By Nkiruka Nnorom
The Chief Executive Officer of the Central Securities Clearing System (CSCS) Plc, Haruna Jalo-Waziri, has said that it succeeded in executing some initiatives that helped to deepen the capital market in 2020 despite the challenges of the novel coronavirus.
He stated this in his new year message, saying that it partly integrated its technologies with the Account Opening Portal, leveraged RegConnect for enhanced data exchange for registrars’ services and also executed the regulatory directive on Investor Account Update among other initiatives.
“2020 was definitively historic and unprecedented. It defied science, challenged rationality, and confronted social norms. Covid-19 shook the world powers, tipped many economies including our dear Nigeria into the worst recession in decades, shattered social engagements and affected every facet of life as we knew it. Like a mystery, only to be told in a fiction, oil traded at negative prices, factories shut globally for weeks, and airlines grounded for months.
“Excitingly, the Nigerian capital market, like a few global peers, remained active through the crisis due to the concerted efforts and resilience of critical stakeholders, whose swift ingenuity and collaboration kept the market afloat, sailing through the tide with incredible captains.
“For us at CSCS, just as I believe with many peers, we cannot afford the lessons of this crisis to go to waste. If none other, one pertinent lesson covid-19 has taught us is the significance of our togetherness – the unimaginable strength of our collective resources and sincere collaboration for the stability and growth of the Nigerian capital market.
“If covid-19 is a living enemy, I am sure it has suffered defeat in the most shameful battle with Nigerian capital market, as the seamless operation of the market amidst the odds of the pandemic won great admiration, even from critics. As your market infrastructure, we are proud to be a part of this success and we do not take it for granted,” he said.
“Together, we have done what would have seemed impossible. Beyond sustaining and, indeed, increasing market activity, we executed the regulatory directive on Investor Account Update, partly integrated our technologies with the Account Opening Portal, leveraged RegConnect for enhanced data exchange for Registrars’ services, and a host of other initiatives we jointly executed for the ultimate goal of developing and deepening the market,” he said.