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CSCS Announces Haruna Jalo-Waziri as Chief Executive Officer

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The Board of Directors of the Central Securities Clearing System (CSCS) Plc has announced the appointment of Mr. Haruna Jalo-Waziri as the Managing Director/Chief Executive Officer of the company effective 1 November 2017.

Mr. Jalo-Waziri replaces Mr. Bola Adeeko who was appointed Interim Chief Executive Officer effective 1 January 2017 whilst the Board embarked on an executive search for a substantive CEO following the early retirement of the company erstwhile CEO, Mr. Kyari Bukar.

As Managing Director/Chief Executive Officer of CSCS, Mr. Jalo-Waziri is expected to drive the next phase of CSCS strategic goals in respect of diversification of the company’s revenue base, promoting strategic alliances with peer Central Securities Depositories and other financial market entities within and across the African region, as the company continues to advance towards becoming the globally respected and leading Central Securities Depository in Africa.

Commenting on his appointment, Mr. Oscar N. Onyema (OON), the Chairman of the Board, CSCS Plc said “Jalo-Waziri has vast industry knowledge coupled with a clear understanding of the company’s values and strategic vision. He has been involved in several innovations in the capital markets. These attributes make him a right choice to effectively lead our company”.

Mr. Onyema also commended the out-going Interim Chief Executive Officer, Mr. Bola Adeeko for his accomplishments during his short stint. According to him, “Adeeko has done tremendously well in executing the approved plans and objectives of the company which has led to significant improvements in operations and profitability of the company”.

Mr. Jalo-Waziri was until his appointment the Executive Director, Capital Markets, The Nigerian Stock Exchange. An economist with a record of professional and leadership excellence, he brings to CSCS a wealth of experience spanning over 20 years in Capital Market. His experience covers Regulation, Investment Management, Deal Origination and Trading. He has been involved in various successful ground-breaking deals such as Heineken Euro Bond, and British American Tobacco M&A, amongst others.

A consummate professional, Mr. Jalo-Waziri was the CEO of UBA Asset Management Limited and UBA Stockbrokers Limited. He also founded Kakawa Asset Management Limited. Prior to this, he had worked at the Securities and Exchange Commission (SEC) and Afrinvest West Africa (formerly SECTRUST).

Mr. Jalo-Waziri is a graduate of the University of Maiduguri where he studied Economics and has an MBA from Tafawa Balewa University Bauchi. He is an alumnus of Lagos Business School and the Venture Capital Institute of America.

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E-Financial

AfDB Expects Nigeria’s Economy to Grow at 2.1% in 2018

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The African Development Bank (AfDB) has predicted a positive outlook for Nigeria’s economic in 2018.

The bank in its 2018 African Economic Outlook projected that Nigeria’s economy would grow at 2.1 per cent in 2018 and 2.5 per cent in 2019.

According to AfDB, this outlook is anchored on higher oil prices and production, as well as stronger agricultural performance.

Notwithstanding this positive outlook for the country, the AfDB said Nigeria still faces significant challenges, including foreign exchange shortages, disruptions in fuel supply, power shortages, and insecurity in some parts of the country.

“In addition, revenue mobilization efforts are insufficient; at 5 per cent, value added tax rates are among the lowest in the world, and revenue administration is inefficient. Poverty is unacceptably high; nearly 80 per cent of Nigeria’s 190 million people live on less than $2 a day,” the bank said in its report.

Looking into the future, the AfDB economic prediction on Nigeria noted that “oil prices rebounded to an average of $52 per barrel (Brent crude) in 2017 and are projected to reach $54 in 2018, up from $43 per barrel in 2016.”

“Oil production also increased from 1.45 million barrels per day in the first quarter of 2017 to 2.03 million in the third quarter of 2017 following de-escalation of hostilities in the Niger Delta region and is expected to remain at the same level in 2018 and 2019, in tandem with the Organization of the Petroleum Exporting Countries (OPEC) production restrictions,” AfDB added.

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Bitcoin Deeps Less Than $10,000 For The First Time Since December

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Bitcoin, the dominant digital currency, witnessed a slump on Wednesday following a recent surge to trade below $10,000 for the first time since the start of December.

 

Market analysis suggests that the price could shift in either direction and recent regulatory developments – out of South Korea and China in particular – could roil markets further, according to some observers.

 

Craig Erlam, senior market analyst Oanda trading group, said of bitcoin’s drop below $10,000 “There was clearly a significant speculative component to the rally late last year and the drop will be very discouraging to those that previously thought there was easy money to be made”.

 

Bitcoin is down from record highs approaching $20,000 in the week before Christmas, having rocketed 25-fold last year, before being hit by concerns about a bubble and worries about crackdowns on trading it.

 

David Cheetham, chief market analyst XTB noted that, “The panic-selling seen across all the major cryptocurrencies could be attributed to a possible regulatory clampdown in South Korea with authorities threatening to place an outright ban on cryptocurrency trading,”

 

“Having said that, this narrative has been around for many weeks now and isn’t really new but it has once more raised the spectre of tighter regulation on this market.”

 

 

 

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NSE Awaits Signing of Bill to be Publicly Listed

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Oscar Onyema, chief executive officer, the Nigerian Stock Exchange (NSE) expects a bill that will allow the exchange to be publicly listed signed into law this year.

The second-biggest exchange in sub-Saharan Africa after Johannesburg and a main entry point for investors in Africa, the Nigerian bourse last year got a green light from its members, mostly stockbrokers and some institutional investors, to become a publicly listed company.

Oscar Onyema, NSE, CEO, said yesterday, he expects the public listing, a process known as demutualisation, to generate profits that will boost its business and product development capacity.

The Johannesburg Stock Exchange, the continent’s most developed stock market, has been a listed company since 2006.

“In 2017, we amplified our efforts to establish West Africa’s first derivatives market,” Onyema told analysts discussing the outlook for 2018.

“We also worked to create and enhance legal and regulatory frameworks which support derivative instruments, and have made significant progress towards securing approvals to operationalize these frameworks.”

The equities market in Nigeria was the third best-performing market in the world in 2017 after the central bank liberalised the naira for foreign investors, a move which lured back funds that been pulled out at the peak of a currency crisis.

Onyema attributed last year’s performance partly to central bank policies that helped increased currency market liquidity.

He added that he expected corporate earnings to lift equities this year, despite currency and political risks, after stocks crossed 44,000 points to hit a nine-year high on Tuesday.

Stocks gained 42 percent last year and have continued to rally this year, rising 13 percent in the first 11 days of trading.

Onyema said the market for initial public offerings remained inactive, noting that there are plans to revive new issues.

Nigeria’s bourse has around 200 listed companies and plans to launch exchange-traded derivatives securities this year.

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