The Global Legal Entity Identifier Foundation (GLEIF), the independent global body responsible for coordinating the issuance and management of Legal Entity Identifier (LEI), has completed its Annual Accreditation Verification (AAV), upholding Central Securities Clearing System (CSCS) Plc as the sole Local Operating Unit (LOU) for Nigeria and commending the Nigeria’s capital market infrastructure for its adherence to global standards in issuance, administration and management of LEI.
The annual certification exercise is an assessment exercise aimed at monitoring and accrediting the compliance and performance of all LOUs globally. In his report, the Chief Executive Officer of GLEIF, Stephan Wolf, said: “GLEIF reviewed the updated controls as documented by CSCS Nigeria and rescored the related sections. All sections passed the requirements. CSCS Nigeria has met the minimum requirements of the AAV process. GLEIF wishes to emphasise the importance of ensuring full compliance with all GLEIF requirements as a basic requirement for continued accreditation and the ability to issue LEIs”.
While reacting to the report, the Managing Director and Chief Executive Officer of CSCS Plc, Haruna Jalo-Waziri, said the event is a testament to its continuous investments in systems and people towards ensuring global best practice. “I am pleased with the impressive operational review report on our LEI services and accompanying commendation from GLEIF, particularly as it reinforces our commitment to new initiatives targeted at deepening LEI penetration in Nigeria, and broader African continent”.
Jalo-Waziri used the opportunity to call on all Nigerian corporates that are yet to enroll for LEI to take advantage of the seamless process and avoid probable exclusion from the global market, as regulators across the world increasingly advocate and legislate for LEI as a mandatory KYC requirement for cross-border transactions.
“As part of our initiatives to further attract foreign investors to the country, CSCS is democratising the issuance of International Securities Identification Number (ISIN) for all eligible securities as this remains a notable prerequisite for most global fund managers to invest in an offshore financial asset”, he noted.