By Peter Egwuatu
Resolving the foreign exchange, Forex, difficulties has been identified as the most important economic objective for the federal government in 2024.
Giving this position, the Group Managing Director/Chief Executive Officer of C&I Leasing Plc, Mr Ugoji Lenin Ugoji, said: “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 inflation rate, which will impact businesses.”
Speaking to shareholders at the company’s 32nd Annual General Meeting (AGM) in Lagos for the financial year ended December 31, 2022, 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 involvement in marine business was the primary hedge for C & l Leasing against fluctuation in the exchange rate.
He said that the major challenge faced by the company in 2022 was the instability in interest rate.
Addressing shareholders as well, Chairman of the company, Dr Samuel Onyishi, said 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 a solid foundation for growth, expansion, and diversification, which is already yielding results.
The President, Pragmatic Shareholders Association of Nigeria, Mrs Bisi Bakare, said the company’s performance for 2022 was highly commendable and urged the board to do more in the coming year.
The National Coordinator, Independent Shareholders Association of Nigeria, Mr Moses Igbrude, urged the management to ensure payment of dividend to shareholders in 2024.
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.
The company’s profit before tax increased by 216 per cent from N198.5 million in 2021 to N626.8 million in 2022.
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