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UPDATED: Jalo-Waziri Appointed Central Securities Clearing System CEO

Haruna Jalo-Waziri (m)

By Dipo Olowookere

Mr Haruna Jalo-Waziri has been appointed as the substantive Chief Executive Officer (CEO) of Central Securities Clearing System (CSCS), Business Post has reliably learnt.

Until his latest appointment, Mr Jalo-Waziri was an Executive Director, Capital Markets Division at the NSE.

He is expected to resume on Wednesday, November 1, 2017.

Mr Jalo-Waziri is taking over from Mr Bola Adeeko, who has been in charge of the agency in an acting capacity.

According to his profile on the website of the NSE, Mr Jalo-Waziri is an economist with over 18 years of Capital Market and Investment Management experience covering Regulation, Deal Origination, Execution as well as Fund Management.

He has been involved in various successful ground breaking deals such as Heineken Euro Bond, and British American Tobacco M&A, among others.

Mr Jalo-Waziri was once the MD/CEO of UBA Asset Management Limited which he led from 2009. Prior to this, he worked at the Securities and Exchange Commission (SEC) and Afrinvest West Africa (formerly SECTRUST).

Mr Jalo-Waziri commenced his career in the Quotations Department at The Nigerian Stock Exchange. He also worked at Kakawa Discount House Ltd, where he started the Asset Management Department and rose to become Head of Asset Management; the department eventually transformed to become Kakawa Asset Management Limited.

Mr Jalo-Waziri is a graduate of the University of Maiduguri, an alumnus of Lagos Business School and the Venture Capital Institute of America. ​

The Central Securities Clearing System (CSCS) Plc was incorporated on July 29, 1992 as a Financial Market Infrastructure (FMI) for the Nigerian Capital Market. It was commissioned in April, 1997 and commenced operations in April 14, 1997. On the 16th of May 2012, CSCS became a Public Liability Company (PLC) by a special resolution.

The Securities and Exchange Commission issued its license as an Agent for Central Depository, Clearing and Settlement of transactions in the Nigerian Capital Market. It operates a computerized depository, clearing, settlement and delivery system for transactions in securities in the Nigerian Capital Market.

CSCS 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 period it takes a transaction to commence and end.

The CSCS works as a central depository for share certificates of companies quoted on the NSE.

It is also a sub-registry for all quoted securities (in conjunction with registrars of quoted companies) and issues central securities identification numbers to shareholders; and also works as a custodian (in conjunction with custodian member(s) for local and foreign instruments.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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