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CSCS Bags Market Choice Award, Celebrated for Counterparty Trust Assurance

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The Managing Director and Chief Executive Officer, Central Securities Clearing System (CSCS) Plc, Mr. Haruna Jalo-Waziri receiving the Market Choice Award from Alhaji Tajudeen Aminu Dantata, Chairman/CEO of the Dantata Foods and Allied Products Limited (DFAP); while from L-R are Mrs. Yetunde Adenaiya, Head, Human Resources; Mrs. Onome Komolafe, Divisional Head, Shared Services; and Elder UK Eke, MFR, Group Managing Director, FBN Holdings Plc during the presentation of Market Choice Award to CSCS Plc at the Nigerian Investor Value Awards (NIVA) 2021 organised by BusinessDay & NGX at the weekend.
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Central Securities Clearing System (CSCS) Plc, Nigeria’s capital market infrastructure, bagged the prestigious Market Choice award and celebrated for its outstanding counterparty trust assurance, broad asset class coverage, enhanced collaboration with market participants and its commitment to market efficiency and growth at the BusinessDay Nigerian Investor Value Awards (NIVA), which took place over the weekend, in Lagos.

Stakeholders in the Nigerian capital market extoled CSCS and its leadership for resilience and continuous investment in market-wide initiatives aimed at ensuring the mutual prosperity of all stakeholders.

The event, previously known as the Top CEOs and Next Bulls Awards, has been jointly organized by BusinessDay and the Nigerian Exchange Limited (NGX) since 2015.

It was conceived as a platform to celebrate the CEOs of listed companies that have delivered superior value to investors through operating efficiencies, organizational values, and market engagement activities.

The Awards was further expanded to include the CEOs of carefully vetted non-listed companies that could fill a pipeline of initial public offering candidates, particularly companies in which active and informed investors have expressed a strong demand to own their shares if their shareholders decide to take them public.

While receiving the award, Mr. Haruna Jalo-Waziri, the Chief Executive Officer of CSCS Plc, said the award was a call for continuous improvement and a boost to CSCS’ tenacious commitment to delivering on market-efficiency initiatives.

According to Mr. Jalo-Waziri, “My colleagues and I would like to dedicate this award to our esteemed participants, whose loyalty, support and constructive feedbacks continue to enhance our operations and broader service to the Nigerian capital market.

As we relish this recognition of CSCS as the “Market Choice”, we reiterate our kaizen philosophy of continuous improvement and restate our enthusiasm in furthering our partnerships with esteemed participants and broader stakeholders in our quest for mutual prosperity and in our drive towards enhancing market efficiency and growth.

“I would like to express my profound gratitude to our regulator, the Securities and Exchange Commission as well as the Board of Directors of CSCS for their diligent oversight and for ensuring sound governance which I believe is essential to every corporate’s sustainability and long-term value creation.”

“To my colleagues, some of whom are here with me to receive this award, I say well done but I would continue to remind you that the reward of good work is more work.

“I know the stakes are higher as we have set new benchmarks, albeit I am more than ever optimistic in our capacity to do more and work with our participants in delivering better experience and value to investors in the Nigerian capital market.”, Mr. Jalo-Waziri added.

Over the past three years, the ordinary shares of CSCS, though not yet listed on the floor of the NGX, actively trades on the Nigerian Autonomous Securities Dealers Over-the-Counter (NASD-OTC) Exchange and has emerged as the most liquid and attractive stock on the NASD-OTC.

Last Friday, for instance, CSCS gained 65 kobo or 4.1 per cent to close at N16.65 per unit, consolidating its year-to-date gain to 10.6%, compared to the current bearish performance of equities.

More so, the shares of CSCS have rallied 93% over the past three years, in addition to the company growing its dividend payment by 36% over the same period.

Remarkably, a total of 1.64 billion units of CSCS’ shares, valued at N27.06 billion (based on current valuation of N16.50 per share) and representing 38.8% or one-third of the total shares outstanding of the company has been traded over the past three years.

The liquidity of the shares is notwithstanding the fact that the top-5 largest shareholders closely hold about two-third of the company’s shares.

The liquidity of the shares of CSCS on the NASD-OTC platform reinforces the strong appetite and demand of retail and institutional shareholders to own CSCS’ shares. In addition to the steady bull run on the share price, CSCS’ steady dividend payment has been a major attraction to investors, who seek stable return on investments.


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SERAP Drags FG, Govs to ECOWAS Court over ‘Misuse of Cybercrimes Act’

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Socio-Economic Rights and Accountability Project (SERAP), has filed a lawsuit against the Nigerian government the 36 states over the Cybercrimes (Amendment) Act 2024.

Lagos, NIPOST Partner to Transform e-Commerce Delivery

SERAP is arguing that “the repressive use of the Cybercrimes (Amendment) Act 2024 by the government to criminalize legitimate expression violate the human rights of Nigerians, including activists, journalists, bloggers and social media users”.

In a statement on Sunday, Kolawole Oluwadare, deputy director, SERAP, explained that the suit was filed to stop the Tinubu administration and Nigeria’s 36 governors from using the Cybercrimes (Amendment) Act 2024 to criminalize legitimate expression and punish Nigerians, including social media users.

He said: “Rather than using the amended legislation to make cyberspace and its users safer, Nigerian authorities are routinely weaponizing it to curb Nigerians’ human rights and media freedom.

“The suit no: ECW/CCJ/APP/03/2025 was filed last week before the ECOWAS Court in Abuja.”

Recall that Economic Community of West African States (ECOWAS) Court had on March 25, 2022, declared Section 24 of Nigeria’s original Cybercrimes Act 2015 as “arbitrary, vague, and repressive.”

The court ordered Nigeria to repeal the provision, citing non-compliance with human rights obligations under the African Charter on Human and Peoples’ Rights and the International Covenant on Civil and Political Rights.

Although the Cybercrimes (Amendment) Act 2024 repealed Section 24, the Socio-Economic Rights and Accountability Project (SERAP) argues that the reworded provisions still infringe upon freedom of expression and information.

SERAP’s concerns center around the ambiguity of “causing a breakdown of law and order” in Section 24(1)(b), which they believe threatens peaceful and legitimate expression and leaves room for abuse.

SERAP highlighted several instances where the law was allegedly misused to target government critics, including activist Dele Farotimi, journalist Agba Jalingo, and social media user Chioma Okoli.

The organization emphasized that the amended legislation has a chilling effect on human rights and media freedom.

SERAP stressed that the amended Act contravenes international human rights law, which requires restrictions on freedom of expression to serve a legitimate purpose and be strictly proportionate.

The organization seeks a declaration that Section 24 of the Cybercrimes (Amendment) Act 2024 is unlawful and an order directing the government to repeal or amend the legislation in compliance with international standards.

However, a hearing date has not been set for the suit.


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GOCOP Applauds Edo Gov for Appointing Edomaruse, SA, Int’l Development

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Mr. Collins Edomaruse
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Guild of Corporate Online Publishers (GOCOP) has applauded Mr.  Monday Okpebholo, Edo State governor, for the appointment of Mr. Collins Edomaruse as his Special Adviser, International Development Partners (IDP).

GOCOP Applauds Edo Gov for Appointing Edomaruse, SA, Int'l Development

Ms Maureen Chigbo, president of GOCOP and publisher of RealNews Online, described  Edomaruse’s appointment as a welcomed development.

Chigbo in a press statement by Ogbuefi Remmy Nweke, GOCOP Publicity Secretary, also congratulated Edomaruse for this appointment assuring of support from over 110 members of GOCOP in carrying out his duties.

Until his appointment, Edomaruse who is a founding member of GOCOP and the Secretary General of the body of reputed online publishers is also a member of the Nigerian Guild of Editors (NGE), among others.

Edomaruse doubles as the Publisher/Editor-in-Chief of METROWATCH, and has held several senior editorial management positions in THISDAY, including Group News Editor, Group Politics Editor, Deputy Editor, Daily, Saturday and Sunday titles respectively, as well as the Editor, Nation’s Capital/Abuja Bureau.

Also known as ‘General’ because of his mastery of the Defence Beat, his records in THISDAY have remained unbeaten, where he ranked the best among the editors.


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NBS Website Still Down More than 3 Weeks after Cyber Attack

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The website of the National Bureau of Statistics (NBS), www.nigerianstat.gov.ng, has remained offline for three weeks following a cyber attack that compromised its operations.

NBS Website Still Down More than 3 Weeks after Cyber Attack

As at 12am today (Friday), attempts to access the site returned an error message, indicating the page is still inaccessible.

The breach was initially confirmed by the NBS on December 18, 2024, in an announcement made on social media platform X.

In the statement, the bureau urged the public to disregard any information published on its website until further notice, signaling ongoing efforts to recover from the attack.

The hacking incident occurred shortly after the NBS released its Crime Experience and Security Perception Survey on December 17, which revealed alarming statistics about crime in Nigeria.

The survey indicated that Nigerians paid a staggering N2.23 trillion in ransom over a year, from May 2023 to April 2024, and that 51.89 million crime incidents were reported across the country. The northwest region recorded the highest number of incidents, while the southeast had the least.

The day after the report’s publication, rumors surfaced that the Department of State Services (DSS) had summoned Adeniran Adeyemi, the Statistician-General of the Federation, for questioning regarding the survey. However, the NBS promptly denied these claims, clarifying that no such invitation or arrest had taken place.

Despite the confirmation of the hack, the NBS has not provided any additional updates on the restoration of its website or disclosed any developments regarding the breach.

 

 


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