Company News
C&I Leasing Plc Targets 45% Revenue From Non-Marine Sectors
Nigerian public limited maritime company, C&I Leasing Group PLC is targeting about 45% to 50% of its revenue from the non-marine sectors in 2022.
The newly appointed Group Managing Director and Chief Executive Officer of the company, Mr. Ugoji Lenin Ugoji disclosed this during an interview with CNBC Africa.
Ugoji, who was appointed on 1st of January, 2022 following the retirement of Mr. Andrew Otike-Odibi on 31st of December 2021 disclosed that the company would also go into more collaborations, as interest rates are expected to rise this year.
“We do expect interest rates to rise this year and we factored that into our projections for the year. We also expect a much more bullish market in terms of the leasing industry”, he said.
According to him, the company would push a lot of digital offerings into the market with more investments coming from various sectors of the economy.
“C&I is going to make a concerted effort to increase the percentage of its non-marine business in our overall total portfolio.
“Currently, the marine gives us about 52% of our total revenues. We expect increase in the non-marine size to something close to about 50% to reduce the impact of the marine sector just in case things don’t pan out as we expect”, he explained.
Investors King had earlier reported that Ugoji holds a Bachelors’ Degree in Estate Management from the University of Lagos, and an MBA in Banking & Finance from the ESUT Business School, Enugu. He is also a Chartered Pension professional, and an associate of the Certified Pension Institute of Nigeria.
His extensive experience in the Leasing Industry commenced in 2005 as a Pioneer member of the Aquila Capital Group where he served as the pioneer Group Head Treasury & Wealth Management. He was responsible for creating the Group’s Equipment Leasing focused Funding and Investment structure, which was targeted at attracting Capital from Private Equity, Foreign Development Financial Institutions and Local sources.
C&I Leasing Plc was incorporated in 1990 as a limited liability company and was subsequently licensed by the Central Bank of Nigeria (CBN) as a finance company, to provide amongst other services, operating and finance leases. The company has since grown to be one of the largest equipment leasing and rentals company in Nigeria with 2016 revenues of N17 billion, a staff strength of over 5,500 people and subsidiaries in Nigeria, United Arab Emirates and Ghana. The company also has three main business lines namely; Fleet Management, Personnel & Business Process Outsourcing and the Marine business.