CSCS wins award for best depository, custody company of the year

By Chioma Obinagwam

Nigeria’s premier capital market infrastructure,Central Securities Clearing System (CSCS) Plc, added another award to its kitty; The Depository and Custody Company of the Year award at the Banks and other Financial Institutions’ Awards (BAFI) 2021 held in Lagos this last weekend.

The emergence of CSCS as the winner of the keenly contested award is a testimony of the company’s outstanding performance in the depository and custody roles as the Central Securities Depository (CSD) for all securities transacted in the Nigerian Capital Market. CSCS keeps and maintains an electronic book-entry record of all securities including shares, bonds, treasury bills amongst others to facilitate the safekeeping and easy transfer of securities between parties during a trade.

The Managing Director and Chief Executive Officer of CSCS, Mr. Jalo-Waziri thanked BusinessDay as he attributed the win to the huge investment in technology and manpower. According to Mr. Jalo-Waziri, “the decision we took to ensure that all share certificates were dematerialized and stored for efficient monitoring and management has no doubt brought us success and we will continue to ensure that we enhance our relationship with the depository participants while also accelerating the process of transfer of securities and eliminating risks that are related to holding physical financial securities.”

Speaking further, Mr. Jalo-Waziri said “The award recognition is a duty call to push boundaries further and continually step up our game. I thank the organizers of the awards, BusinessDay Media Limited, the Board and Management/staff of CSCS, all our stakeholders and investors in the Nigerian Capital Market for the opportunity given us to serve and the confidence reposed on us to oversee financial securities in this market.”

The BusinessDay BAFI Awards is an annual recognition event for outstanding performances in Nigeria’s financial services industry. It not only recognizes and celebrates organizations, teams and individuals but also calls for the highest level of excellence in the delivery of financial services across the entire client and customer spectrum.

This is CSCS’s third consecutive year of winning awards at the BAFI.

Cover Photo: CSCS logo. Photo credit: Business Post.

Please follow and like us: