Custodian Investment Plc reported revenue growth of 14% in its audited financial performance for the year ended 31 December 2021.
The group’s audited accounts, published on the Nigerian Stock Exchange (NGX), said gross revenue rose 14% to N85.7 billion and, after adjusting for a non-recurring one-time gain from the result of the In the previous year, profits from continuing ordinary operations grew by 18% while net assets per share increased by 16% to 937 kobo.
The company’s shareholders fund also increased by 16% from N47.6 billion to N55.1 billion after paying dividends totaling N3.24 billion or 50 kobo per share during the year. the year.
The audited result for the company and its subsidiaries confirmed the growth in revenue and equity for the year ended December 31, 2021, as previously reported in the unaudited result published on January 31, 2022.
The report showed that major business segments recorded appreciable revenue and profit growths despite the challenging operating environment.
In keeping with the company’s tradition of paying regular dividends to its shareholders, the directors recommended the payment of a final dividend of 40 kobo per share on each 50 kobo share of the company, after paying an interim dividend of 10 kobo per share in September 2021, thus bringing the total dividend paid on the result of the 2021 financial year to 50 kobo per share.
Custodian Investment is a diversified non-banking financial institution listed on the Nigerian Stock Exchange (NGX) with investments in life and non-life insurance, pension fund administration, trusteeship and real estate. Finance Minister advocates financial mechanisms to boost inter-regional trade BY MARK ITSIBOR, Abuja
The Minister of Finance, Budget and National Planning, Zainab Ahmed, stressed the need to put in place measures to attract foreign direct investment (FDI) and diversify the economy from the producer of primary goods to the finished product.
The minister made the call during a discussion in Cairo, Egypt, on “regional value chains and their importance in increasing trade and investment flows between Arab and African countries”, she highlighted highlight the importance of deepening African financial markets to promote growth and investment.
She said, “Many resources are needed before African countries can accelerate industrialization and structural change. Infrastructure, which is a pillar of growth, is insufficient in Africa. To address this problem, it is necessary to put in place measures that will attract foreign direct investment and diversify the economy from the producer of primary goods to the finished product,” she said according to a statement released by her media aide. , Yunusa Abdullahi. .
Other measures, she said, include addressing regulatory bottlenecks by putting in place and enforcing laws to build confidence in investors and banks through the creation of credit bureaus that oversee credit records. repayment.
Ms. Ahmed also said there was a need to revamp the banking system by opening up the sector to competition, reviewing prudential ratios and introducing innovative savings and borrowing instruments tailored to local needs.
She called for the development of capital markets and in particular bond markets for long-term financing needs by putting in place adequate guarantee systems against exchange rate risks and other types of risks.
She said the gap needs to be bridged “between the informal and formal financial sectors by formalizing microfinance institutions to help them scale up their activities while developing financial products for small and medium-sized enterprises (SMEs). Innovative financial tools who use technologies such as mobile banking can also help to move beyond traditional financial services and reach a wider population.
Ahmed said it was important to continue closing Africa’s trade finance gap, estimated at $82 billion in a 2019 joint African Development Bank (AfDB) and Afreximbank survey on trade finance. trade. Trade finance supports two essential aspects of the trade process: risk mitigation and liquidity; and is therefore important for both regional trade within Africa and inter-regional trade.
According to her, critical measures that have been taken in recent years to close the trade finance gap in Africa include programs created by multilateral banks to reduce the risks associated with banking transactions.