CSCS appoints Adeyinka Shonekan as executive director

The Central Securities Clearing System (CSCS) Plc, Nigeria’s premier central securities depository (CSD), has appointed Adeyinka Shonekan as executive director on its board.  

The company announced this in a statement on Tuesday.

It said the appointment was made from a rigorous process to add valuable experience to the board whilst also strengthening “management bandwidth”.

According to the statement, Shonekan, currently, the company’s divisional head, sales and business development, joined the board of directors of CSCS Plc, effective November 2022, as executive director, subject to relevant statutory/regulatory provisions.

Speaking on the appointment, Oscar Onyema, chairman of the board, said the appointment is an acknowledgement of the success Shonekan has recorded over the past three years of leading business growth and revenue diversification.

“The appointment reinforces the strong leadership pipeline within the executive and middle management of CSCS and affirms the commitment of the board to effective resourcing of the organisation, as it continues to lead innovations and stakeholder engagements for market development,” he said.

Also, Haruna Jalo-Waziri said Shonekan’s appointment to the board should stimulate more energy at the executive and middle management levels of the organisation.

He said it would reinforce the confidence of the board of directors in the strong pool of talent and leadership of the institution.

“It speaks volumes of the commitment of the board to employees’ career growth and succession planning, a philosophy which should continue to drive innovation and broader productivity of the workforce,” Jalo-Waziri.

“More importantly, Shonekan’s elevation to the board of directors should strengthen the executive bandwidth, especially towards delivering our strategic initiatives anchored on enhancing service excellence and business diversification.”

On his part, Shonekan reiterated his commitment to excellence.

He said the appointment was an “honour and a worthy challenge”.

“I have watched CSCS, as an organisation, grow in bounds over the last three years. I am surrounded by a formidable workforce dedicated to this growth. I look forward to playing an integral part in the continuous journey of building a world-class organisation,” he said.

Prior to joining CSCS, Shonekan was at various times executive director at Volker Securities and Investments Company Limited; the chief operating officer at Unic Insurance Plc; group head, corporate banking, telecoms and special projects at Bond Bank Limited; and a member of the corporate banking team at Guaranty Trust Bank.

He holds a B.A.  economics from the University of Leicester, an MBA in international management from the University of Exeter, and a diploma in marketing from the Chartered Institute of Marketing, England.

CSCS is a public limited company, with a diversified shareholder base, including the Nigerian Exchange Group, some of the largest banks in Nigeria, private equity firms, other corporate and individual shareholders.