CSCS, NGX Optimistic of More Synergies to Drive Economic Growth

By Aduragbemi Omiyale

The Central Securities and Clearing System (CSCS) Plc and the Nigerian Exchange (NGX) Limited have expressed optimism that the country can achieve rapid economic growth if they further strengthen their synergies.

At a closing gong ceremony held on Tuesday at the NGX to commemorate the 25th anniversary of CSCS and celebrate the long-standing cooperation between both entities, the chief executive of CSCS, Mr Haruna Jalo-Waziri, expressed satisfaction with the level of collaboration between both organisations and called for more.

He recognised 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.

Mr Jalo-Waziri also noted the contributions of the NGX CEO, Mr Temi Popoola, and suggested different ways by which both organisations could collaborate in the coming year.

“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 stated.

On his part, Mr Popoola said, “CSCS, as the depository, clearing and settlement manager, occupies a critical position in the capital market.”

“Right from inception, CSCS and the Exchange have worked synergistically, driving up transaction volumes and boosting liquidity in the capital market,” he added.

Mr Popoola recognised CSCS for its support for NGX’s initiatives and commended the management led by Mr 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,” he said.