CURRENT REPORT BLOG In the dynamic landscape of business, foreign exchange challenges have emerged as a critical factor influencing growth. The recent Annual General Meeting (AGM) of C&I Leasing Plc shed light on the importance of addressing these challenges for sustained business development in 2024.
Urgent Government Intervention
The Group Managing Director/CEO, Mr. Ugoji Lenin Ugoji, urged the federal government to implement urgent measures to tackle lingering foreign exchange challenges. He emphasized that stabilising foreign exchange rates would have a cascading effect on various business aspects, particularly addressing inflation rates.
Impact on Business
Mr. Ugoji highlighted the significant impact of foreign exchange on C&I Leasing’s business. He noted that getting foreign exchange under control is crucial not only for managing inflation but also for overall business stability and growth.
Dividend Announcement
Despite the challenges, Mr. Ugoji announced that C&I Leasing plans to pay cash dividends to shareholders in 2024. This strategic move reflects the company’s confidence in its ability to navigate economic uncertainties.
Government’s Tax Committee
Commending the Federal Government’s decision to establish a tax special committee, Mr. Ugoji emphasized the importance of addressing taxation issues for businesses in Nigeria. He sees government intervention in taxation as a key factor for fostering business growth.
Business Resilience
Despite facing instability in interest rates in 2022, C&I Leasing managed to keep a significant portion of its qualified staff, providing stability in a market experiencing a talent exodus. Ugoji highlighted the company’s focus on the marine business as a primary hedge against exchange rate fluctuations.
Future Focus
The Chairman, Dr. Samuel Onyishi, outlined the company’s strategic focus for the future, including embracing data and analytics, automation, optimized infrastructure, legacy modernization, and cybersecurity. These initiatives aim to position C&I Leasing for sustained growth and enhanced operational efficiency.
Conclusion:
In the face of economic challenges, C&I Leasing’s 2022 AGM showcased the company’s resilience and strategic vision. The call for government intervention in foreign exchange and taxation, coupled with the announcement of dividends, highlights the company’s commitment to shareholder value and sustained growth in the coming year. As businesses navigate uncertainties, addressing foreign exchange challenges becomes paramount for a robust and thriving economy.
