Contact us on 0700 CALL CSCS (0700 2255 2727) or [email protected]

CSCS gets GLEIF accreditation to perform all LOU services

CSCS gets GLEIF accreditation to perform all LOU services

The Central Securities Clearing System (CSCS) Plc has been accredited by the Global Legal Entity Identifier Foundation (GLEIF) to perform all Local Operating Unit (LOU) services in Nigeria. This was contained in a letter dated 26 November 2018 addressed to the company. The accreditation followed an inspection visit by a team of GLEIF representatives.

The letter signed by Stephan Wolf, the Chief Executive Officer of GLEIF, read in part “please be advised that CSCS Nigeria is being granted authorization to perform all LOU services as defined in the Master Agreement and its Appendices.

“As previously stated, please be assured that the entire GLEIF organization is here to assist and support your efforts and bringing continuous improvement to the entire GLEIS system by facilitating a dedication to “best of breed” practices and methodologies in service and operations”.

In his reaction, Mr. Haruna Jalo-Waziri, the Managing Director/Chief Executive Officer, CSCS Plc, said “we are delighted at this accreditation by GLEIF. CSCS is the only entity in Nigeria that can perform this function. The Legal Entity Identifier (LEI) would enable firms to strengthen the accuracy, integrity, and aggregation of data across entities and subsidiaries and thus improve counterparty risk data and management, as well as supporting enhanced data modeling and analysis”.

Mr. Jalo-Waziri added that “LEI system will allow precise and accurate regulatory reporting, as well as support the production of data for recovery and resolution planning. This will inherently lead to operational efficiency that would allow for easy reconciliation of data. I encourage all business entities and organizations to acquire the LEI code or apply to CSCS for renewal if they have already registered”.

Owing to its effectiveness in other jurisdictions, the LEI code is a mandatory global requirement that enables market operators to perform capital market functions; this will further deepen the Nigerian capital market and provide veritable identification of organizations, therefore compliance with this requirement.

A Legal Entity Identifier is a 20-character identifier that identifies distinct legal entities that engage in financial transactions. It is defined by ISO 17442. Natural persons are not required to have an LEI; they are eligible to have one issued, however, but only if they act in an independent business capacity.

Share This Post

Related Posts

Press Release

We Could Not Have Made It This Far Without You!

We Could Not Have Made It This Far Without You! Esteemed Stakeholder, What an interesting year 2022 has been! As we draw the curtain on the year, it is worthwhile to look back to admire all the twists and turns we maneuvered together; and whilst some people cannot wait to kick the dust off their shoes (and in many cases,

Adeyinka Shonekan's Portrait
Press Release

CSCS PLC Strengthens Leadership Bandwidth with Appointment of Adeyinka Shonekan as Executive Director

Lagos, Nigeria –  11 November 2022: Central Securities Clearing System (CSCS) Plc, Nigeria’s premier Central Securities Depository (CSD), has today announced the appointment of  Mr. Adeyinka Shonekan, as Executive Director on its Board. The appointment of Adeyinka as an Executive Director, results from a rigorous process to add valuable experience to the Board whilst also strengthening Management bandwidth.  Adeyinka, currently