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Tag: CSCS

  • CSCS launches custodian portal to enhance operational efficiency

    CSCS launches custodian portal to enhance operational efficiency

    Central Securities Clearing System (CSCS) Plc has launched its custodian portal, a user-centric digital solution designed to optimize custodian operations through intuitive, secure, and efficient features.

    Managing Director, Central Securities Clearing System (CSCS) Plc, Haruna Jalo-Waziri said the custodian portal offers a streamlined experience for market participants, with powerful tools that facilitate comprehensive portfolio and trade management, document tracking, share transfer operations, client symbol search, and real-time access to vital data.

    He said the portal, operating through a flexible subscription-based model, empowered users to manage their records effortlessly and securely through convenient payment channels such as GTPay and Paystack.

    He said: “Digital transformation remains at the core of our strategy to enhance the efficiency, transparency, and accessibility of Nigeria’s capital market services. The Custodian Portal is a significant leap in that direction, offering custodians a centralized platform to manage critical processes in real-time.

    “We are excited about the value this innovation brings to our stakeholders, and we will continue to evolve the platform in line with users’ needs and industry trends”.

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    Divisional Head, Business Technology and Digital Innovation, Central Securities Clearing System (CSCS) Plc, Tobe Nnadozie, said the portal was designed with user experience in mind as it features tools like portfolio viewing and downloads in PDF or Excel format, tracking of stock movements across date ranges, inbox messaging and request tracking, and robust user management capabilities including role assignment and status tracking.

    “The Custodian Portal aligns with CSCS’s drive to automate the market. In addition to the normal features, the platform is a part of an omnichannel platform for custodians, which includes API services. It also connects to the market-wide workflow, which CSCS has built to ensure secure communication and approvals across all major stakeholders in the market. The platform is well secured with best-of-breed cybersecurity solutions and our SOC,” Nnadozie said.

    Nnadozie said the custodian portal reinforced CSCS’s commitment to leveraging technology to streamline back-office functions and support a more agile, data-driven capital market ecosystem.

    All custodians in the Nigerian capital market have now been successfully onboarded on the Custodian Portal, marking a significant milestone in CSCS’s ongoing drive to enhance collaboration, standardize operational processes, and promote digital adoption across the market.

  • CSCS assures on long-term value creation

    Central Securities Clearing System (CSCS) Plc will continue to implement policies that will lead to long-term value creation for shareholders and other stakeholders.

    At the annual general meeting yesterday in Lagos, Chairman, Central Securities Clearing System (CSCS) Plc, Mr Oscar Onyema, assured shareholders that the board and management will continue to work to achieve the company’s strategic objectives in order to achieve long-term value creation for shareholders and stakeholders.

    He said strong corporate governance standards and strategy execution shall remain priority for the board and management in the years ahead.

    “We will continue to ensure discipline in the management of our human and fiscal assets that help in sustaining business continuity and growth of our company,” Onyema said.

    He said the company will continue to improve on conditions for employment to ensure that it attracts the best professionals to help support management in strategy execution and ensure that the company has a robust succession plan.

    Chief Executive Officer, Central Securities Clearing System (CSCS) Plc, Mr Haruna Jalo-Waziri said the company has continued to record positive revenue growth despite the many challenges in the operating environment.

    According to him, the company continues to see exciting growth potential in its businesses while optimizing the capability of its technologies.

    “Overall, our capability to process trades has now significantly increased from hundreds of thousands of trades to millions of trades daily. This development ensures that we stay well positioned to deliver clearing and settlement services across current and future product offerings of the stock exchanges we render services to,” Jalo-Waziri said.

    He added that the company has also continued to automate its processes to eliminate manual interventions and improve turnaround time.

    He pointed out that with the rapid digital transformation across industries, the company shall be exploring opportunities from emerging innovations with the potential of disrupting various aspects of the financial ecosystem.

    “I undertake that your collective confidence in the management of our company shall always be upheld and we shall continue to do our best to sustain financial growth and shall not stop offering our contributions to the improvement of our capital market,” Jalo-Waziri said.

    Shareholders approved the payment of a dividend per share of 70 kobo. Key extracts of the audited report and accounts of the company for the year ended December 31, 2018 showed that profit before tax rose by seven per cent to N6.09 billion while gross earnings increased by four per cent to N9.08 billion. Total assets rose by 12 per cent to N35.9 billion. The company’s pre-tax profit margin improved from 65 per cent in 2017 to 67 per cent in 2018.

  • CSCS outlines growth plan as profit hits N6.1b

    Central Securities Clearing System (CSCS) Plc is investing in optimization of its processes, technologies and human resources to continue to drive growth and achieve its vision of being the leading central securities depository in Africa.

    At a stakeholders’ forum in Lagos, the company reviewed its performance in 2018 and outlined strategic growth plan. Key extracts of the audited report and accounts of the company for the year ended December 31, 2018 showed that profit before tax rose by seven per cent to N6.09 billion while gross earnings increased by four per cent to N9.08 billion. Total assets rose by 12 per cent to N35.9 billion. The company’s pre-tax profit margin improved from 65 per cent in 2017 to 67 per cent in 2018.

    Managing Director, Central Securities Clearing System (CSCS) Plc, Mr. Haruna Jalo-Waziri said the company has started implementing a five-pillar strategic plan that will lead further unlock greater business potential for the company.

    He said the company’s strategic thrust for its next phase of growth is built on five pillars including process optimisation, customer satisfaction, improved technology, partnership and strategic alliances across businesses and stakeholders and growing the top-line with a view to creating better values for all stakeholders.

    According to him, despite the vagaries in the domestic economy, global economic and geo-political shifts, and the emerging industrial evolution; the company continues to see exciting growth prospects in its markets of interest.

    He pointed out that in the 2018 business year, the company achieved several milestones including the upgrade of its central securities depository (CSD) rating by Thomas Murray to A+, ISO 27001: 2013 recertification and cleaning up of its database amongst others.

    He pointed out that as aggregate trading activity weakened in the capital markets, the company strategically refocused on traditional CSD business lines to enhance earnings quality and growth sustainability into the future.

    He said the company is focused on enhancing its client experience, leveraging straight through process (STP) processes to drive effective and efficient service delivery models.

    “Our focus on good governance practices continues to drive efficiencies across our operations, as we improve earnings quality,” Jalo-Waziri said.

    He noted that the company has over the past three years achieved a cumulative annual growth rate of 19.3 per cent, assuring that CSCS remains passionate about creating value for all its stakeholders.

    “We are excited at the prospects for the future and the opportunities we continue to perceive. Our ongoing talent repositioning effort is aimed at ensuring we have the right talent to execute our strategy going forward. We will ensure we enhance our ability to attract and retain the talent we need to deliver on our business potential,” Jalo-Waziri said.

    A shareholder, Alhaji Kabiru Tambari, commended the company for the growth and urged the management to further work to deliver better returns to shareholders.

    He advised the management to establish effective communication with the shareholders in order to give the retail minority shareholders greater sense of participation.

  • CSCS wins award

    The Central Securities Clearing System (CSCS) Plc has won the award for its Outstanding Contribution to the Capital Markets in Nigeria.

    The award organisers, London-based Capital Finance International (CFI.co), a print journal and online resource reporting on business, economics and finance, the CSCS, having fulfilled all the CFI.co’s award selection requirements, and based on the initial nomination and voting by CFI.co readers, contributors, subscribers, visitors all over the world to their website, was shortlisted. The awards judging panel, also, having gone through the rigorous exercise, reviewed and declared CSCS as the winner of the prestigious award of Outstanding Contribution to the Capital Markets in Nigeria 2018.

    CSCS Managing Director, Mr. Haruna Jalo -Waziri said the award was a confirmation and testimony of the company’s consistent hard work, investment in technology and customer focus.

    “The award is a call to service to continue to deliver excellent services to all the markets we serve. This achievement is shaped by the strength of the foundations we have set. It is as a result of consistent hard work, investment in technology and being customer focused. The foundation of any great organisation such as ours is deeply rooted in technology and sterling services. For us at CSCS, customer service is not a department or unit, it is an attitude,” Jalo-Waziri said.

    He said the company began this year by setting a three-year strategic plan-2018 to 2020, focusing on five strategic pillars of enhanced technology, process optimisation, customer satisfaction, partnership through strategic alliances, and revenue growth.

    “Staying focused on these strategic pillars has started yielding enviable results and more to come,” Jalo-Waziri said.

    According to CFI.co judging panel, CSCS continues to respond efficiently and faithfully to the needs of the securities and commodities market and has a proud record of providing sterling services to the capital markets in Nigeria.

    The panel also noted that CSCS looks to the best international models when planning its business, but insists on incorporating in its plan, features that respond to the specific needs of the Nigerian market.

    “CSCS takes its corporate governance responsibilities very seriously and constantly seeks out ways to improve. CSCS, a most innovative company, is very keen to harness technological developments in support of the services it offers. This is a very well-financed and managed firm that is moving from strength-to-strength,” the panel stated.

    Every year, CFI.co seeks out individuals and organisations that contribute significantly to the convergence of economies and truly add value to all stakeholders.

  • CSCS unveils new growth plan

    The Central Securities Clearing System (CSCS) Plc-the clearing and depository agent at the Nigerian capital market, yesterday unveiled its three-year strategic plan aimed at improving the company’s efficiency, reliability and profitability over the years.

    At a ceremony for the launch of the three-year plan, Managing Director, Central Securities Clearing System (CSCS) Plc, Mr. Haruna Jalo-Waziri, said the new growth plan, which covers 2018 to 2020, would help to keep the company in focus as it provides a clear direction of where it is headed.

    He said the transformative strategy was predicated upon five strategic pillars which included focused on technology, customer satisfaction, processes optimization, partnership through strategic alliances, and revenue growth.

    “Based on our culture of continuous improvement, the technology pillar will focus on necessary technological improvements to ensure that the company delivers on its corporate goals and is proactive in embracing new and disruptive technologies, optimizing the use of innovative technology, instituting Straight Through Processes (STP) across all touch points and establishing e-learning platform,” Jalo-Waziri said.

    He added that the company will leverage innovative technology in skilling and re-skilling human resources for optimum service delivery.

    According to him, with the customer satisfaction pillar, CSCS will become truly customer-centric and boost commercial excellence by achieving a minimum of 80 per cent customer satisfaction with 20 per cent minimum of new and existing customer activities on all touch points, ensuring seamless relationship with all stakeholders and preventing dissatisfaction of customers, as well as setting up customer call centre to attend to the needs of CSCS’ teeming customers.

    He outlined that the company will optimize enterprise process performance by achieving 80 per cent process automation, A+ Thomas Murray rating, and maintaining its ISO 270001 Standard Information Security.

    He pointed out that under its strategic pillar of alliances across businesses and regions, CSCS will expand the capital market ecosystem by partnering with policy makers, building relationships with regulators, actualise CSCS’ Self-Regulatory Organization (SRO) responsibility, and create feedback mechanism to all stakeholders that will enable quick resolution of any query that may occur in the course of doing business.

    On the fifth pillar of revenue growth, Jalo-Waziri said CSCS is not only into clearing and settlement but has developed other products that will bring about more efficiency and a robust capital market.

    He said CSCS has developed electronic storage system that makes market participants to be more efficient. Other products developed by the company are the Electronic General Meeting (eGEM), Insurance Repository and Pension Contribution Management System amongst others.

    “We will also perform holistic enterprise architecture in order to ensure we connect our operations and bring about speed in our service delivery,” Jalo-Waziri said.

    He noted that based on its previous two-year strategic plan from 2016 to 2017, CSCS recorded some milestones such as the signing of a Memorandum of Understanding (MoU) with Strate (South Africa) and Central Depository and Settlement Corporation Limited (CDSC Kenya), achievement of Thomas Murray “A” rating (from “A-”), full dematerialization of share certificates, the co-sponsoring of Centre Counter party (CCP) platform with other stakeholders and recently, the deployment of the state of the art new central securities depository clearing and settlement platform.

    He urged all stakeholders to support the company noting that without action and support from both internal and external stakeholders, the transformative plan may achieve little or no result.

  • SEC partners CBN, NIBBS to eliminate fraudulent investment outfits

    SEC partners CBN, NIBBS to eliminate fraudulent investment outfits

    The Securities and Exchange Commission ( SEC ) on Wednesday said that the commission was partnering with other regulatory bodies to get rid of fraudulent investment outfits in the Nigerian capital market to boost investors’ confidence.

    Mr Mounir Gwarzo stated this at the 2017 World Savings Day and Financial Literacy Week held in Lagos.

    Gwarzo said that the commission was working with other regulatory bodies to combat proliferation of fraudulent investment outfit in the nation’s capital market.

    Gwarzo, who was represented by Mr Henry Rowland, Director Investment Services, SEC, stated that the commission was committed to ensure zero tolerance to fraudulent activities in the market.

    “We are partnering with CBN, NIBBS, PENCOM, CSCS and other regulatory bodies to combat the negative effect of fraudulent investment outfit in the market.”

    He, however, stressed the need for prospective investors to seek the help of financial advisers while investing in the capital market to confirm those financial outfits that were registered with the commission.

    According to him, these advisers would help ascertain the true position of any investment outfit before any financial transaction can be carried out.

    On the importance of savings, he said that savings played an important role in determining the one’s future and urged students and youths to embrace savings culture.

    Mrs Oluwatoyin Sanni, the Chairperson, Financial Literacy Committee, called on investors to ensure that the companies they want to buy shares from file returns and records of their performance, profitability and dividend payment on  quarterly basis.

    “Prospective investors must check the quality of board of companies, the directors, the profile of the chairman and other corporate governance issues relating to the firm.

    “Again, check the business model of the company you want to invest in, how does the business plan work, how does the plan translate to profit.

    Look at the past, present and future of the company if the business lines, products and services is relevant in today’s world,” Sanni said.

    NAN

  • CSCS deploys new technology

    The Central Securities Clearing System (CSCS) Plc plans to increase automation and efficiency of the Nigerian capital market with the deployment of TCS BaNCS, a multi-asset class solution for securities depository, clearing and settlement. The new solution replaced the NASDAQ Equator which has been in use since inception of the company in 1997.

    Interim Chief Executive Officer, Central Securities Clearing System (CSCS) Plc, Mr. Bola Adeeko, said the new solution was at the core of the company’s business transformation initiatives which aim at improving efficiency in depository, clearing and settlement services.

    “This is a significant milestone for us and a demonstration of our commitment to bring excellent customer service delivery and efficiency to the Nigerian Capital Market,” Adeeko said.

    He expressed confidence that the new solution will be beneficial to the Nigerian capital market urging all stakeholders to take advantage of the enormous opportunities that the new platform offers.

    According to him, TCS BaNCS, as a market infrastructure, will drive Straight-Through Processing (STP) by providing the unique ability to support multiple markets and asset classes on the same platform. It will also support various types of account ownership structures such as segregated depository account, nominee and special purpose vehicle accounts and custodian accounts.

    “This initiative aligns very closely with one of our strategic objectives, which is to improve efficiency in our depository, clearing and settlement services – ultimately, we believe our customers and stakeholders at large will enjoy improved service delivery,” Adeeko said.

  • Haruna Jalo-Waziri takes over as CEO at CSCS

    The board of directors of the Central Securities Clearing System (CSCS) Plc has appointed Mr. Haruna Jalo-Waziri as as the managing director of the company. Jalo-Waziri will resume on November 1, 2017. Securities and Exchange Commission (SEC) has approved the appointment.

    Mr. Jalo-Waziri replaces Mr. Bola Adeeko, who was appointed Interim Chief Executive Officer on January 1, 2017, while the board embarked on an executive search for a substantive CEO, following the early retirement of Mr. Kyari Bukar.

    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.

    Chairman, Central Securities Clearing System (CSCS) Plc, Mr. Oscar Onyema, 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 said.

    He also commended the out-going Interim Chief Executive Officer, Mr. 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 was, until his appointment, the Executive Director, Capital Markets, Nigerian Stock Exchange (NSE). An economist with a record of professional and leadership excellence, he brings to CSCS a wealth of experience spanning over 20 years in Capital Market. His 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.

     

  • CSCS searches for new CEO as Kyari resigns

    The Board of Central Securities Clearing System (CSCS) Plc, the clearing and depository company for the Nigerian stock market, has launched a search for a new chief executive officer (CEO) after the incumbent resigned ahead of the December 31 expiration of his tenure.

    Central Securities Clearing System (CSCS) PLC Chairman, Oscar Onyema said a General Manager and Head, Corporate Services division at the Nigerian Stock Exchange (N SE), Mr. Bola Adeeko, will act as managing director with effect from January 3, next year while the board searches for a new helmsman.

    Former chief executive of CSCS, Mr. Kyari Bukar, had resigned his appointment ahead of December 31, expiration of his contract to pursue other interests. His resignation will, however, still take effect on December 31.

    “We believe CSCS is in strong hands during this transition period. The board is confident that Mr. Adeeko will serve CSCS and its stakeholders well during this interim period as we search for a new CEO,” Onyema, also CEO of the NSE, the major shareholder in CSCS, said.

    Adeeko said he would work with the management and staff of the CSCS to sustain the success of the company.

    “It is a great honour to have been asked by the board of CSCS to take on this interim role. I look forward to continuing the great work at CSCS as outlined by the board, by working with the management and staff of the company,” Adeeko said.

    Adeeko holds a Master in Business Administration (MBA), majoring in Finance & Marketing from Hood College, Maryland (US) and a Bachelor of Science (B.Sc.) degree in Accounting from Ogun State University, Nigeria. He is an alumnus of Harvard Business School at the executive education level.

    Adeeko is a lifetime member of the Institute of Directors (IoD) Nigeria and a Board member, IoD Centre for Corporate Governance.

  • Market settlement reduces risks, says CSCS chief

    Market settlement reduces risks, says CSCS chief

    The Managing Director and Chief Executive Officer, Central Securities Clearing System (CSCS) Plc, Kyari Bukar has identified the new Security Exchange Commission (SEC) minimum capital requirement for brokers/dealers pegged at N300 million (about $1.5 million) as one reason for the reduction in counterparty risk exposures in the market.

    Others are the shifting of cash settlement for onexchange transactions from the afternoon to the morning of settlement date (SD); and the new capital requirement increased from N70 million.

    He said this is however not sufficient to warrant a Counterparty Risk rating upgrade, adding that cash settlement at the Central Bank of Nigeria (CBN), for onexchange transactions, now occurs around 9.00am SD (changed from 3.00pm SD), which is about an hour after securities settlement at CSCS.             This move has reduced the asset commitment period for sales, but there is still no interdependence of the cash leg and securities leg settlement, that is, no delivery versus payment (DVP) settlement.

    Meanwhile, the CSCS has been upgraded from A- to A, which indicates ‘Low Overall Risk’ by Thomas Murray Data Services, the United Kingdom (UK) specialist custody rating, risk management and research firm. The Overall Rating of ‘A’ reflects a weighted average of seven risk components.

    The rating for Asset Servicing Risk has been omitted from the Overall Risk Rating since CSCS takes no active part in the entitlement calculation or processing of corporate actions in the market. The outlook of CSCS rating is ‘Positive’ owing to developments taking place in the course of 2016-17, with a positive impact on Counterparty Risk, Asset Safety Risk, Operational Risk and Financial Risk.

    While commenting on the well-deserved rating, Mr. Bukar said: “The upgrade from A- to A is a significant milestone towards being a globally respected and leading central securities depository in Africa.