The Central Securities Clearing System (CSCS) Plc has confirmed its readiness to transition to a T+2 settlement cycle on November 28, 2025. This transfer is anticipated to boost Nigeria’s capital market effectivity, cut back settlement dangers, and align with worldwide requirements.
Capital market stakeholders have expressed robust confidence out there’s preparedness for this crucial shift.
Talking at a stakeholder webinar themed ‘Commerce Associations: Making certain Stakeholders’ Readiness for T+2 Settlement System,’ CSCS managing director/CEO Haruna Jalo-Waziri mirrored on the organisation’s 26-year journey since its inception.
He famous that CSCS was established to handle settlement dangers and that adopting a T+2 cycle aligns Nigeria with worldwide requirements by decreasing delays, minimising threat, and bettering liquidity.
Jalo-Waziri thanked the Securities and Alternate Fee (SEC) for its assist and openness to innovation and the NGX Group Plc and numerous commerce associations for his or her lively collaboration all through the implementation course of.
CSCS Chairman Temi Popoola highlighted the numerous funding made in expertise and infrastructure to make sure operational and technical readiness for the T+2 transition.
He stated the organisation has performed rigorous stress testing underneath high-volume and opposed circumstances, demonstrating CSCS’s functionality to assist the brand new system with robust redundancy and fallback mechanisms.
Popoola emphasised that the initiative represents a major step towards enhancing Nigeria’s competitiveness within the international monetary panorama, bettering operational effectivity, and strengthening investor belief. He burdened the collective dedication of each regulators and market contributors to deepen and modernise market infrastructure.
He additionally identified {that a} profitable migration to T+2 requires cooperation throughout your complete market worth chain, together with banks, custodians, registrars, fund managers, and back-office operators to make sure techniques are aligned, liquidity plans are in place, and counterparty processes are up to date.
Talking throughout the identical webinar, the SEC’s director-general, Dr Emomotimi Agama, reiterated that the November 28 ‘Go-Dwell’ date stays unchanged, including that the shift to T+2 is in keeping with the Fee’s 2015 to 2025 Capital Market Grasp Plan.
Offering a standing replace, divisional head of CSCS Depository, Onome Komolafe, confirmed that the challenge has entered the implementation part. She reported that 19 end-to-end take a look at situations have been efficiently accomplished with flawless outcomes.
From the business aspect, Babatunde Majiyagbe, president of the Affiliation of Asset Custodians of Nigeria (AACN), affirmed that custodians are totally ready for the November launch.
He stated we now have performed thorough testing and encountered no points. We’re happy with the progress made and sit up for a profitable transition.
Equally, Sam Onukwue, chairman of the Affiliation of Securities Dealing Homes of Nigeria (ASHON), described T+2 as an important step in modernising the capital market, offering corporations with the chance to improve their techniques. He expressed confidence in a easy rollout, citing efficient stakeholder coordination.
Chairman of the Council of the Nigerian Institute of Capital Market Registrars (ICMR), Oluseyi Owoturo, additionally confirmed that member corporations have reviewed operational processes and are updating back-office techniques in preparation for the go-live date.
Market watchers expressed optimism that the T+2 initiative would align Nigeria’s capital market with worldwide requirements, comparable to these within the U.S., EU, and main Asian markets, which have already adopted T+2.
