CSCS Appoints VFD Group CEO, Okpala, as Board Member

Central Securities Clearing System Plc (CSCS), Nigeria’s premier financial market infrastructure company, has appointed Group Managing Director/CEO of VFD Group, Nonso Okpala, to its board.

Now, Okpala sits on Nigeria’s premiere stock exchange board, Nigeria Exchange Group (NGX), and the CSCS.

The company said in  statement that this appointment comes as no surprise, given Okpala’s remarkable track record.

The statement said: “Under his leadership, VFD Group has evolved from an initial capital of  N2.5 million  to a company with assets now exceeding  N200 billion, with investments spanning over 40 businesses across various sectors of the Nigerian economy. Leading over eight successful capital raises, Okpala has built a reputable brand that transitioned from listing on the National Association of Security Dealers (NASD) to the Nigeria Exchange Limited (NGX) in just four years. This achievement earned VFD Group the “Equity Listing of the Year Award” at the Made of Africa Awards in December 2023.

“In one year on the NGX board, Okpala’s contributions as lead of the Strategy Committee has been instrumental in supporting the vision of the NGX leadership in positioning it as the strongest exchange in the world, achieved in January 2024. His appointment to the boards of CSCS and NGX is critical to the development and enhancement of market infrastructure and exchange business in Nigeria.

“Okpala believes that attracting the continent’s 60 million youths to the capital market is essential for driving innovation and adaptability. His vision extends beyond traditional stock markets to advocate for the development of alternative exchanges and the integration of cutting-edge technology. By attracting young, tech-savvy individuals to the capital market, there is a significant opportunity to enhance efficiency, transparency, and accessibility. This infusion of innovation can catalyze growth not only in alternative exchanges but also benefit the traditional stock market by introducing new perspectives and methodologies.”

“Since he began his career as a Senior Auditor at KPMG Professional Services (Nigeria), and later as the Director of Finance/CFO at Heirs Holdings Ltd, he has sat on both the Board of Abbey Mortgage Bank and Anchoria Asset Management as Non-Executive Director where he appropriates strong governance practices for sustainability.”

“It is anticipated that  Okpala’s presence on the CSCS Board will strengthen the company’s governance structure, instilling confidence among investors and stakeholders in CSCS Plc’s commitment to upholding the highest standards of corporate governance and accountability.”

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