Fidelity Bank and First Bank of Nigeria (FBN) now hold the majority stakes in C&I Leasing Plc, controlling 46% and 27.6%, respectively.
This comes as the company announces plans to explore alternative energy, including compressed natural gas (CNG) vehicles, to drive growth.
With rising profits and increasing lease rental income, C&I Leasing Plc is positioning itself for a promising future in both the energy and marine sectors.
In fact, C&I Leasing is where banks meet.
Following First Bank, Access Bank holds 16.5%, while Dimunition owns 9.6%.
C&I Leasing, a leading Nigerian leasing and business services conglomerate, has experienced impressive financial growth.
For the first nine months of 2024, the company’s after-tax profit surged to ₦1.59 billion, a substantial increase from ₦414.1 million in 2023.
Similarly, its gross earnings climbed from ₦16.3 billion to ₦28.9 billion.
Exploring CNG Vehicle Research For Growth
In September 2024, C&I Leasing announced its strategic plan to explore alternative energy sources, particularly focusing on compressed natural gas (CNG) vehicles.
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This initiative aligns with Nigeria’s federal gas policy.
The company has already initiated electric vehicle trials in Ghana and is actively researching CNG vehicle technology in Nigeria, showing promising early results.
CEO Ugoji Lenin highlighted the importance of understanding the impact of CNG on traditional fuel-powered vehicles and assured Nigerians that the company would continue its research.
Moreover, C&I Leasing is targeting long-term contracts in the oil and gas sector to boost vessel utilisation.
In terms of financial performance, C&I Leasing’s net lease rental income soared to ₦13.7 billion in 2024, up from ₦6.6 billion in 2023.
Likewise, net tracking income grew from ₦40.7 million to ₦53.1 million.
Established in 1990 and listed in 1997, C&I Leasing operates across fleet management, outsourcing, and marine vessel operations, providing comprehensive solutions in Nigeria’s leasing and maritime sectors.
