ISSA looks forward to CSCS contribution to the global securities services industry

By Aduragbemi Omiyale

The International Securities Services Association (ISSA) has expressed its desire to learn more about Africa from the Central Securities Clearing System (CSCS) Plc, which is joining the board of the global organization.

The addition of CSCS as a member of the ISSA Board, the first African to achieve this feat, also means that its Managing Director, Mr. Haruna Jalo-Waziri, will take up a position on the Board.

ISSA President, Mr. Phil Brown described the inclusion of CSCS on the Board as a welcome development, stating, “CSCS is a great addition to the ISSA Board, bringing not only an in-depth knowledge of Africa, but also an avant-garde vision. and a 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 CSCS’s presence on the board will ensure that ISSA delivers on this commitment.

“Haruna is a well-known figure at ISSA, having served and actively contributed to the Operations Committee. He will no doubt bring his skills and personality to the Board, and I am delighted to have him join us,” Mr. Brown said.

For his part, Mr. Jalo-Waziri expressed his enthusiasm “to have the opportunity to contribute to the development of the global capital market”.

“I look forward to deepening my engagement with ISSA to advance its crucial role in the global securities services industry for the mutual benefit of all members and, most importantly, the integrity and market efficiency.

“Since becoming a member of the operating committee, I have appreciated more than ever the real value that ISSA brings to the market and the potential of its coordination of securities services players across the ecosystem.

“ISSA’s willingness to listen to stakeholders and take proactive steps to move the industry forward has resulted in concrete positive change and tremendous knowledge exchange among member institutions.

“Joining the CSCS on the Board is an honor for us and we are delighted that Africa is being duly recognized as an essential part of the global market ecosystem, relevant to driving ISSA’s mission to shape the future of securities services,” he said.

Mr. Jalo-Waziri has over 30 years of financial market experience. Early in his career, he worked with the Securities and Exchange Commission (SEC), the supreme capital market regulator in Nigeria.

He worked in the investment banking sector of Afrinvest West Africa (formerly SECTRUST). He pioneered the asset management department of Kakawa Discount House Limited, which he played an active role in transforming into a full-fledged company “Kakawa Asset Management Limited” (now FBN Merchant Bank).

He then 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, in partnership with Mcube South Africa.

In 2007, he was appointed CEO of UBA Stockbrokers Limited, a subsidiary of United Bank for Africa (UBA Plc). He successfully transformed the hitherto loss-making entity into a profitable business and saw it become one of the top 5 securities trading firms in Nigeria within three years of his leadership. He then became the Managing Director/Managing Director of UBA Asset Management Limited.

In 2012, Mr. Jalo-Waziri was appointed Executive Director of Capital Markets of the Nigerian Stock Exchange (now Nigerian Exchange Group Plc), the premier capital exchange point in Nigeria and Africa’s leading stock exchange.

He was primarily responsible for overall capital market developments and implemented key initiatives such as a partnership between the NSE and the London Stock Exchange Group (which allows dual listing of Nigerian companies on both stock exchanges) , the development of the green bond market (with the pioneering instrument being the Nigerian Sovereign Green Bond), the introduction of the Federal Government Retail Savings Bond, the launch of the NSE Premium Board and the MSCI partnership Index – GICS Adoption, among others.

He has been CEO of CSCS for almost 5 years and Vice President of the Africa & Middle East Depositories Association (AMEDA). He recently represented the Global CSD Forum on the ISSA Operational Committee.

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