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The Central Securities Clearing System (CSCS) Plc will this week, announce the successful candidate who becomes its substantive Chief Executive Officer (CEO).
Ahead of the public announcement, informed sources close to the outcome of the selection process by PwC, told BusinessDay that Haruna Jalo-Waziri, a Non-Executive Director at CSCS Plc, who is also an Executive Director, Capital Markets, at the Nigerian Stock Exchange (NSE) led the pack of the applicants for the position.
When BusinessDay sent a terse congratulatory message to Jalo-Waziri, he did not respond, but an informed source at Customs Street, confirmed this by simply saying “He is the one”. Another source close to the board of directors of CSCS said, “He will be resuming next month (November)”.
Oscar Onyema, chairman, CSCS Plc had at its 23rd annual general meeting held in June, said the board of CSCS engaged the services of the world’s leading professional services firm to select a substantive CEO of CSCS.
When BusinessDay contacted the media relations unit of the CSCS plc for confirmation, they neither confirmed nor denied the appointment.
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“Even here in CSCS we have not heard anything on who was selected. PwC did the selection and did not get to us directly but could have gotten in touch with the board that engaged them. By next week (this week), the outcome of the selection process will be made public.”
On December 19, 2016 the Board of the Central Securities Clearing System Plc, appointed Bola Adeeko as Interim Managing Director/Chief Executive Officer, effective January 3, 2017. Before his appointment, Adeeko was a General Manager and Head of Corporate Services Division at The Nigerian Stock Exchange.
He succeeded Kyari Bukar, who resigned his appointment ahead of his contract expiration to pursue other interests. Bukar is currently the chairman of Nigerian Economic Summit Group (NESG).
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 time it takes a transaction to commence and end.
CSCS has made visible strides in the Nigerian Capital Market.
Its 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.
Jalo-Waziri possesses a relevant and astounding career profile, spanning over 20 years in the capital market; he has earned a profound understanding of the various sectors and diverse fields.
Jalo-Waziri’s experience in the capital market, covers regulation, deal origination, execution, as well as investment management. He started his career at the Nigerian Stock Exchange and then moved to the Securities and Exchange Commission. He worked with Afrinvest West Africa (formerly SECTRUST) for four years and later left for Kakawa Discount House Limited to start the Asset Management department, which he later transformed to a full-fledged company; Kakawa Asset Management Limited.
Jalo-Waziri joined the service of First Alliance Pension & Benefits Limited, in partnership with Mcube South Africa. He subsequently joined the service of United Bank for Africa as MD/CEO of UBA Stockbrokers Limited and later became the MD/CEO of UBA Asset Management Limited.
Jalo-Waziri holds an MBA (Management) from the Ahmadu Bello University and is an alumni of the Lagos Business School (LBS), Venture Capital Institute of America and the University of Maiduguri (UniMaid).
Iheanyi Nwachukwu
