By Benjamin Alade
The Chairman, Board of University Press Plc, Obafunso Ogunkeye, has said that the Central Bank of Nigeria (CBN)’s interest rate hike would not affect the company it does not operate on commercial loans but on its reserve.
Ogunkeye spoke in Ibadan at the 44th yearly general meeting of the company, where the firm declared a dividend of 10 kobo per share for the financial year 2021/2022, which ended on March 31.
“We limited the amount we paid out as dividends to conserve funds that can be deployed into servicing our customers without depending on banks,” the chairman said.
He narrated to the stakeholders how the company managed the challenging times brought by the global COVID-19 pandemic.
According to him, despite the pandemic, the company’s board and management team were able to conserve resources for its sustainability.
“So, the outcome we have seen today at the AGM is from the dedication of staff, management and direction of the board, in ensuring that the business should is sustained.
“We are quite happy with the results and the shareholders are delighted because expectations were low since we just came back from the lockdown,” Ogunkeye said.
Also, the Managing Director of the company, Samuel Kolawole, said the firm operated in the past year under very challenging circumstances.
According to him, this was due to the impact of the foreign exchange crisis and the uncertainty it had on businesses.
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