Maduka Onyishi rings closing bell at NGX as C&I Leasing Plc reports 81.6% surge

C&I Leasing PLC, West Africa’s largest integrated leasing company, celebrated a significant milestone on 26 September, 2024, as Dr Samuel Maduka Onyishi, the chairman of the company, rang the closing bell at the Nigerian Exchange Group (NGX). The Enugu state-born businessman, who is also the founder of Peace Mass Transit and Chancellor, Maduka University Enugu, joins the illustrious rank of successful, distinguished Nigerian businessmen who have done this in the past.This momentous event came on the heels of the company’s impressive half-year financial results for 2024.

C&I Leasing Plc reported a remarkable 81.6% year-on-year increase in Group gross earnings, reaching N18.2 billion as of 30 June, 2024, compared to N10 billion recorded during the same period in 2023. These results, disclosed during the NGX’s Facts Behind the Figures presentation, underscore the company’s strong financial performance and strategic growth initiatives. During the presentation, Okechukwu Nnake, Chief Financial Officer (CFO), highlighted the company’s key financial achievements and future outlook.

He attributed the robust growth to cost optimisation, diversification efforts, and the adoption of advanced technologies, which have propelled profitability and added shareholder value. “We are committed to ensuring sustained growth by leveraging market opportunities,” Mr Nnake emphasised. In reviewing the company’s performance over recent years, Mr Nnake noted a steady upward trajectory. Gross earnings increased by 25%, rising from N17.94 billion in 2022 to N22.41 billion in 2023, driven by strong net lease income growth.

Operating profit also rose by 14%, reaching N5.69 billion in 2023, while profit before tax (PBT) surged by 52%, climbing from N1.02 billion in 2022 to N1.55 billion in 2023. Despite a dip in Profit after Tax (PAT) to N273 million in 2023, compared to N577 million in 2022, Mr Nnake expressed optimism for future profitability, assuring stakeholders that “by next year, the dividend will do better.”

Lenin Ugoji, the group managing director (GMD), elaborated on the company’s three decades of leadership in the Nigerian leasing industry, noting that strategic business planning and leadership transitions have fortified its position amidst market challenges. “Our commitment to excellence and business sustainability has enabled us to contribute significantly to the Nigerian economy,” Mr Ugoji stated.

Founded in 1991, C&I Leasing Plc has grown from a consumer finance leasing company into a diversified conglomerate, providing essential services to various multinational and indigenous companies across West Africa. Its service offerings now span Fleet Management, Personnel Outsourcing, Marine Services, and Telematics Tracking Services. C&I Leasing Plc continues to stand as a major player in the region’s business support services, positioning itself for long-term growth and continued leadership in the leasing industry.