…Increases automation, efficiencies with TCS BaNCS
By Peter Egwuatu
Pursuant to the Securities and Exchange Commission’s (SEC) “No Objection”, the Board of Directors of the Central Securities Clearing System (CSCS) Plc has announced the appointment of Mr. Haruna Jalo-Waziri as the Managing Director/Chief Executive Officer of the company effective November 01, 2017.
Jalo-Waziri replaces Mr. Bola Adeeko who was appointed Interim Chief Executive Officer effective January 01, 2017 whilst the Board embarked on an executive search for a substantive CEO following the early retirement of the company erstwhile CEO, 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.
Commenting on the appointment, Mr. Oscar N. Onyema (OON), the Chairman of the Board, CSCS Plc stated: “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”.
Jalo-Waziri was until his appointment the Executive Director, Capital Markets, The Nigerian Stock Exchange. 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.
Increased automation, efficiencies
Meanwhile, the CSCS has announced that it would increase automation and improve efficiencies in the Nigerian capital market with the deployment of TCS BaNCS, a world class multi-asset class solution for securities depository, clearing and settlement.
The solution replaced the NASDAQ Equator which has been in use since inception of the company in 1997.
The solution change is core to 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,” said Mr. Bola Adeeko, Acting Chief Executive Officer of CSCS.
Speaking further, Adeeko stated: “We are proud of this achievement and confident that the new solution will be beneficial to the teeming market participants in particular and the Nigerian Capital Market in general.”
While listing some of the opportunities available on the platform, Adeeko said that 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/Special Purpose Vehicle Accounts and Custodian Accounts.
According to him, “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.”