CSCS appoints Shehu Shantali as CEO, Jalo-Waziri bows out after eight years

The Central Securities Clearing System Plc (CSCS) has appointed Mr. Shehu Yahaya Shantali as its new Chief Executive Officer, effective January 1, 2026, subject to regulatory no-objection.

Mr. Shantali succeeds Mr. Haruna Jalo-Waziri, who is stepping down after an eight-year tenure widely regarded as transformative for Nigeria’s central securities depository and the wider capital market.

Announcing the appointment on Friday, CSCS said Mr. Jalo-Waziri’s leadership was marked by strategic growth, stronger governance frameworks, and the modernisation of the company’s systems and processes, which helped position the organisation for long-term competitiveness.

Under his watch, CSCS executed key strategic initiatives, improved operational effectiveness and deepened stakeholder confidence, while enhancing the company’s relevance both within Nigeria and internationally.

Chairman of the Board, Mr. Temi Popoola, praised the outgoing CEO for his contributions and welcomed the incoming chief executive.

“On behalf of the Board, I would like to express our profound appreciation to Haruna Jalo-Waziri for his outstanding service to CSCS. Under his leadership, the Company recorded notable milestones and built an impressive legacy of operational excellence, innovation, and stakeholder confidence,” Popoola said.

He added: “We are equally delighted to welcome Shehu Shantali as the new Chief Executive Officer of CSCS. He brings a wealth of experience, deep industry knowledge, and a strong strategic vision. The Board is confident that he will build on the solid foundation laid by his predecessor and lead the Company into its next phase of growth.”

Mr. Shantali is a seasoned finance professional with over two decades of experience spanning accounting, finance and financial services in Nigeria and the United Kingdom. He holds a Bachelor of Science degree in Accounting from Ahmadu Bello University, Zaria, and an Executive MBA from Kingster Business School.

His career cuts across capital markets, investment banking, real estate and financial services, with strong expertise in investment and asset management, financial advisory services and International Financial Reporting Standards (IFRS).

A significant part of his professional career was spent at the Securities and Exchange Commission (SEC), where he worked for about a decade. During this period, he played a leading role in Nigeria’s transition from Nigerian GAAP to IFRS for publicly listed and significant public interest entities, and also led the Commission’s migration to the contributory pension scheme in 2012.

Until his appointment, Mr. Shantali was Managing Director and Chief Executive Officer of Apricot Investments Limited, where he led the development of the MicroWorld platform. The platform enabled the distribution of structured financial products such as micro-health, micro-pension, micro-housing, micro-insurance and micro-investment solutions, with a focus on financial inclusion.

CSCS also highlighted his experience in digital financial infrastructure, noting that earlier in his career, he and his team developed Nigeria’s first contactless payment solution. He was also involved in pioneering POS-based agency banking and early mobile-money interoperability on the Nigeria Inter-Bank Settlement System (NIBSS) NIP platform.

Reflecting on his exit, Mr. Jalo-Waziri described his tenure as a privilege.

“It has been an honour to serve as the Chief Executive Officer of CSCS. I am proud of what we have achieved together as a team and grateful for the support of the Board, management, regulators, and all our stakeholders,” he said, expressing confidence in the company’s future under the new leadership.

In his acceptance remarks, Mr. Shantali said he was honoured by the Board’s confidence and pledged to build on the gains already made.

“CSCS plays a critical role in Nigeria’s capital market ecosystem, and I look forward to working with the Board, management, staff, regulators, and market participants to further strengthen the Company’s leadership position, deliver value to stakeholders, and support the continued growth and stability of the capital market,” he said.

CSCS, a public limited company with a diversified shareholder base that includes the Nigerian Exchange Group, major Nigerian banks and other institutional and individual investors, serves as the central securities depository for the Nigerian capital market. It is regulated by the Securities and Exchange Commission and plays a key role in the settlement and safekeeping of equities, bonds, exchange-traded funds, mutual funds and other financial instruments.