Adeeko Appointed Interim CEO of CSCS as Kyari Resigns

The Board of Central Securities Clearing System (CSCS) Plc yesterday named Mr. Bola Adeeko as Interim Managing Director/Chief Executive Officer of the company effectiveJanuary 3, 2017. He will succeed Mr. Kyari Bukar, who has resigned his appointment ahead of his contract expiration to pursue other interests. His resignation takes effect on December 31, 2016.

Adeeko is currently General Manager and Head of Corporate Services Division at the Nigerian Stock Exchange (NSE). Commenting on the imminent change in leadership, Chairman of CSCS, Mr. Oscar Onyema 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 speaking, 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.

CSCS was incorporated on July 29, 1992 as a financial market infrastructure for the Nigerian capital market. CSCS facilitates the delivery (transfer of securities from seller to buyer) and settlement (payment of bought shares) of securities transacted on the approved Nigerian exchanges. It enables securities to be processed in an electronic book-entry form thereby substantially reducing the period it takes a transaction to commence and end.