Nigeria’s CSCS Joins Global Securities Association, CEO Appointed Board Member

As part of its ambition to ensure it becomes diverse, comprising wide spectrum firms involved in the business of the securities services value chain, and fit for the 21st Century, the Board of Directors of the International Securities Services Association (ISSA), has admitted Nigeria’s Central Securities Clearing System Plc (CSCS), as a member organisation effective September 2022.

Also, Haruna Jalo-Waziri, Chief Executive of the CSCS has been appointed to the Board of the organisation.

Welcoming the first African firm as a board member institution, the organization said reinforces its aim to ensure relevance and leadership in all regions, and particularly in the growing continent of Africa.

Jalo-Waziri, the ISSA said in a statement, has over 30 years of experience in financial market, and worked at the early stage of his career with the Securities and Exchange Commission (SEC), the apex regulatory organization of the Capital Markets in Nigeria. He also was in the investment banking business of Afrinvest West Africa (formerly SECTRUST), and pioneered the Asset Management Department of Kakawa Discount House Limited, playing an active role in transforming the company into a full-fledged company “Kakawa Asset Management Limited” (now FBN Merchant Bank).

He later joined the services of First Alliance Pension & Benefits Limited (now part of ARM Pensions Limited), one of the pioneer pension fund administrators established in Nigeria, in partnership with Mcube South Africa.

In 2007, he was appointed MD/CEO of UBA Stockbrokers Limited, a subsidiary of United Bank for Africa Plc, and successfully transformed the hitherto loss-making entity into a profitable business, growing it into one of the top-5 securities trading companies in Nigeria within three years of his leadership. He thereafter became the MD/CEO of UBA Asset Management Limited.

In 2012, Jalo-Waziri was appointed Executive Director, Capital Markets of the Nigerian Stock Exchange (now Nigerian Exchange Group Plc), the premier capital trade point in Nigeria and leading African Exchange, with primary responsibility for the overall capital market developments.

He implemented key initiatives such as partnership between the Nigerian Stock Exchange and the London Stock Exchange Group (which berth dual listings of Nigerian corporates on both Exchanges), development of the Green Bond market (with the pioneer instrument being the Nigerian Sovereign Green Bond), introduction of Federal Government Retail Savings Bond, Launch of the NSE Premium Board, and MSCI Index Partnership- GICS Adoption amongst others.

He has been CEO of CSCS for almost five years, and is the Vice President of the Africa & Middle East Depositories Association (AMEDA). He has recently represented the World Forum of CSDs at the ISSA Operating Committee, so he is ideally suited to join the Board.

Commenting on the appointment, Phil Brown, ISSA Chair, described CSCS as “a great addition to the ISSA Board, bringing not only in-depth knowledge of Africa, but also a forward-thinking and technologically advanced perspective. ISSA is committed to building its brand on the continent and ensuring the relevance of its products to all market segments – and the presence of CSCS on the Board will ensure that ISSA delivers on this commitment. Haruna is a known quantity at ISSA, having served and actively contributed on the Operating Committee. He will undoubtedly bring his skills and personality to the Board, and I am delighted that he will be joining us. ”

On accepting the nomination, Jalo-Waziri expressed delight at “the opportunity to contribute towards global capital market development.  I look forward to deepening my engagement with ISSA towards advancing its crucial role in the global securities services industry for the mutual interest of all members and more importantly the integrity and efficiency of the market.

“Since becoming an Operating Committee Member, I have more than ever appreciated the real value that ISSA brings to the market and the potentials of its coordination of securities services stakeholders across the ecosystem. ISSA’s willingness to listen to stakeholders and take proactive actions towards advancing the industry has resulted in concrete positive changes and tremendous knowledge exchange amongst member institutions. CSCS joining the Board is an honour for us and we are excited that Africa is duly recognised as a critical part of the global market ecosystem, relevant for driving ISSA’s mission to shape the future of securities services,” he stressed.