C&I Leasing posts ₦23.9bn in gross earnings in FY’23

C&I Leasing, a prominent player in the maritime and fleet management industry, has recently announced a remarkable 19.8% growth in its gross earnings, totaling ₦23.9 billion for the full year 2023. Ugoji Lenin Ugoji, the Group Chief Executive Officer of C&I Leasing, sat down with CNBC Africa to delve into the numbers and shed light on the company's future prospects. The company's performance in 2023 was a mixed bag, characterized by challenges in the sourcing sector but substantial growth in the marine and fleet management businesses. Ugoji attributed the positive trajectory in earnings to a strong finish in the third and fourth quarters of the year, driven by the buoyancy in the maritime sector. Despite facing headwinds in the sourcing business due to competitive pressures and high unemployment rates, C&I Leasing managed to achieve a healthy increase in revenue. Looking ahead to 2024, Ugoji expressed optimism about the company's prospects, especially in the marine business, buoyed by the anticipated uptick in global oil production. He also highlighted the importance of stability in the foreign exchange market to support the company's fleet management operations, which have been grappling with high asset costs. Ugoji emphasized the need for cost optimization and outlined initiatives to navigate through the challenges posed by the FX volatility. Additionally, C&I Leasing has implemented eco-friendly measures to reduce fuel and maintenance costs, showcasing its commitment to sustainability and efficiency. The conversation also touched upon the impact of FX market volatility on Nigerian companies in 2024, with Ugoji underscoring the significance of revenue streams in USD to mitigate currency fluctuations. In terms of fundraising efforts, Ugoji provided updates on the company's successful access to three tranches of its ₦50 billion commercial paper program in 2023, signaling investor confidence in C&I Leasing's long-term prospects. Looking ahead, the company is eyeing potential foreign market bond issuances in 2024, further demonstrating its growth ambitions and strategic financial planning. As C&I Leasing continues its journey towards sustainable growth and resilience in a dynamic business environment, Ugoji remains focused on leveraging opportunities in the maritime and fleet management sectors while navigating the challenges posed by market uncertainties.