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CSCS Plc Gains at OTC Market as Investors Increase Demand
The shares of Central Securities Clearing System (CSCS) Plc rose significantly last week at the over-the-counter (OTC) market for unlisted securities operated by the NASD Plc.
CSCS led the price gainers on the NASD OTC platform, rising 7.6 per cent from N5.55 to N5.97 per cent. Market analysts attributed the gains to investors’ renewed interest in the stock as they move to be partner owners.
A stockbroker told THISDAY that the renewed interest may not be unconnected with recent smooth leadership change at CSCS. Mr. Kyari Bukar resigned as the managing director of CSCS, ahead of his contract expiration to pursue other interests.
In his stead, Mr. Bola Adeeko was named as Interim Managing Director/Chief Executive Officer of the company effective January 3, 2017. Adeeko has since resumed.
Commenting on the change in leadership, Chairman of CSCS, Mr. Oscar Onyema had said: “The board would like to thank Mr. Bukar for his service and wish him well in his future endeavours. Mr. Adeeko is deeply familiar with the company’s strategy and leadership team, which consists of highly accomplished capital market thought leaders with long-tenure in the business. We believe CSCS is in strong hands during this transition period. The board is confident that Adeeko will serve CSCS and its stakeholders well during this interim period as we search for a new CEO.”
In his comments, Bukar said: “I am grateful to the board and the great team at CSCS for their immeasurable support during my tenure. I am proud of our collective achievements, which was made possible through vigorous pursuits of set goals over the years. I am particularly pleased that CSCS is in a very strong position for the future in the dynamic Nigerian capital market space.”
Also commenting, Adeeko said: “It is a great honour to have been asked by the board of CSCS to take on this interim role. I look forward to continuing the great work at CSCS as outlined by the board, by working with the management and staff of the company.”
Mr. Adeeko holds a Master in Business Administration (MBA), majoring in Finance & Marketing from Hood College, Maryland (USA) and a Bachelor of Science (B.Sc.) degree in Accounting from Ogun State University, Nigeria. He is an alumnus of Harvard Business School at the executive education level. Mr. Adeeko is a lifetime member of the Institute of Directors (IoD) Nigeria and a Board member of the IoD Centre for Corporate Governance.
