New Telegraph

December 2, 2023

CSCS Nigeria joins ISSA’s board

…appoints CEO Jalo-Waziri board member


International Securities Services Association (ISSA) has said that the Central Securities Clearing System plc (CSCS), Nigeria, has become a member organisation of the Board of Directors of ISSA, effective September 2022. Haruna Jalo-Waziri, CEO of CSCS, is accordingly appointed to the Board of ISSA.


In a statement issued by CSCS, the ISSA Board has set itself the ambition of ensuring the Association is diverse and fit for the 21st Century, composed of a wide spectrum of firms involved in the securities services value chain globally.

It said welcoming the first African firm as a Board member institution reinforced ISSA’s aim to ensure relevance and leadership in all regions, and particularly in the growing continent of Africa. It stated that Haruna had over 30 years of experience in financial market.


At the early stage of his career, he worked with the Securities and Exchange Commission, the apex regulatory organization of the Capital Markets in Nigeria. He worked in the investment banking business of Afrinvest West Africa (formerly SECTRUST) and pioneered the Asset Management Department of Kakawa Discount House Limited, which he played active role in transforming to a full fledge company “Kakawa Asset Management Limited”  (now FBN Merchant Bank).


He later joined the services of First Alliance Pension & Benefits Limited (now part of ARM Pensions Limited), one of the pioneer pension fund administrators established in Nigeria, partnership with Mcube South Africa. In 2007, he was appointed MD/CEO of UBA Stockbrokers Limited, a subsidiary of United Bank for Africa (UBA Plc).


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He successfully transformed the hitherto lossmaking entity into a profitable business and saw it grow to become one of the top-5 securities trading companies in Nigeria within three years of his leadership.

He thereafter became the MD/CEO of UBA Asset Management Limited. In 2012, Jalo-Waziri was appointed the Executive Director, Capital Markets of the Nigerian Stock Exchange (now Nigerian Exchange Group Plc),the premier capital trade point in Nigeria and leading African Exchange. He had primary responsibility for the overall capital market developments.


He implemented key initiatives such as partnership between the Nigerian Stock Exchange andthe London Stock Exchange Group (which berth dual listings of Nigerian corporates on both Exchanges), development of the Green Bond market (with the pioneer instrument being the Nigerian Sovereign Green Bond), introduction of Federal Government Retail Savings Bond, Launch of the NSE Premium Board, and MSCI Index Partnership- GICS Adoption amongst others.

He has been CEO of CSCS for almost five years and is the Vice President of the Africa & Middle East Depositories Association (AMEDA). He has recently represented the World Forum of CSDs at the ISSA Operating Committee, so he is ideally suited to join the Board. Phil Brown, ISSA Chair, stated: “CSCS is a great addition to the ISSA Board, bringing not only in-depth knowledge of Africa, but also a forward-thinking and technologically advanced perspective.


“ISSA is committed to building its brand on the continent and ensuring the relevance of its products to all market segments – and the presence of CSCS on the Board will ensure that ISSA delivers on this commitment.


“Haruna is a known quantity at ISSA, having served and actively contributed on the Operating Committee. He will undoubtedly bring his skills and personality to the Board, and I am delighted that he will be joining us.”

Accepting the nomination, Jalo-Waziri, said: “I am delighted to have the opportunity to contribute towards global capital market development. I look forward to deepening my engagement with ISSA towards advancing its crucial role in the global securities services industry for the mutual interest of all members and more importantly the integrity and efficiency of the market.”

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