C&I Leasing shareholders approve $10mn loan conversion

C&I Leasing, a Nigerian maritime company, recently held an extraordinary general meeting where shareholders approved a $10 million loan conversion to equity for Neoma Africa Fund. This decision marks a significant milestone for the company, as it demonstrates the confidence investors have in C&I Leasing's future growth prospects. Andrew Otike-Odibi, the Managing Director of C&I Leasing, joined CNBC Africa to discuss this development and provide insights into the company's nine months earnings. Otike-Odibi shed light on the impact of the current economic landscape on C&I Leasing's business segments and outlined the company's strategy for navigating the challenges ahead. One key highlight of the discussion was the resilience of C&I Leasing's outsourcing business, which saw a notable increase in income despite the overall decline in asset utilization. Additionally, Otike-Odibi addressed the performance of Liz Rentals, a key area of the company's business, noting that the decrease in asset utilization due to the COVID-19 pandemic had a negative impact on income. Looking ahead to 2021, C&I Leasing remains cautiously optimistic, expecting continued challenges in the operating environment in the first half of the year but anticipating improvements in the second half. The company is focused on cost containment, maintaining lean operations, and maximizing non-asset-related income to drive overall performance. Despite the ongoing uncertainties, C&I Leasing is positioning itself to weather the storm and emerge stronger in the post-pandemic era.