Economy
COVID-19: CSCS Goes Fully Digital, Begins Remote Operations
By Modupe Gbadeyanka
The Central Securities Clearing System (CSCS) Plc has activated its business continuity plan and has gone fully digital in order to serve financial market better in a period the coronavirus (COVID-19) is ravaging the global economy.
CSCS, in a message to all its participants and partners, exchanges, brokerage firms, custodians and registrars, said it was leveraging its digital channels to meet all requests at this period, as it joins global institutions in the campaign for social distancing.
Notably, the X-alert, an SMS sent by CSCS on all transactions carried out on the Nigerian Stock Exchange (NSE) is also being used to educate investors on the need for social distancing and safety precautions against the coronavirus (COVID-19), with hashtags such as #StaySafe, #WashHandsAlways, #SocialDistancing and #WeAreDigital.
As a part of its strategy of dealing with the pandemic, CSCS has since suspended all business travels and temporarily physical meetings, including its internal sessions, thus leveraging digital technologies such as Zoom, Webex, audio conference calls amongst others.
Members of staff have been enjoined to remain alert to credible news and strictly follow all relevant directives and guidance from the state and federal governments as well as local and global health authorities such as the National Centre for Disease Control, Ministry of Health and World Health Organization etc.
The company said whilst any staff, who may have returned or come in contact with a returnee from any of the countries with more than 50 incidences in the past 14 days have been asked to self-isolate, staff are also enjoined to quickly contact relevant health authorities in the event that they observe any indicative symptoms.
According to the Chief Executive Officer of CSCS Plc, Mr Haruna Jalo-Waziri, “As the Financial Market Infrastructure for the Nigerian Capital Market, we are fully committed to efficient delivery on all our services, as we work with all stakeholders to reinforce the resilience and liquidity of the Nigerian capital market, even at this globally challenging period.
“Having activated our business continuity plan, which has long been envisaged as a part of our crisis management framework, we are fully operational, even as a notable percentage of our staff have been empowered to work remotely from home.
“More importantly is our campaign on social distancing, better hygiene practice and other precautions against the contagious spread of COVID-19, as the safety of everyone is paramount to us, just as we have activated all relevant measures to ensure the safety of all depository assets.”
While assuring its stakeholders of the availability of its services running seamlessly, Mr Jalo-Waziri noted that CSCS had implemented earlier protocols including the daily internal sensitization on preventive tips to all staff along with situational updates on COVID-19 incident reports and management; increased hygiene measures through deep and more frequent cleaning of its offices, provision of sanitizing gels to staff and promotion of recommended personal hygiene practices.
“We thank you for your understanding as we all rise up to stem the spread of this virus and adapt to new challenges arising from the pandemic. Our focus is on helping you and ensuring continuity of our services as a financial market infrastructure.
“We are committed to our core values of SECURE and will continue to keep you updated as we jointly navigate these times. Please stay safe,” Mr Jalo-Waziri concluded.
Whilst it is campaigning social distancing by suspending services to walk-in clients, who are enjoined to use the digital channels, including customer contact centre lines (070 CALL CSCS – 070022552727 or 01 448 0500), chat platforms, web portals, social media, Mobile Apps and Data Exchange platforms amongst others, CSCS’ client service and broader support to the efficient functioning of the capital market, remains strong and active as always.
By Aduragbemi Omiyale
The 7th Africa Emerging Markets Forum has commenced in Abuja, Nigeria, with critical stakeholders in the financial services and other industries in attendance.
The programme commenced today, Wednesday, July 29, 2026, and will end tomorrow, Thursday, July 30, 2026.
It is taking place at the headquarters of the Central Bank of Nigeria (CBN) in Abuja.
The hybrid forum is themed Building Resilience Amidst Geoeconomic Uncertainties. It brings together distinguished policymakers, economists and development leaders to explore practical solutions for strengthening Africa’s resilience in an increasingly complex global economy.
Speaking at the conference are the CBN Governor, Mr Olayemi Cardoso; the Director-General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala; Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele; and the chief executive of Emerging Markets Forum, Mr Harinder S. Kohli.
The organisers have provided an avenue for those unable to attend the programme physically to catch up with it via their social media platforms, including on the YouTube channel of the central bank.
By Adedapo Adesanya
President Bola Tinubu says ongoing reforms by his administration have led to the stability of the country and delivered the economy from bankruptcy.
He spoke on Tuesday in Abuja while receiving the leadership of the Catholic Bishops’ Conference of Nigeria (CBCN), led by its President, Most Rev. Matthew Ndagoso, at the State House.
The president said that the government will sustain interventions that directly improve the livelihoods of families and citizens, such as the Nigerian Education Loan Fund (NELFUND).
“I have listened to you carefully, and most importantly, your key areas are security and education. I can tell you categorically with sincerity that the country has been placed on a sound footing. The economy has recovered. The alarm for bankruptcy and dark tunnel of uncertainty that we had when I came in has been changed,” he said.
“The spirit of the people is lifting, and the economic turmoil that we feared is cleared. The economy has been delivered from bankruptcy.
Mr Tinubu said restructuring of security operations and institutions will deliver victory over terrorism, banditry and kidnappings across the country.
He stated that the security challenges are being confronted through enhanced intelligence gathering, restructuring and repositioning of security institutions, improved logistical support, and prioritisation of frontline personnel welfare.
“We don’t have another country but here – this Nigeria. And I will refer to the national anthem that in our complexity and diversity, we shall thrive, live, rejoice and be good to all, and humanity,” he said, according to a statement from presidential spokesman, Mr Bayo Onanuga.
“I have just approved the expansion of the armed forces. We are getting more equipment and building new barracks. We will defeat terrorism. It should be part of your sermons. I won’t deviate from our national anthem,’’ the President added.
He urged citizens to explore available opportunities for engagement provided by the government and private institutions and embrace education, entrepreneurship and skills acquisition.
“We have no control over the population growth and trajectory. That is why you have membership in your various faiths and churches, to give hope to people and give commitment to humanity in the true sense of it. Our founding fathers did their best. They left us a nation, and we owe it to generations yet unborn to sustain it,’’ Mr Tinubu added.
The president said the unity, stability and prosperity of the country must be held sacrosanct by all stakeholders, noting that the outlook on the country must remain positive. His comment comes months before the general elections, where he is seeking a second term. Opposition parties have alleged that the government is intimidating opponents.
He told the CBCN leaders that the Independent National Electoral Commission (INEC) is neutral and that his government will give equal opportunities to every party.
President Tinubu further informed his guests that state governors, based on the constitution, have the authority to decide the return of mission schools, but affirmed that more universities had been approved to meet the growing demand for higher education, and the statistics by the NUC will help in the budgeting of NELFUND.
“I believe in what you believe; we should embrace education to get out of poverty,’’ he said.
In his remarks, the President of the CBCN appreciated the President for the warm reception extended to the Holy See’s Secretary for Relations with States and International Organisations, Archbishop Paul Gallagher, on the occasion of the 50th anniversary of relations between Nigeria and the Vatican.
The cleric outlined areas of concern in the country, which include security, quality tertiary education and limited spaces, sustaining gains of democracy, credible elections and poverty, urging his host to consider the return of mission schools and fair treatment for all worshippers, including the provision of worship places in all parts of the country, without bias.
The Archbishop of Kaduna called for free and fair elections in 2027, saying, “As a man who risked so much in the struggle for the return of democratic rule in the dark days of the military dictatorship, your greatest legacy would be the strengthening of our democratic institutions.”
By Adedapo Adesanya
Dimension Data Limited, a Nigerian technology infrastructure provider, has raised N4.05 billion in its Series 1 bond, the first tranche of a wider N20 billion bond programme aimed at expanding its fibre-optic network across Nigeria.
Pathway Advisors Limited, a returning investor, acted as lead issuing house and bookrunner on the deal. The transaction closed after clearance from the Securities and Exchange Commission (SEC).
More issuances are expected as the project continues.
The bond proceeds will fund fibre network expansion, capacity upgrades and service quality improvements, the company said.
It comes as a technology boom continues across the country, with infrastructure needs helping to drive investment and local businesses and reduce dependence on foreign firms.
Recently, the Central Bank of Nigeria (CBN) mandated financial institutions to rely more on Nigerian data centres and local fibre providers rather than offshore cloud infrastructure, adding to demand for the kind of capacity Dimension Data is building.
Incorporated in 2003, Dimension Data runs a data centre with 47-rack capacity and serves about 8,000 customers in 47 countries. Its clientele includes 70 per cent of the Fortune 100 and sports organisations like the Amaury Sport Organisation (Tour de France).
In June, the firm opened subscriptions for the Series 1 Corporate Bond issuance of up to N5 billion under a N20 billion bond programme, with proceeds earmarked for expanding Nigeria’s digital infrastructure.
The offer, led by Pathway Advisors Limited as the Lead Issuing House and Bookrunner, was executed through a book-building process and closed on June 29, 2026.
According to transaction details, the three-year bond is being offered at a book-build price range of 18.50 per cent to 20.00 per cent per annum, with coupon payments to be made semi-annually. The final coupon rate will be determined at the conclusion of the book-building exercise. The minimum subscription has been set at N10 million.
Dimension Data SPV Funding Plc said the funds raised from the issuance would be deployed towards strategic investments in fibre network expansion, capacity enhancement and service quality improvements.
