News
Central Securities Clearing System Joins ISSA’s Board
ISSA has announced that 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.
The ISSA Board has set themselves 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.
Welcoming the first African firm as a Board member institution reinforces ISSA’ s aim to ensure relevance and leadership in all regions, and particularly in the growing continent of Africa.
Haruna has 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).
He successfully transformed the hitherto loss-making 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, Haruna 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 5 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. ”
On accepting the nomination Haruna Jalo-Waziri, Chief Executive of CSCS, 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.
Since becoming an Operating Committee Member, I have more than ever appreciated the real value that ISSA brings to the market and the potentials of its coordination of securities services stakeholders across the ecosystem.
ISSA’s willingness to listen to stakeholders and take proactive actions towards advancing the industry has resulted in concrete positive changes and tremendous knowledge exchange amongst member institutions.
CSCS joining the Board is an honour for us and we are excited that Africa is duly recognised as a critical part of the global market ecosystem, relevant for driving ISSA’s mission to shape the future of securities services.
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Participants at the event
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Jim Ovia
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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