In a pivotal move for Nigeria’s financial infrastructure, the Central Securities Clearing System Plc (CSCS) has announced a significant leadership transition. The company’s Board has appointed Mr. Shehu Shantali as its new Chief Executive Officer, effective January 1, 2026, following regulatory approval. He succeeds Mr. Haruna Jalo-Waziri, who concludes an impactful eight-year tenure that reshaped the nation’s capital market backbone.
This transition is more than a routine executive change; it represents a critical handover at the heart of Nigeria’s financial system. As the central securities depository, CSCS is the silent, indispensable engine of the capital market—responsible for the safekeeping, clearing, and settlement of all securities transactions. Its stability and vision directly influence market confidence, liquidity, and growth.
A Legacy of Strategic Transformation
The Board’s farewell for outgoing CEO Haruna Jalo-Waziri was marked by profound appreciation for a tenure defined by strategic growth. Under his leadership, CSCS evolved from a utility into a dynamic, innovation-driven institution.
Jalo-Waziri’s key achievements, which provide the “solid foundation” referenced by the Board, likely include:
- Technological Modernization: Upgrading core depository and settlement systems to enhance speed, security, and reliability, reducing systemic risk.
- Expanded Market Relevance: Broadening CSCS’s services beyond equities to potentially include fixed income, commercial papers, and other asset classes, deepening the market.
- Governance and Operational Resilience: Implementing robust risk management and compliance frameworks, crucial for maintaining stakeholder trust and meeting international standards.
- Stakeholder Confidence: His stewardship bolstered the confidence of investors, brokers, and regulators in the market’s infrastructure, a non-negotiable prerequisite for capital inflow.
In his remarks, Jalo-Waziri highlighted the collaborative effort, stating, “I am proud of what we have achieved together as a team.” This underscores that the legacy is institutional, not individual, ensuring sustainability beyond his departure.
The Incoming Helm: Shehu Shantali’s Strategic Profile
The appointment of Shehu Shantali signals a focus on continuity fortified by deep technical and regulatory expertise. His profile suggests a leader poised to navigate both complex financial engineering and the evolving regulatory landscape.
Shantali’s unique value proposition lies in his hybrid experience:
- Regulatory Architect: His decade at the Securities and Exchange Commission (SEC), where he championed Nigeria’s migration to International Financial Reporting Standards (IFRS), is invaluable. This experience means he intimately understands the regulatory intent, compliance challenges, and reporting transparency required of public companies—the very entities CSCS serves. He didn’t just follow rules; he helped build the framework.
- Market Practitioner: His subsequent career in investment banking, asset management, and financial advisory provides a market-facing perspective. He knows what investors and issuers need from infrastructure to operate efficiently.
- Strategic Finance: His background in accounting and finance, coupled with an Executive MBA, equips him to steer CSCS’s own financial strategy, optimize its performance, and explore new value-added services.
In his statement, Shantali acknowledged CSCS’s “critical role in the capital market ecosystem.” His immediate challenge will be to define the “next phase of growth” cited by Chairman Temi Popoola. This could involve leveraging technology for real-time settlements, fostering financial inclusion through digital asset classes, enhancing cybersecurity, and further integrating with regional and international depositories to facilitate cross-border investment.
Looking Ahead: Implications for the Nigerian Capital Market
This seamless, well-planned transition is a positive signal for market stability. It demonstrates institutional maturity at a systemically important entity. For investors and market participants, the key takeaways are:
- Continuity of Service: The emphasis on building on an existing foundation suggests no disruptive change in core operations.
- Expertise Alignment: Shantali’s regulatory pedigree may foreshadow even stronger collaboration with the SEC, potentially streamlining processes and fostering innovation in market structure.
- Future-Readiness: The Board’s choice of a leader with such diverse experience indicates a focus on preparing CSCS for the complexities of a modern, digital, and globally connected financial market.
The true measure of Jalo-Waziri’s legacy will be the smoothness of this succession and the future success of the institution. As Shehu Shantali assumes leadership, his task is to steward this critical infrastructure into an era of new challenges and opportunities, ensuring the Nigerian capital market remains robust, efficient, and competitive on the global stage. (NAN) (www.nannews.ng)
PTB/AWA
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Edited by Olawunmi Ashafa
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