Fidelity, FBN own most equity stakes in C&I Leasing Plc

Fidelity Bank and First Bank of Nigeria (FBN) have the majority stakes in listed and unlisted equities at fair value in C&I Leasing Plc, a leasing and business services conglomerate in Nigeria.

Fidelity Bank and First Bank of Nigeria hold 46 percent and 27.6 percent respectively in equities at fair value while Access Bank Plc has 16.5 percent. Also, Dimunition holds 9.6 percent stake.

A company’s equity means how many of its component assets are owned by the company, rather than leveraged with debts such as business loans, vehicle financing, mortgages, among others. It is the total value of a company’s assets, minus the sum of its liabilities.

Further analysis reveals that out of C&I Leasing Plc listed and unlisted equities – at fair value which stood at N59.8 million – Fidelity Bank equities are worth N27.7 million, First Bank of Nigeria(N16.5 million), Access Bank Plc (N9.88 million), Diminution (N5.73 million).

After-tax profit grew to N1.59 billion in the nine months of 2024 from N414.1 million in the same period of 2023 while C&I Leasing Plc’s gross earnings increased to N28.9 billion from N16.3 billion.

In September 2024, the firm stated its intentions to explore alternative energy initiatives for revenue growth and profitability.

Read also: Banks report improved customer experience in 2024 – KPMG

The firm said this when Samuel Onyishi, chairman of the firm, led other board members and management team to ring the closing gong after trading activities on the floor of the Nigerian Exchange Limited (NGX).

C&I Leasing Plc stated its intention to tap into opportunities in the compressed natural gas (CNG) vehicle initiatives in line with the Federal Government gas policy to drive revenue.

Ugoji Lenin, GMD/CEO of C & I Leasing Plc, stated that their subsidiary has already commenced experimenting with electric vehicles in Ghana, stressing that in Nigeria, it is currently researching CNG vehicles and getting promising results.

“We think that we are going to continue in that line in terms of not just speaking about CNG vehicle investment, but actually doing it. We think we can provide some support in that sector,” he said.

He stated that there is a need to understand the impact of CNG on manufactured fuel vehicles, stressing the importance of fuel to CNG conversion research.

“We will research as long as we think it is necessary. A typical vehicle is amortised over four or five years. So, that means that you need to know what’s going to be the impact of CNG on vehicles.

“By the end of the first year, we should be able to provide some credible results. We are also using the test for clients as well to see how it also services them and brings down their cost,” Lenin said.

Speaking about the marine business, he disclosed that the increments in the number of years for contracts in the oil and gas space would increase vessel utilisation and ultimately more investment.

“Policy of the new administration is clearly towards increasing oil production because the country is in dire need of more revenue.”

Net lease rental income grew to N13.7 billion in the nine months of 2024 from N6.6 billion in the same period of 2023.

Net tracking income surged to N53.1 million from N40.7 million during the period reviewed.

C&I Leasing Group PLC is a Nigerian public limited maritime company. It was formed in 1990 as a private company then converted into a public company listed at the Nigerian stock exchange in 1997. It is divided into three business units which are fleet management, outsourcing, and the operation of marine vessels.

C & I Fleet Management which is managed along with the Hertz car rental franchise in Nigeria is adequately supported by C & I leasing’s own service centre and their Citracks Telematics solutions making the Fleet Management business a one-stop brand for fleet management services.