In a pivotal leadership transition for Nigeria’s financial infrastructure, the Central Securities Clearing System Plc (CSCS) has announced the appointment of Mr. Shehu Shantali as its new Chief Executive Officer, effective January 1, 2026. The move, which follows regulatory approval, marks the culmination of an eight-year tenure by the outgoing CEO, Mr. Haruna Jalo-Waziri, whose legacy is credited with modernizing the nation’s capital market backbone.
A Seamless Transition of Leadership
The announcement, made on Friday, December 19, 2025, frames the change as a strategic succession designed to build upon a strong foundation. The Chairman of the Board, Mr. Temi Popoola, who is also the CEO of the Nigerian Exchange Group, articulated the dual sentiment of gratitude and forward-looking confidence.
“On behalf of the Board, I express our profound appreciation to Haruna Jalo-Waziri for his outstanding service. Under his leadership, CSCS recorded notable milestones and built an impressive legacy of operational excellence, innovation, and stakeholder confidence,” Popoola stated. He added, “We are equally delighted to welcome Shehu Shantali. He brings a wealth of experience, deep industry knowledge, and a strong strategic vision. The Board is confident he will lead the company into its next phase of growth.”
The Legacy of Haruna Jalo-Waziri: Building a Modern Market Infrastructure
Jalo-Waziri’s eight-year tenure, which began in 2018, was a period of profound transformation for CSCS. His leadership moved the company beyond its core depository functions to become a dynamic enabler of market efficiency and resilience. Key achievements under his watch include:
- Technological Modernization: Oversaw significant upgrades to core settlement and depository systems, enhancing transaction speed, security, and reliability for brokers, registrars, and investors.
- Strategic Expansion: Broadened the company’s service portfolio and forged critical partnerships, increasing CSCS’s relevance both within Nigeria and in the broader African financial landscape.
- Governance & Operational Resilience: Instituted robust risk management and corporate governance frameworks, strengthening the company’s ability to withstand market shocks and maintain stability—a critical function for a systemically important entity.
- Stakeholder Confidence: His stewardship was instrumental in bolstering trust among investors, regulators, and market participants, a non-negotiable prerequisite for capital market growth.
In his farewell remarks, Jalo-Waziri reflected, “It has been an honour to serve… I am proud of what we have achieved together as a team. I am confident that CSCS is well positioned for the future, and I wish my successor every success.”
Introducing Shehu Shantali: A Profile of the Incoming CEO
The incoming CEO, Mr. Shehu Shantali, is not a newcomer to the intricacies of Nigeria’s capital markets. His appointment signals a continuation of technical expertise and regulatory acumen. His profile reveals a career tailor-made for this role:
- Educational Foundation: Holds a B.Sc. in Accounting from Ahmadu Bello University, Zaria, and an Executive MBA from Kingster Business School.
- Decade of Regulatory Experience: Spent ten formative years at the Securities and Exchange Commission (SEC) Nigeria. There, he championed two of the market’s most significant modernizations: leading the migration of publicly listed companies from Nigerian GAAP to International Financial Reporting Standards (IFRS) and managing the Commission’s own transition to the contributory pension scheme in 2012.
- Versatile Industry Expertise: With over two decades of experience across Nigeria and the United Kingdom, his career spans investment banking, asset management, financial advisory, and real estate. This blend of regulatory insight and private-sector practice equips him with a unique, 360-degree view of the ecosystem CSCS serves.
Accepting the role, Shantali noted, “I am deeply honoured… CSCS plays a critical role in the capital market ecosystem. I look forward to working with all stakeholders to further strengthen the company’s leadership position, deliver value, and support the continued growth and stability of the capital market.”
The Road Ahead: Challenges and Opportunities for CSCS
Shantali assumes leadership at a critical juncture. His immediate agenda will likely involve navigating evolving market dynamics, accelerating digital transformation (including blockchain and fintech integrations), and deepening financial inclusion. His regulatory background will be invaluable in collaborating with the SEC and other bodies to shape policies that enhance market competitiveness and investor protection. The core challenge will be to innovate while safeguarding the impeccable operational integrity established by his predecessor.
About CSCS: The Central Securities Clearing System Plc is the central securities depository for Nigeria’s capital market, responsible for the settlement of trades, safekeeping of securities, and provision of ancillary services. It is a systemically important financial infrastructure regulated by the Securities and Exchange Commission (SEC).
Edited by Olawunmi Ashafa
