CSCS commits N100 Million To Fight COVID-19 …donates Ambulance, Cash

Central Securities Clearing System (CSCS) Plc, Nigeria’s capital market infrastructure, today, donated a fully equipped and insured state-of-the-art Ambulance to the Capital Market Support Committee for COVID-19 (CMSCC), a laudable initiative of the Securities and Exchange Commission (SEC), chaired by one of the capital market veterans, Mr. Ariyo Olushekun. In addition, CSCS made a cash donation to the CMSCC Initiative.

The CMSCC seeks to complement the effort of the Federal and State Governments in stemming the spread of the novel coronavirus, which has undermined economic and social activities across the world.

In furtherance of its reinforced commitment towards the war against COVID-19 and the demonstration of its strong Corporate Social Responsibility (CSR) effort, CSCS will also be partnering other stakeholders in the distribution of 100,000 reusable facemasks aimed at providing free reusable facemasks to the most vulnerable, low – income households across the country. 

In his remarks while presenting the ambulance and cash donation to CMSCC, the Managing Director and Chief Executive Officer of the Central Securities Clearing System Plc, Mr. Haruna Jalo-Waziri said “we find it imperative to collaborate with other stakeholders in the capital market in this war against COVID-19. The safety of Nigerians and the growth of the economy is a collective responsibility that we cannot leave to the government alone.

“We have committed N100million to this war against COVID-19, as we are also supporting the efforts of other stakeholders. Whilst we continue to support the society through CSR initiatives, we believe our most impactful support to the capital market and broader Nigerian economy is through our services. I am excited that we have operated seamlessly through this crisis, leveraging our investment in technology and people, in ensuring efficient depository and settlement of capital market transactions across multiple capital trade points, including the Nigerian Stock Exchange, the FMDQ Exchange and the NASD-OTC”.

Speaking further, Mr. Jalo-Waziri said “I would like to thank our Board of Directors for taking this crucial decision for us to join well-meaning, responsible corporates and other stakeholders in the fight against this novel coronavirus. Whilst it is a challenging time for businesses, it is sacrosanct for corporate leaders to make all possible sacrifice towards this cause, which is perhaps pertinent to the sustainability of businesses and the broader economy.”

Whilst receiving the Ambulance and cash donation, the Chairman of the CMSCC, Mr. Ariyo Olushekun applauded the Executive Management and Board of CSCS Plc for the response to the SEC-led clarion call on capital market stakeholders. He noted that CSCS has in its usual practice demonstrated commitment to the wellbeing of the Nigerian public and more precisely its support for the growth and development of the capital market.

According to Mr. Olushekun, “I am impressed by this kind gesture of CSCS to the capital market community and indeed Nigeria at large, particularly as this comes at a challenging time for most businesses, globally. CSCS has always proven its critical role as the capital market infrastructure, not only in delivering requisite depository and securities settlement services to the broad capital market but also in its corporate social responsibilities”.  

“We will continue to ensure judicious use of the donations to CMSCC, even as we implore everyone to take personal responsibility by maintaining basic safety protocols such as the use of facemasks in public, regular washing of hands with soap and water for a minimum of 20 seconds or the use of sanitizers, maintenance of social distancing measures amongst other protocols being advised from time to time by relevant health authorities”, Mr. Ariyo Olushekun added.

The Nigerian Capital Market Community, led by the Securities and Exchange Commission (SEC) inaugurated the market-wide Committee, the Capital Market Support Committee on COVID-19 (CMSCC), to coordinate the Capital Market Community’s effort in mitigating the medical and economic impact of the pandemic on the vulnerable and the less privileged.

CSCS’ Corporate Social Responsibility (CSR) pillars are built on Community, Environment and People. The company has consistently been at the forefront of championing various charitable causes towards People With Intellectual Disability (PWID), the physically challenged amongst others.

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 the shortening of settlement cycle in the capital market.

CSCS serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds (such as the FGN Sukuk and the FGN Savings Bond), Equity-traded Funds, Real estate Investment Trusts, Mutual funds and Commodities. CSCS is licensed and regulated by the Securities and Exchange Commission (SEC). The activities of CSCS are governed by the Investment and Securities Act 2007, the Companies and Allied Matters Act 2004, and the SEC Rules.