Following a successful four-year term highlighting his outstanding performance and exemplary leadership style, the Board of Directors of Central Securities Clearing System (CSCS) Plc is pleased to announce the reappointment of Haruna Jalo-Waziri as Managing Director/Chief Executive Officer for another term of five years, effective 01 November 2021.
The well-deserved reappointment comes after four successful years of transformative leadership which has led to enhanced productivity and value creation at Nigeria’s Premier and dominant capital market infrastructure. In 2017, Mr. Jalo-Waziri took over from the Interim Chief Executive officer, Mr Bola Adeeko, with a clear mandate to drive the next phase of CSCS’s strategic journey. Over the last four years, the company has seen a major boost in its revenue base as well as built strong strategic alliances with other financial market entities across Africa
With the oversight of the Board and a fully dedicated management team, Haruna Jalo-Waziri led the growth of CSCS’s profit by 18% CAGR and delivered a 20% return on average equity in 2020 financial year, despite the pandemic. Mr. Jalo-Waziri and team have repositioned CSCS as a market-oriented and client-centric organisation, which has proven effective in enhancing operational excellence, extracting efficiency gains and deepening stakeholder engagements, all of which are critical for the long-term sustainability of CSCS as a financial market infrastructure.
Speaking on the reappointment, Oscar N. Onyema, OON, Chairman of CSCS, noted, “The Board is impressed with Mr. Jalo-Waziri’s performance at CSCS over the past four years and it has been exciting working with the executive management team under his leadership. More so we believe that the foundation the team has built, positions the company for its next growth phase. That is why we are aiming to consolidate on our gains and diversify the business for sustainable growth. On behalf of the Board, I congratulate Mr. Jalo-Waziri on this reappointment, which reflects our vote of confidence and greater expectations from him in creating value for shareholders and broader stakeholders of CSCS.
Commenting on his reappointment, Haruna Jalo-Waziri said, “I would like to thank the Board of Directors for this reappointment. It’s a vote of confidence in my team, whose tenacity and ingenuity are my greatest motivation and confidence. I am tremendously proud of the talent pool we have built here at CSCS. As we set out to diligently execute on our next growth strategy, I am super excited at the future of this great institution and look forward to deepening our partnership with different stakeholders for mutual prosperity. I would continue to count on the support of our apex regulator, the Securities and Exchange Commission; our Board of Directors; Participants and other stakeholders in deepening the Nigerian capital market for our mutual growth. It has been an excitingly challenging journey and the grass keeps getting greener at every turn”.
Brief profile of Haruna Jalo-Waziri
Haruna Jalo-Waziri was previously Executive Director, Capital Markets at The Nigerian Stock Exchange (now Nigerian Exchange Group Plc), where he led cross-functional teams responsible for the recovery of primary and secondary markets between 2012 and 2017. He co-managed a number of initiatives at the Exchange, including the launch of the Premium Board, strategic partnership of the London Stock Exchange with the Nigerian Stock Exchange and development of the Nigerian Savings Bond, FGN Sukuk Bond and Green Bond amongst several other market-wide initiatives. He was at different times Chief Executive Officer of UBA Stockbrokers Limited and UBA Asset Management Limited, both subsidiaries of United Bank for Africa Plc. He led the transformation of both businesses from being loss-making entities into sustainably profitable businesses, ranking top-5 in their respective segments. In the course of his career, he led the Corporate Finance practice of Afrinvest West Africa (formerly Sectrust) and was the Chief Investment Officer of First Alliance Pensions (now part of ARM Pensions). Haruna’s career traversed the Securities and Exchange Commission and Kakawa Asset Management Limited.
Jalo, a successful business leader and a seasoned executive, with a career spanning over twenty-five years in the Financial Markets. His experience covers Investment Banking and Investment Management, Pension Administration, Securities Trading, Custody and Settlement Services, as well as Capital Market Regulation. An economist and chartered stockbroker, he represents the World Forum of CSDs on the operating committee of the International Securities Services Association, Switzerland. Jalo is an alumnus of prestigious institutions, including the Lagos Business School and Venture Capital Institute, Americas.
About CSCS
The Central Securities Clearing System (CSCS) is a Public Limited Company, with a diversified shareholder base, including the Nigerian Stock Exchange, some of the largest banks in Nigeria, private equity firms, other corporates and individual shareholders. With over two decades of operation, serving as the Central Securities Depository for the Nigerian Capital Market, CSCS has been pivotal to the growth and transformation of the capital market, including its audacious full dematerialization of share certificates and the shortening of settlement cycle in the capital market.
CSCS serves as the Central Securities Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds (such as FGN Sukuk and FGN Savings Bond), Equity-traded Funds, Real estate Investment Trusts, Mutual funds and Commodities. CSCS is licensed and regulated by the Securities and Exchange Commission (SEC). The activities of CSCS are governed by the Investment and Securities Act 2007, the Companies and Allied Matters Act 2004, and the SEC Rules.
Leveraging on digital technologies, CSCS serves the market through varying channels, including its web portal; www.cscs.ng; online and mobile applications.
