CSCS PLC

ommence and end. Functions

Central depository for share certificates of companies quoted on The Nigerian Stock Exchange. Sub-registry for all quoted securities (in conjunction with registrars of quoted companies) Issuer of central securities identification numbers to shareholders; and

Custodian (in conjunction with custodian member(s) for local and foreign instruments. Delivery And Settlement Process Prior To CSCS

In most cases, 3 months - 12 months to receive share certificates
Cancellation and frequent issuance and re-issuance of certificates when sales occur. Constant signature verification

Capital gains not exploited

Some Dealing members sold what they did not have

Numerous complaints on failed transactions

Loss of certificates

Risk was very high - undue delay, manually operated, manipulations due to long transaction cycle, minimal transparency, therefore generally lack of trust in the system

These problems were worldwide and needed solution, hence the need for a depository (CSCS PLC)