NIGERIA: CDL Targets Business Expansion

Consolidated Discount House Limited (CDL) has assured shareholders of its commitment to the growth and expansion of its business.
The Managing Director/Chief Executive Officer, CDL, Mr. Mudashiru Adeleke Shittu, who made this remark, said the firm had employed only organic growth in raising its shareholders’ funds to over N25 billion as at December 2012, from about N200 million in 1996. Shittu spoke at CDL’s 2012 Annual General Meeting held in Lagos.

CDL is owned by Union Bank, Mainstreet Bank, Skye Bank, First Bank of Nigeria, and Williams Street Trustees.
Shittu said: “We remain committed to our consistent delivery of returns to our shareholders. Our retained earnings over the years have been the backbone of the company’s funding requirements. While we maintain a consistent culture of dividend payments, we also abide by our need to conserve funds to finance future growth and expansion.”

The IFRS-compliant result for the period ended December 31, 2012 showed that the company closed the year on a more profitable note as net profit increased by 16.71 per cent to N4.54billion from N3.89 billion in the corresponding period of 2011.  Comprehensive income increased by 30 per cent to N4.73billion from N3.64billion in December 2011.

“One good thing about CDL is our board. Our board members are very enlightened. Partially all the board members are bank executives; they contribute their quota in terms of professional counselling and policies. That has helped us in long way,” Shittu said.  
He also stressed that risk management had been a strategic pillar of the firm, saying that effective risk management is fundamental for any organisation.

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