Kayode Tokede

The Central Securities Clearing System (CSCS) Plc has confirmed its readiness to transition to a T+2 settlement cycle on November 28, 2025, marking a significant milestone for Nigeria’s capital market.

In his opening remarks during a stakeholder webinar themed, “Trade Associations: Ensuring Stakeholders’ Readiness for T+2 Settlement System”, CSCS Managing Director/CEO, Haruna Jalo-Waziri, reflected on the 26-year journey since the organisation’s inception.

He noted that CSCS was established to address settlement risks and that adopting a T+2 cycle aligns Nigeria with international standards by reducing delays, minimising risk, and improving liquidity.

Jalo-Waziri thanked the Securities and Exchange Commission (SEC) for its support and openness to innovation, as well as the NGX Group Plc and various trade associations for their active collaboration throughout the implementation process.

Temi Popoola, Chairman of CSCS, highlighted the significant investment made in technology

and infrastructure to ensure operational and technical readiness for the T+2 transition.

He said the organisation has conducted rigorous stress testing under high-volume and adverse conditions, demonstrating CSCS’s capability to support the new system with strong redundancy and fallback mechanisms.

While Popoola did not disclose the total investment, he emphasised that the initiative represents a major step toward enhancing Nigeria’s competitiveness in the global financial landscape, improving operational efficiency, and strengthening investor trust.

He stressed the collective commitment of both regulators and market participants to deepen and modernise market infrastructure.

Speaking during the same webinar, Dr. Emomotimi Agama, Director General of the SEC, reiterated that the November 28 “Go-Live” date remains unchanged, adding that the shift to T+2 is in line with the Commission’s 2015–2025 Capital Market Master Plan.  Providing a status update,  Divisional Head of CSCS Depository, Onome Komolafe confirmed that the project has entered the implementation phase. She reported that 19 end-to- end test scenarios have been successfully completed with flawless results.

Similarly, Sam Onukwue, Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), described T+2 as a vital step in modernizing the capital market, providing firms with the opportunity to upgrade their systems.