BusinessEconomyNewsSpecial Report

Market Choice: CSCS Bags Award, Celebrated For Commitment To Market Efficiency

Nigeria’s Central Securities Depository, the Central Securities Clearing System (CSCS) Plc, has been awarded the prestigious Market Choice prize and celebrated for its outstanding counterparty trust assurance, broad asset class coverage, enhanced collaboration with market participants and commitment to market efficiency and growth.

The CSCS received the prize at the BusinessDay Nigerian Investor Value Awards (NIVA), which took place recently in Lagos.

A statement from the capital market substructure says Stakeholders in the Nigerian capital market at the forum commended the CSCS and its leadership for resilience and continuous investment in market-wide initiatives aimed at facilitating the growth and wellbeing of all stakeholders.

The event, previously known as the Top CEOs and Next Bulls Awards, has been jointly organized by BusinessDay and the then Nigerian Stock Exchange now Nigerian Exchange Limited (NGX) since 2015. It was conceived as a platform to celebrate the CEOs of listed companies who have delivered superior value to investors through operating efficiencies, organizational values, and market engagement activities.

The Awards was further expanded to include the CEOs of carefully vetted non-listed companies that could fill a pipeline of initial public offering (IPO) candidates, particularly companies in which active and informed investors ready to consummate their shares when called upon by shareholders to take them public.

While receiving the award, the Chief Executive Officer of CSCS, Haruna Jalo-Waziri, said the award is a call for continuous improvement and a boost to CSCS’ tenacious commitment to delivering on market-efficiency initiatives.

In his words: “As we relish this recognition of CSCS as the “Market Choice”, we reiterate our kaizen philosophy of continuous improvement and restate our enthusiasm in furthering our partnerships with esteemed participants and broader stakeholders in our quest for mutual prosperity and in our drive towards enhancing market efficiency and growth.”

“I would like to express my profound gratitude to our regulator, the Securities and Exchange Commission as well as the Board of Directors of CSCS for their diligent oversight and for ensuring sound governance which I believe is essential to every corporate’s sustainability and long-term value creation.” He added.

Over the past three years, the ordinary shares of CSCS, though not yet listed on the floor of the NGX, actively trades on the Nigerian Autonomous Securities Dealers Over-the-Counter (NASD-OTC) Exchange and has emerged as the most liquid and attractive stock on the NASD-OTC.

MD/CEO, CSCS, Haruna Jalo-Waziri, receiving the Market Choice Award from the Chairman/CEO, Dantata Foods and Allied Products Limited (DFAP) Alhaji Tajudeen Aminu Dantata,); while from L-R are Yetunde Adenaiya, Head, Human Resources; Mrs. Onome Komolafe, Divisional Head, Shared Services; and Elder UK Eke, Group Managing Director, FBN Holdings at the Nigerian Investor Value Awards (NIVA) 2021 jointly organised by BusinessDay & NGX.

The shares of CSCS has rallied 93% over the past three years, in addition to the company growing its dividend payment by 36% over the same period. Remarkably, a total of 1.64 billion units of CSCS’ shares, valued at N27.06 billion (based on current valuation of N16.50 per share) and representing 38.8% or one-third of the total shares outstanding of the company have been traded over the past three years.

The liquidity of the shares of CSCS on the NASD-OTC platform reinforces the strong appetite and demand of retail and institutional shareholders to own the Depository’s shares.

Comment here