C&l Leasing Plc has unveiled plans to explore industry opportunities by realigning its business model to enable it manage assets and sustain growth in the next financial year. This move by the company comes on the heels of the Federal Government restrategising to unlock rapid development in infrastructure.
Speaking at the company’s 31st annual general meeting (AGM) held in Lagos at the weekend, Ugoji Lenin Ugoji, Group Managing Director, C&l Leasing Plc said government intervention programs and investment in priority areas especially in infrastructure have underscored the scope of demand for capital asset.
He restated the commitment of the new management to reposition the company and maximise shareholders’ value by facilitating business activities in infrastructure in 2023.
“Nigeria is moving more and more towards infrastructure independence and for a company like ours, we believe that we can play a role in that independence by facilitating the operation of that infrastructure.
“This is a 32-year-old company with a lot of experience in managing asset, so we think that the experience will be brought to bear in supporting Nigeria in that direction,” Ugoji said.
He noted the need for government to deepen its support for the industry by improving both regulatory and operating environment, especially in the areas of tax moderation.
According to him, a favourable tax policy would stimulate activities in both the demand and supply side of the leasing industry in Nigeria and spur economic growth.
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Ugoji also disclosed that the company would expand its business activities in a near future while increasing operational efficiency in the existing ones.
He remarked that the company would focus more on fleet management, marine and other non-oil businesses to diversify the risk in oil and gas.
“Our business expansion will come in the form of fleet management because we feel that there are many opportunities in fleet management space and in the marine business but more in the non-oil sector so that we can diversify the risk of oil and gas. We may look at acquiring vessels in the area for dry product movement.”
He pointed out that inflationary pressures, as well as exchange rate fluctuations have been issues the company continues to grapple with adding that measures are in place to hedge against such uncertainties.
“We thank our shareholders for their patience; we also ask them to give us that support for us to be able to transform some of these initiatives into cogent sustainable benefits,” he said.
While reviewing the company’s performance, its chairman, Samuel Maduka Onyishi said profit before tax for the Group increased by 9.5 percent to N542 million from N490 million achieved in the corresponding period in 2020 while total assets rose by four percent to N58.1 billion from N55.9 billion posted in 2020.
To consolidate on the performance, he said the company would continue to demonstrate a high degree of resilience by seeking innovative and novel technology solutions to grow its business and increase revenue.
“Technology solutions birthed in the year under review include the skill central e-learning platform which was launched by the outsourcing business; 360 Fleet solutions, vehicle monitoring initiative, digitalised marine vessel management solution,” he said.
He pointed out that the Group has identified expanding medical and sales process outsourcing services and digital offerings such as online training and after-lease services to broaden its client base.
Onyishi also assured that the company is focused on the all-round improvement of the business and the delivery of a sterling and sustainable performance that enhances optimal returns to shareholder.
Moses Igbrude, National Coordinator of Investors and Issuers Alternative Dispute Resolution Initiative (IIADRI), applauded the company for efficient running of its affairs and high level of corporate governance entrenched in its operations over the years.
Timothy Adesiyan, immediate past president of the Nigerian Shareholders’ Solidarity Association, also urged the company to adhere strictly to post-listing requirements to avoid penalties that could shrink the company’s profitability.
