Central Securities Clearing System (CSCS) Plc has expressed optimism that the capital market will build on its resilience that shone brightly amid the pandemic in 2020 to consolidate its gains in the new business year.
Chief Executive Officer, Central Securities Clearing System (CSCS) Plc, Mr. Haruna Jalo-Waziri, said while 2020 was definitively historic and unprecedented as COVID-19 shook the world powers and tipped many economies into recession, the capital market braced the odds to remain vibrant and active all through the year.
According to him, the combination of the efficiencies of the market systems including the CSCS and the collaboration of all stakeholders were responsible for the sterling performance of the Nigerian market during the period.
The Nigerian Stock Exchange (NSE) recorded its best performance in recent years in 2020 with average full-year return for quoted equities at 50.03 per cent or N6.48 trillion. CSCS, a capital market infrastructure company, is the clearing and settlement house for the NSE.
“For us at CSCS, just as I believe with many peers, we cannot afford the lessons of this crisis to go to waste. If none other, one pertinent lesson COVID-19 has taught us is the significance of our togetherness – the unimaginable strength of our collective resources and sincere collaboration for the stability and growth of the Nigerian capital market. If COVID-19 is a living enemy, I am sure it has suffered defeat in the most shameful battle with Nigerian capital market, as the seamless operation of the market amidst the odds of the pandemic won great admiration, even from critics. As your market infrastructure, we are proud to be a part of this success and we do not take it for granted,” Jalo-Waziri said.
He outlined that the CSCS recorded several landmarks even during the crisis period noting that beyond sustaining and increasing market activity, CSCS was able to execute the regulatory directive on investor account update, partly integrated its technologies with the account opening portal and leveraged its “RegConnect” for enhanced data exchange for registrars’ services among other initiatives.
He urged all stakeholders to continue to work together for the progress of the Nigerian market adding that as resources were pooled to effectively navigate the odds of one of the most challenging times in history, all hands must be on deck to continue to collaborate on consolidating the gains and advancing mutual course of deepening the Nigerian capital market, through innovation and togetherness.
“We are super-excited at the prospect of this new year, banking on your continued patronage, and a renewed commitment to the collaboration that has brought us this far – a partnership of over two decades that has birthed mutual greatness and respect for our market and respective businesses; a life partnership that is so dear to our existence and which we will continue to jealously nurture and invest in. Together, we can do more, and together, we must achieve greater greatness,” Jalo-Waziri said.
“In this new year and beyond, our pledge is to meet your anticipated needs and exceed your expectations. Our dedication is a reinforcement of the value we place on you, as your infrastructure for the Nigerian capital market. You are at the core of our essence, and more than ever, I am confident in the insuperable prowess of our collective resources and capabilities in surmounting any impediments to achieving our respective and mutual goals,” Jalo-Waziri said.
According to him, notwithstanding concerns of the second wave of the COVID-19 infection, there is reasonable optimism that this pandemic shall pass in no distant time, and people will once again be able to engage and interact more actively physically.
