Nigerian securities clearing giant takes bold step towards enhanced market visibility

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The Central Securities Clearing System (CSCS) Plc is considering listing on the Nigerian Exchange (NGX) to solidify its position as a leading post-trade infrastructure provider. This strategic direction was discussed at the company’s 31st Annual General Meeting (AGM) in Lagos.

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CSCS Chairman Temi Popoola emphasised the benefits of listing, including improved access to capital, enhanced market visibility, and stronger corporate governance. “We recognise the self-evident benefits of listing, but we must balance this with our growth priorities and the need for sustainable shareholder value.”

The company reported robust financial results for the 2024 financial year, with a 37% increase in gross earnings to N26.1 billion and an 18.7% rise in profit after tax (PAT) to N11.95 billion. Total assets expanded by 22% to N64.43 billion, reflecting disciplined cost management and strategic investments.

Managing Director/CEO Haruna Jalo-Waziri described 2024 as a “transformative year” that laid the groundwork for CSCS to emerge as “Africa’s most trusted and innovative depository.” He highlighted substantial investments in technology, including cybersecurity, artificial intelligence (AI), and digital infrastructure. “We are on the front line in terms of connectivity and data security, leveraging AI-driven tools to enhance decision-making and operational resilience,” Jalo-Waziri said.

CSCS is also prioritising regional expansion, participating in the African Exchanges Linkage Project (AELP) to integrate trading across multiple African markets. However, the company faces challenges from rising operational costs, prompting an internal cost review. Shareholders also urged the board to broaden its CSR impact beyond education, and the board plans to leverage blockchain-enabled CSR reporting for greater transparency.

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