09 Sep 2015

The Chairman of Courteville Business Solutions Plc., Group Capt Murtala Salami (rtd) has reiterated the firm’s determination to diversify revenue base to enhance better returns for investors.

He spoke yesterday at the company’s 10th annual general meeting (AGM) held in Lagos. He explained that it was imperative that the firm reduces its concentration risk on AutoReg while it has a wide lead over competitors.

Salami said last year, Courteville, in compliance with the Security and Exchange Commission (SEC’s) Code of Corporate Governance, inaugurated a Corporate Governance and Remuneration Committee, and adopted a formal Risk Management Framework. A new Risk Management department reporting directly to the board’s risk management committee was also created.

The chairman commended the management team led by Adebola Akindele, the group managing director, for successfully navigating the company through a challenging economic cycle brought on by the depreciated naira, falling oil prices, and tensions that arose in the run-up to general elections. Last year, Courteville’s profit before tax rose 13 percent to N457.03 million. Earnings per share leapt up 22 percent to 8.67 kobo.

Salami said under Akindele, who has been at the helm for 10 years, Courteville ‘adopted strategies, which helped to stabilise its operations in the midst of economic uncertainties and fast depleting disposable income of consumers.’