills. We have been able to maintain a large part of our contract,” he said.
Meanwhile, the chairman of the company, Dr Samuel Onyishi, said that C&I Leasing Plc will continue to leverage technology to improve operational efficiency and business acquisition for enhanced growth and development.
Onyishi said that the company would continually consolidate past achievements and seek opportunities to expand its operations and market frontiers.
“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.
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