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CSCS board renews Jalo-Waziri’s appointment for another 5 years

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Oscar Onyema
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The Board of Directors of the Central Securities Clearing System (CSCS) Plc has announced the reappointment of Mr Haruna Jalo-Waziri as the Managing Director/Chief Executive Officer.

The reappointment is for another five-year term, effective Nov.1.

The Chairman of CSCS, Mr Oscar Onyema, said this in a statement made available to the News Agency of Nigeria (NAN) on Tuesday in Lagos.

Onyema said Jalo-Waziri’s reappointment followed a successful four-year term of his outstanding performance and exemplary leadership style.

“The board is impressed with 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.

“On behalf of the board, I congratulate Jalo-Waziri on this reappointment, which reflects our vote of confidence and greater expectations from him in creating value for shareholders and broader stakeholders of CSCS,” Onyema said.

Commenting on his reappointment, Jalo-Waziri thanked the board for the confidence reposed in him.

“I would like to thank the Board of Directors for this reappointment.

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.

“I would continue to count on the support of our apex regulator, the Securities and Exchange Commission; our board of directors; participants and other stakeholders in deepening the Nigerian capital market for our mutual growth.

“It has been an excitingly challenging journey and the grass keeps getting greener at every turn,” he said.

Jalo-Waziri took over leadership of CSCS in 2017 from the Interim Chief Executive officer, 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, Jalo-Waziri led the growth of CSCS’s profit by 18 per cent CAGR and delivered a 20 per cent return on average equity in 2020 financial year, in spite of the pandemic.

Jalo-Waziri was previously the Executive Director, Capital Markets at the Nigerian Stock Exchange (now Nigerian Exchange Group Plc), where he led cross-functional teams responsible for the recovery of primary and secondary markets between 2012 and 2017.

He co-managed a number of initiatives at the Exchange, including the launch of the Premium Board, strategic partnership of the London Stock Exchange with the Nigerian Stock Exchange and development of the Nigerian Savings Bond, Sukuk Bond and Green Bond, amongst several other market-wide initiatives. (NAN)

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Business & Economy

President Buhari transmits Business Facilitation bill to N’Assembly

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President Muhammadu Buhari
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The Senate has received the Business Facilitation (Miscellaneous Provisions) Bill 2022, forwarded to the National Assembly by President Muhammadu Buhari, for consideration and passage.

The bill was accompanied by a letter dated 17th June, 2022.

The letter, addressed to the Senate President, Ahmad Lawan, was read during plenary on Tuesday.

President Buhari, in the letter, explained that the expeditious consideration and passage of the bill would promote the ease of doing business in Nigeria.

It reads, “Pursuant to Sections 58(2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), I forward herewith the Business Facilitation (Miscellaneous Provision) Bill 2022 for the kind consideration of the Senate.

“Business Facilitation (Miscellaneous Provision) Bill 2022 seeks to promote the war of doing business in Nigeria by amending relevant legislation.

“While hoping that this submission will receive the usual expeditious consideration of the Senate, please accept, Distinguished Senate President, the assurances of my highest consideration.”

 

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N5 trillion urgently needed to cushion effects double digits increase on ordinary Nigerians – World Bank

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The World Bank has warned that Nigeria could lose about N5trillion in 2022 from gasoline subsidies.

The bank also said that N5 trillion is urgently needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities.

The World Bank said in it Nigeria Development Update (NDU) released on Tuesday in Abuja.

The report said: “When we launched our previous Nigeria Development Update in November 2021, we estimated that Nigeria could stand to lose more than N3 trillion in revenues in 2022 because the proceeds from crude oil sales, instead of going to the federation account, would be used to cover the rising cost of gasoline subsidies that mostly benefit the rich”.

World Bank Country Director for Nigeria Shubham Chaudhuri, however noted: “Sadly, that projection turned out to be optimistic. With oil prices going up significantly, and with it, the price of imported gasoline, we now estimate that the foregone revenues as a result of gasoline subsidies will be closer to 5 trillion Naira in 2022.

“N5 trillion is urgently needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities, to invest in Nigeria’s children and youth, and in the infrastructure needed for private businesses small and large to flourish, grow and create jobs.”

The report noted: “Nigeria is in a paradoxical situation: growth prospects have improved compared to six months ago but inflationary and fiscal pressures have increased considerably, leaving the economy much more vulnerable”.

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Nigeria’s banking sector now immune to economic shock – NDIC

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Nigeria Deposit Insurance Corporation (NDIC) has said that the banking sector is now immunized to withstand shocks that may impact the economy and the financial system.

Mr Bello Hassan, Managing Director of NDIC said this at a retreat for members of the Senate Committee on Banking, Insurance and other Financial Institutions with the NDIC, in Lagos.

Any change in fundamental macroeconomic variables or relationships that has a significant impact on macroeconomic outcomes and measures of economic performance, such as unemployment, consumption, and inflation, is referred to as an economic shock.

Mustapha Ibrahim, Executive Director (Operations), who represented the NDIC boss, said Nigerian banking industry was currently resilient to most of these difficulties, particularly external shocks over which the Corporation had no control.

He said: “We have tried to immunise the system to withstand shocks that may be impacting on the economy and the financial system”.

Hassan, further said that effective risk-based management remained critical to a safe and sound financial system.

“The NDIC and the Central Bank of Nigeria have a very robust supervisory framework under the risk-based supervisory format the risk-based approach is actually proactive. For the most part, we try to anticipate all these risks – Macro, micro, domestically and globally – to address them continuously.

“So, it is so dynamic that we also are constantly on a real-time basis, monitoring the industry continuously and fine-tuning our supervisory tools, both onsite and offsite, to mitigate some of the challenges the banks may be facing,” he said.

On his part, Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, said the retreat demonstrated progress in creating lasting and workable relationships in the national interest.

Sani, who was represented by Senator Olubunmi Adetunbi, was optimistic that the outcome will aid in the strengthening of the financial and banking sectors, particularly the corporation’s supervisory and regulatory role.

“The National Assembly and NDIC are key institutions critical to the growth and development of the Nigerian economy. While we provide the legal and institutional frameworks, NDIC carries out its regulatory or supervisory responsibilities in order to safeguard the banking sector.

“Engagement of this nature gives us the platform to deeply look into our activities and responsibilities and also examine how far we have gone in carrying out our mandate as required. It helps in injecting fresh ideas into our operations which will materialise into an improved, effective and efficient service delivery to Nigerians,” he said.

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