Central Securities Clearing System (CSCS) Plc has announced the appointment of Mr. Temi Popoola as the new Chairman of the Board, effective April 1, 2024. Popoola succeeds Mr. Oscar N. Onyema, OON, who retired after thirteen years of exemplary service as Chairman, ensuring a seamless transition and continuity in CSCS’s leadership.

As chairman, Onyema led CSCS to achieve significant milestones, driving transformative ideas that propelled remarkable growth and success. Notable achievements include improved staff welfare, expanding service offerings, digitalization, and maintaining an unwavering commitment to regulatory compliance. Onyema’s advocacy for corporate governance standards elevated CSCS’s internal processes, positioning the company as a beacon of ethical practices in the industry. Some of such industry accomplishments include being the first capital market operator to achieve GDPR/NDPR Compliance and the first CSD in Nigeria to achieve an A+ rating with a positive outlook from renowned rating agency Thomas Murray Limited—a testament to Onyema’s visionary leadership and the collective efforts of the dedicated CSCS team.

“I am thrilled to see Mr. Temi Popoola appointed as the new Chairman of CSCS Plc,” said Onyema, expressing his excitement about Popoola’s appointment. “His exceptional leadership qualities and dedication to excellence will undoubtedly steer CSCS towards greater heights,” he added. Onyema also expressed his heartfelt gratitude to all board members and staff he worked with, acknowledging their immense support and contribution during his tenure as Chairman.

Popoola, a distinguished financial expert and the current Group Managing Director/Chief Executive Officer of Nigerian Exchange Group brings a wealth of experience and a proven track record of global market growth and operational insight. His appointment as Chairman of CSCS is a significant milestone that further solidifies the company’s position in the Nigerian Capital Market.

Expressing his enthusiasm, Popoola stated, “As I step into the role of Chairman at CSCS, I am honoured and humbled by the opportunity to guide this esteemed organization to new heights of success and impact. With a steadfast dedication to our mission and by building on the solid foundation that has been laid, I am committed to working with my colleagues on the board, management, and staff to drive growth, foster innovation, and uphold the highest standards of integrity and excellence. Collaborating with all our stakeholders, I am confident we will chart a course toward continued excellence, delivering value to our clients, shareholders, and the broader financial community.”

Joining the Board alongside Popoola are Samuel Onukwue, Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON) and MD/CEO of Mega Equities Limited, who brings over 30 years of extensive experience with multinational financial institutions, and Nonso Okpala, GMD/CEO of VFD Group Plc, a seasoned business leader with a deep understanding of the Nigerian capital market ecosystem. Their diverse expertise will further strengthen the Board’s decision-making process.

“We are delighted to welcome Mr. Temi Popoola as our new Chairman and Mr. Samuel Onukwue and Mr. Nonso Okpala as Non-Executive Directors to the CSCS Board. We are confident that their addition to the Board would further enrich the quality and the collegiate decision-making process at this level of leadership of the company,” said Haruna Jalo-Waziri, MD/CEO of Central Securities Clearing System Plc. Jalo-Waziri expressed his sincere gratitude to Ms. Tinuade Awe, Mr. Seyi Owoturo, and Mrs. Tairat Tijani, who retired from the Board alongside Mr. Onyema, for their outstanding service to the Company.

All appointments have received regulatory approval from the Securities and Exchange Commission (SEC), underscoring CSCS’s commitment to best practices in corporate governance and regulatory compliance.

About CSCS

The Central Securities Clearing System (CSCS) is a Public Limited Company with a diversified shareholder base, including the Nigerian Stock Exchange, some of the largest banks in Nigeria, private equity firms, investment banks and other corporate and individual shareholders.  With over two decades of operation, serving as the Central Securities Depository for the Nigerian Capital Market, CSCS has been pivotal to the growth and transformation of the capital market, including its audacious full dematerialization of share certificates and shortening of the settlement cycle in the capital market. The activities of CSCS are governed by the Investment and Securities Act 2007, the Companies and Allied Matters Act 2004, and the SEC Rules.

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