The managing Director of the Central Securities Clearing System, Haruna Jalo-Waziri has commended the resilience of the Nigerian Capital Market in the face of the challenges posed by the COVID-19 pandemic in year 2020.
He praised the collaboration of market players in achieving seamless operations during the period.
Describing the year 2020, Haruna said “What a year! A year like no other – 2020 was definitively historic and unprecedented. It defied science, challenged rationality, and confronted social norms. COVID-19 shook the world powers, tipped many economies – including our dear Nigeria – into the worst recession in decades, shattered social engagements and affected every facet of life as we knew it. Like a mystery, only to be told in a fiction, oil traded at negative prices, factories shut globally for weeks, and airlines grounded for months. Excitingly, the Nigerian Capital Market, like a few global peers, remained active through the crisis; many thanks to the concerted efforts and resilience of critical stakeholders, whose swift ingenuity and collaboration kept the market afloat, sailing through the tide with incredible captains – like YOU.”
According to him, “for the 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. In fact, we owe and dedicate it to YOU.
He thanked all participants for their support and patronage of the CSCS while maintaining that the feat attained in year 2020 was unprecedented. “I would like to thank you immensely for your continued patronage of CSCS’ services through the challenging year that past – 2020. Together, we have done what would have seemed impossible’ he maintained. ‘Beyond sustaining (and indeed increasing) market activity, we executed the regulatory directive on Investor Account Update, partly integrated our technologies with the Account Opening Portal, leveraged RegConnect for enhanced data exchange for Registrars’ services, and a host of other initiatives we jointly executed for the ultimate goal of developing and deepening the market”, he added.
As we have pooled resources to effectively navigate the odds of one of the most challenging times in history, Jalo-Waziri called for continued collaboration in consolidating on our gains and advancing our mutual course of deepening the Nigerian Capital Market, through innovation, and more importantly, Togetherness. He expressed excitement at the prospect of this New Year, banking on continued stakeholder 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 insisted
In closing, he said ‘I would like to inform you that my colleagues and I are dedicating our renewed strategic focus to YOU – listening and executing diligently and exigently on your needs. In this New Year and beyond, our pledge is to meet your anticipated needs 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.
‘Notwithstanding concerns of the second wave of the COVID-19 infection, I remain optimistic that this pandemic shall pass in no distant time, and we will once again reopen our physical operations and hobnob with you, in expectation of sharing great memories. As we wind down the celebration of the festive season and kick-off business with renewed optimism, I implore us to take utmost care and responsibility in protecting ourselves and our communities. Happy New Year and Cheers to a Great Beginning of an Exciting Decade!,” he declsred.