CSCS Seeks Strategic Partnership With LEADERSHIP

The leadership of the Central Securities Clearing System (CSCS), led by its managing director and chief executive officer, Haruna Jalo-Waziri, has expressed interest in partnering with LEADERSHIP Group Limited to enhance communication and transparency in Nigeria’s financial markets.

On Wednesday, Jalo-Waziri and his delegation were received by LEADERSHIP’s vice chairman, Michael Okpere; group managing director, Muazu Elazeh; director of Conference Abraham Nda-Isaiah; and head of story, Adebayo Amodu.

Jalo-Waziri provided insight into CSCS’s formation in 1997, highlighting its role in mitigating settlement risks among brokers.

A major focus of the discussion was technological advancements in market operations. According to Jalo-Waziri, CSCS has made significant investments in technology since 2017, transitioning from traditional processes to digital solutions. “We have eliminated physical certificates, moving fully into digital settlements,” he stated. He also highlighted the adoption of Indian technology platforms, such as TCS, to streamline operations.

Cybersecurity and data integrity were also discussed, with Jalo-Waziri emphasising the importance of partnerships with national security advisors to safeguard the financial market.

Jalo-Waziri underscored the importance of collaboration between data companies, regulatory bodies, and financial institutions to build market capacity. He also pointed to the upcoming African Association Conference, which will be hosted in Nigeria, as a critical opportunity to showcase the country’s potential.
Reflecting on the Nigerian Stock Exchange’s history, Jalo-Waziri stressed the need for trust and transparent communication in policy formation. “For our markets to grow, we need a strong foundation of trust between investors, regulators, and stakeholders,” he remarked.

In his response, LEADERSHIP’s vice chairman, Michael Okpere, commended the CSCS delegation and acknowledged the complexities involved in shareholder management but expressed optimism that the partnership would yield positive results. “Nigerian CEOs and MDs are proud of this country, and we all share the hope that its future will be better and brighter,” Okpere stated.

The discussion also covered challenges facing Nigeria’s financial market, including regulatory issues, investment opportunities, and the role of institutions like the Central Bank of Nigeria (CBN). Jalo-Waziri emphasised the need for better communication within the financial ecosystem and more substantial regulatory support for digital platforms.

Additionally, he spoke about the importance of increasing investor confidence and improving shareholder management systems. “We need better data management and an efficient process for updating account details to ensure seamless transactions,” he explained.

Speaking on LEADERSHIP’s editorial processes and guidelines, group managing director Muazu Elazeh welcomed the potential collaboration.

The meeting concluded with both parties expressing their commitment to fostering a more potent, technology-driven financial market.