Emmanuel OchayiThe Group Managing Director/Chief Executive Officer of C&I Leasing, Mr Ugoji Lenin Ugoji, has highlighted the impact of foreign exchange dynamics in the upcoming year, while assuring shareholders of dividend payouts amidst ongoing FX volatility.”
Ugoji addressed shareholders at the 32nd Annual General Meeting, emphasized on the foreign exchange’s impending influence reverberated through his speech, addressing concerns about the market’s stability.
“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,” Ugoji remarked.
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“Getting the foreign exchange under control will help the inflation rate, which will impact our business.”
Acknowledging the company’s prior decision not to pay dividends in 2021 and 2022, Ugoji reassured shareholders of forthcoming dividends in 2024, despite the prevailing challenges in the FX market.
He applauded the Federal Government’s move to establish a special tax committee, underlining its necessity for business growth amidst taxation issues in Nigeria. Ugoji also highlighted the company’s involvement in the marine business as a hedge against exchange rate fluctuations.
“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,” Ugoji stated.
He highlighted the challenge of retaining skilled personnel in Nigeria amidst a nationwide exodus and credited C&I Leasing’s ability to maintain a portion of its workforce.
Chairman Dr Samuel Onyishi emphasized the company’s dedication to leveraging technology for operational efficiency and expansion.
“In 2023, our organisation is focused on achieving all-round improvement in the business,” Onyishi affirmed, emphasizing the company’s resilience in the face of challenges.
As C&I Leasing navigates the tumultuous financial landscape, the commitment to dividends and strategic business decisions amid FX volatility remains a focal point, ensuring stakeholders’ continued confidence in the company’s future trajectory.
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