By Chinwendu Obienyi
To further drive growth and development in the Nigerian capital market, the Central Securities and Clearing System Plc (CSCS) has said it will create more synergies to grow the market and also engage with market stakeholders especially the Nigerian Exchange Limited (NGX).
Its Chief Executive Officer, Haruna Jalo-Waziri, made this remark during a Closing Gong Ceremony at the Exchange House recently to commemorate CSCS’s 25th anniversary and celebrate the long-standing cooperation between both entities.
Recognising the efforts of the exchange in starting the central clearing and settlements firm and structuring the company for consistent growth through its 25 years of existence, Jalo-Waziri also noted the contributions of the NGX CEO, Temi Popoola and suggested different ways by which both organisations could collaborate in 2023.
“We are optimistic that we can create more synergies to grow the market and create more value for the capital market and Nigerian economy”, he said.
For his part, Popoola said the CSCS as the depository, clearing and settlement manager occupies a critical position in the capital market while adding that the CSCS and the exchange have worked synergistically, driving up transaction volumes and boosting liquidity in the capital market.
He recognised CSCS for its support for NGX’s initiatives and commended the management led by Jalo-Waziri for the company’s financial performance and creation of value for shareholders despite the challenging macroeconomic environment.
“We understand that amidst the uncertainty and tough business climate, you have shown that you can propel the company to greater heights. On this note, we at NGX look forward to more cooperation especially as we aim to champion the next stage of the market’s development which will involve transformational technologies like Blockchain. We hope to continue sharing resources, working on strategies that will further deepen our market, attract the younger generation of investors and enhance wealth creation in the country,” Popoola said.