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The Central Securities Clearing System (CSCS) has been criticized for poor services and unethical activities.

In a complaint to Investors Forum, Managing Director of ICON Continental Global Systems Limited, Mr. Akinola M.A accused CSCS of unreliable text alert services and discrepancies in the information on its website.

In its response CSCS acknowledged decline in some of its services due to challenges encountered in its online platform.

In its complaint, Akinola stated, “I will like to express my displeasure at the poor service CSCS Plc is offering its esteemed subscribers because the email alert you promised us is not forthcoming and very unreliable.

If you are very observant and diligent, you will agree with me that there are some anomalies on your official website, e.g. the emergency phone number 019033551 is never functional because several attempts to reach your office are to no avail and also the official email address i.e.,control@cscsnigeriaplc. com is quite different from the one you are using to communicate with us i.e.,[email protected].

“How this discrepancy occurred is best known to your office. But as a professional, I will categorically tell you that, this is very illegal, unethical and unserious to communicate with client using another email address that is at variance with what you stated on your official website. Infact, I still want to believe this email is not from CSCS NIGERIA PLC.

“In this era, where superior hackers and fraudsters are deploying sophisticated software and high-tech to defraud innocent investors, CSCS NIGERIA PLC should not derail in its primary goal of protecting investors’ vital interest. This duty is paramount because this service is real-time online with some elements of risk embed in internet security.

“At no time should there be communication breakdown between CSCS NIGERIA PLC and its esteemed client. As the custodian of peoples’ hard earned treasures you cannot afford to keep investors in limbo by advertising lines of communications that are completely inefficient and suspicious,  which indeed could expose your flanks to litigation.
“Nevertheless, this email is an expression of our recent frustration with your service and it doesn’t in any way constitute a permanent view. I hope you’ll take this in good fate as a launching pad to improve your service.”

Responding, CSCS Head of Brand Communication and Marketing said, “The Central Securities Clearing System Plc, under the leadership of Mr. Kyari Bukar, is committed to its mission to create value by providing securities depository, clearing, settlement and other services driven by innovative technology and highly skilled workforce.

“In this regard, CSCS had commenced continuous upgrades to its systems, infrastructure, processes and people that have seen several of the staff attending various best-in-class trainings and exposure on customer service delivery.

Though, there have been cases of services drops experienced by some of our customers, positive results from these initiatives have been acknowledged by various customers, market participants and investors.

“The Managing Director, Kyari Bukar, reassures the numerous stakeholders of the company’s commitment to better service and that in the event of such instances of service drop, the customer should immediately call the attention of a superior officer and/or call any of our published hotlines for immediate attention.

“CSCS is further using this medium to notify our clients that the current difficulty in accessing certain services on our website is due to recent challenges encountered on our online platform.

We are in the process of resolving the issues related to these services which have been temporarily shut down while we are deploying alternative channels of providing the affected services.

“On another note, according to Mr. Bukar, a single central securities depository (CSD) per country is the global best practice. Presently, the less than five countries that operate multiple CSDs are beginning to merge them.

This is obviously due to advantages arising from economies of scale, non-duplication of structures, databases, and cost effectiveness. Our service delivery is driven our ‘SECURE’ core values of Security, Efficiency, Confidentiality, Uprightness, Resourcefulness and Excellence what we stand for.

Once again, we will continue to partner with you in ensuring that the right levels of awareness and information sharing are promoted.”