The board of Central Securities Clearing System (CSCS) Plc has appointed Haruna Jalo-Waziri as the substantive Managing Director/Chief Executive Officer (CEO) of the company effective November 1, 2017. Jalo-Waziri’s appointment has confirmed BusinessDay exclusive report two weeks ago which disclosed that odds favoured him for the position. Jalo-Waziri replaces Bola Adeeko who was appointed Interim Chief Executive Officer since January 1, 2017 whilst the Board embarked on an executive search for a substantive CEO following the early retirement of the company erstwhile CEO, Kyari Bukar. CSCS Plc facilitates the delivery (transfer of securities from seller to buyer) and settlement (payment of bought shares) of securities transacted on the approved Nigerian Exchanges. It enables securities to be processed in an electronic book-entry form thereby substantially reducing the period it takes a transaction to commence and end. Jalo-Waziri, an economist with a record of professional and leadership excellence, brings to CSCS a wealth of experience spanning over 20 years in Capital Market. He was until this appointment the Executive Director, Capital Markets at the Nigerian Stock Exchange.
CSCS has made visible strides in the Nigerian Capital Market and will continue to respond to the needs of the securities and commodities market to further enhance transparency and speedy settlement of transactions. It major functions include: Central depository for share certificates of companies quoted on The Nigerian Stock Exchange; sub-registry for all quoted securities (in conjunction with registrars of quoted companies); issuer of central securities identification numbers to shareholders; and Custodian (in conjunction with custodian member(s) for local and foreign instruments.
As Managing Director/Chief Executive Officer of CSCS, Jalo-Waziri is expected to drive the next phase of CSCS strategic goals in respect of diversification of the company’s revenue base, promoting strategic alliances with peer Central Securities Depositories and other financial market entities within and across the African region, as the company continues to advance towards becoming the globally respected and leading Central Securities Depository in Africa.
Commenting on his appointment, Oscar N. Onyema, chairman of the Board, CSCS Plc said “Jalo-Waziri has vast industry knowledge coupled with a clear understanding of the company’s values and strategic vision. He has been involved in several innovations in the capital markets. These attributes make him a right choice to effectively lead our company”.
Onyema also commended the out-going Interim Chief Executive Officer, Bola Adeeko for his accomplishments during his short stint. According to him,
“Adeeko has done tremendously well in executing the approved plans and objectives of the company which has led to significant improvements in operations and profitability of the company”.Jalo-Waziri experience covers Regulation, Investment Management, Deal Origination and Trading. He has been involved in various successful ground-breaking deals such as Heineken Euro Bond, and British American Tobacco M&A, amongst others.
A consummate professional, Jalo-Waziri was the CEO of UBA Asset Management Limited and UBA Stockbrokers Limited. He also founded Kakawa Asset Management Limited. Prior to this, he had worked at the Securities and Exchange Commission (SEC) and Afrinvest West Africa (formerly SECTRUST). Jalo-Waziri is a graduate of the University of Maiduguri where he studied Economics and has an MBA from Tafawa Balewa University Bauchi. He is an alumnus of Lagos Business School and the Venture Capital Institute of America.
The Central Securities Clearing System (CSCS) Plc was incorporated on 29 July 1992 as a Financial Market Infrastructure (FMI) for the Nigerian Capital Market. It was commissioned in April 1997 and commenced operations in 14 April 1997. On 16 May 2012, CSCS became a Public Liability Company (PLC) by a special resolution. CSCS has made visible strides in the
Nigerian Capital Market and will continue to respond to the needs of the securities and commodities market to further enhance transparency and speedy settlement of transactions.
Iheanyi Nwachukwu
