By Nkiruka Nnorom
Following its plan to consolidate on its business transformation and efficiency gains, the Board of Directors of the Central Securities Clearing System Plc (CSCS), has announced the reappointment of Mr. Haruna Jalo-Waziri as Managing Director/Chief Executive Officer for another five-year term effective November 1, 2021.
The reappointment comes after four successful years of transformative leadership which has led to enhanced productivity and value creation at Nigeria’s premier capital market infrastructure.
In 2017, Jalo-Waziri took over from the interim CEO, Mr 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 percent CAGR and delivered a 20 percent return on average equity in 2020 financial year, despite the pandemic.
Speaking on the reappointment, Oscar Onyema, Chairman, CSCS, said: “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.
“The reappointment reflects our vote of confidence and greater expectations from him in creating value for shareholders and broader stakeholders of CSCS.”
Commenting on his reappointment, Haruna Jalo-Waziri said: “It’s a vote of confidence in my team, whose 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.”