C&I Leasing raises N2.3bn fresh capital to boost operations

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C&I Leasing raises N2.3bn fresh capital to boost operations

C & I Leasing Plc has raised about N2.26 billion through a rights issue to boost its operation. The company had set out to raise N3.234 billion through the issuance of about 539 billion ordinary shares of 50 kobo each at N6.00 per share.

However, it succeeded in raising N2.26 billion through 377.394 billion shares at N6.00 per share. The Nigerian Stock Exchange (NSE) last Friday said the new shares of 377.394 billion have been listed and have increased the total issued and fully paid shares of C & I Leasing, from 404.252 billion shares to 781.646 billion shares of 50 kobo each.

Meanwhile, the company is to pay a dividend of N278.351 million dividend at 20 kobo per share for the year ended December 31, 2019. The dividend was endorsed by shareholders at the the company’s 29th annual general meeting (AGM) held last week in Lagos.

Speaking at the meeting, the Chairman of C & I Leasing Plc, Chief Chukwuma Okolo, expressed confidence in the company’s ability to maintain its winning streak given its dedication and penchant for teamwork and excellent service delivery in all its business lines.

“C&I Leasing has emerged as the foremost company in its industry. In any organisation or in life, we are running a marathon, not a 100-meter dash. There might b a few potholes over the next one year, but the board and management remain resolute that the successes in the past 30 years will be more than replicated in the next 30 years for the coming generation,” he said.

Also speaking, Managing Director, C& I Leasing Plc, Mr. Andrew Otike-Odibi, said the company’s 30-year journey is worth celebrating and being ‘thankful for’, considering the times we live in.

According to him, despite the COVID-19 pandemic, oil price slide and its attendant impact on the economy, the company is keeping in step with its promise to exceed shareholders’ expectation just as it seeks growth opportunities in its marine and telematics business amongst others.

“The marine business is one of our fastest growing businesses. But in 2020 with the COVID-19 and slide in oil price, being focused on the oil and gas industry, it has taken its own beating in that process. But as the economy picks up, we expect that the marine business will also pickup because the only clients we have in that business are in the oil and gas industry. So whatever happens in that industry impacts heavily on the business positively or negatively,” he said.

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