Appointment Renewal: CSCS Board Offers Jalo-Waziri Another Five-Year Term

MD/CEO, CSCS, Haruna Jalo-Waziri

The Board of Directors of Central Securities Clearing System (CSCS) Plc has announce the reappointment of Haruna Jalo-Waziri as Managing Director/Chief Executive Officer for another term of five years following a successful four-year term of outstanding performance and exemplary leadership style.

In a statement, CSCS said the well-deserved reappointment, which takes effect from November 1st 2021, 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.

The statement read in part; “In 2017, Jalo-Waziri took over from the Interim Chief Executive officer, 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. Jalo-Waziri and team have re-positioned 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.“

For his part, Chairman of CSCS, Oscar Onyema, described the reappointment of Jalo-Waziri as a reflection of the confidence reposed in him and greater expectations from him in creating value for shareholders of CSCS.

“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.”

Speaking on his reappointment, Jalo-Waziri commended the Board of Directors for this endorsement noting that it is indicative of a vote of confidence in his team.

“My team’s 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”. He said.

Brief profile of Haruna Jalo-Waziri

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). His 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. He is an alumnus of prestigious institutions, including the Lagos Business School and Venture Capital Institute, Americas.

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