T+1 Settlement Cycle Transition Ceremony

Added: 2026-06-03

[00:00:00]transaction ceremony. Please, let's give ourselves a round of applause. It's a very great day for the Federal Republic of Nigeria. It's a very great day for the Nigerian capital market. It's a great day for Africa as Nigeria joins the list of very few exchanges in the world to do T+1.

[00:00:22]The last time I checked, there were just about three exchanges in the world that's doing a T+1 transaction.

[00:00:30]>> [applause] >> the United States, the stock exchange in Canada and in Mexico. [clears throat] Our friends across the Atlantic in Europe are still working on T+ 3, T+2.

[00:00:42]So today we're making history. Another round of applause. I have the singular to honor everyone for all of you here in the hall and those who are watching online here in Nigeria and across Africa and around the world that this event commemorates the official transition, the swiftest transition I've ever seen.

[00:01:00]We were doing T plus two just less than a year ago and less than 12 months after we're now doing a T+1 transaction.

[00:01:09]Thanks to all of you for making it happen, the entire market ecosystem.

[00:01:14]Thank you very much. We have a number of speeches to be made which is in order.

[00:01:19]But let me quickly say that the exchange group which is the venue for this great event led by the securities uh the central securityities clearing system the CSCS PLC prioritizes your safety, your comfort and convenience. So please remember that as part of our safety protocols, the uh restroom facilities are located just after the hall and the convenience also uh for the ladies room to your right and the gentleman's restroom to your left. For your safety, there are three designated exits. One at the front of the hall, one at the rear, and also another one at the left, and of course, one just behind me and for me alone.

[00:02:03]The guest seated at the overflow, my colleagues in the media will have the exit points to the left and to the right of the atrium and the settlement over there. Please, we want to keep all the eyes and the air and the u exit points very clear at all times. So, we should keep our personal belongings uh out of those exit. Thank you very much everyone. Let me quickly therefore make a few recognitions. These are in order.

[00:02:33]Please put your hands together to the captain of the market, Dr. Emma Agama, the director general of the Securities and Exchange Commission. Thank you very much.

[00:02:43]Is the captain of the ship. Let me also introduce a co-pilot, the group chairman, Nigerian Exchange Group, Alaji, Dr. Maru Karangan. [applause] In the production room at Arise, we call him the chief marketer of the Nigerian market.

[00:03:01]We appreciate all you are doing. Thank you so much. Please let me recognize also very briefly and also very importantly the chairman of the CSCS plc and the group managing director and the CEO of the Nigerian exchange group Mr. Tammy Kala. Please your hands together for him and also very quickly the managing director and the CEO of the CSCS plc.

[00:03:25]This institution when it was created many years ago was never given a chance.

[00:03:31]Today this organization has become the cornerstone of everything that we do.

[00:03:37]Thank you very much. Put your hands together. But please Mr. Shayant.

[00:03:41]Thank you. Thank you very much. Thank you. Let me also recognize executive commissioner operations at the Oh, the chairman of Niger. Let me check. Mr. Hansil Nub. Where are you, sir? Okay, it's around. All right. Let's give him a round of applause. Thank you. Uh the chairman of NGX regulation, Mr. Feia.

[00:04:03]The group managing director of Zenit Bank represented by Dr. Adobe Unwa and executive director at Zenit Bank PLC.

[00:04:12]Thank you madam.

[00:04:15]This is the home for all deposits.

[00:04:18]Actually we have more deposit here. 106 trillion. the biggest bank in Nigeria.

[00:04:26]All right, that's fine. Very interesting. The CEO of NGX, Mr. Jude Chmaker, NGX Limited. Mr. Jude, thank you very [applause] much. Good to see you.

[00:04:37]And the CEO of the managing director of the managing director of NSD, Mr. Lung, are you here already? Oh, thank you.

[00:04:43]Good to see you. Thank you. Thank you.

[00:04:45]Thank you. Thank you for coming. and the chief executive of the Lagos uh commodities and futures exchange represented by Mrs. Aani that's al there yet. Thank you so much for coming. The director at the SEC Mrs. Hapsa Troy madam thank you very much [applause] now that you hand it over to the gentleman in Lagos. It was good having you here.

[00:05:11]Uh executive director of the CSCS Mr. Adashko where are you sir?

[00:05:17]Mr. Shenko. Okay, I guess it's it's somewhere around. Let me also now recognize a number of uh market participants and institutions in the ecosystem that make this possible. The gentleman of the street of the market my market the chairman of ashen and director NGS group Mr. Thank you. Thank you. Thank you. It's good to have you here. Also represent also rep recognizing the president I reverse myself. The first female president or the chairman of council of the chartered of stock brokers Mrs. Fura Aime. [applause] I think it's your first appearance in the hall here since you became president. Congratulations madam. Good to see you. I'll be speaking with madame president later the president of the fund managers association of Nigeria. Please put your hands together for Mr. Agobio ID mo.

[00:06:16]We also want to say thank you for being part of this historic moment. The president of the association of issuing houses of Nigeria Mrs. Kud.

[00:06:27]Thank you. We appreciate all of you. The president of the ICMR institute of capital markets registars. We appreciate you coming madam. Thank you very much.

[00:06:35]Good afternoon. Thanks for being here.

[00:06:37]Also Dr. Katherine uh that's Dr. Katherine Wu by the way. And then the Association of Asset Custodians of Nigeria, Mr. Babatundi Maji.

[00:06:50]Thank you. Thank you everyone. the division of head and business services and client experience at the CSCS and the chairman of the T+1 settlement implementation committee Mrs. On command, [applause] please stand up. Please remain standing.

[00:07:11]That's the midwife. [applause] Thank you, madam. Thank you. Thank you.

[00:07:16]It's good to see you. Thank you very much. Great job. Great job you did for all of us. And uh we recognize and want all other members of the TNI T+1 settlement implementation committee president to stand up for recognition.

[00:07:28]Very quickly, very [applause] quickly, very quickly. We give them a round of applause. Ladies and gentlemen, these are the men and women that gave birth to what we're celebrating today for Nigeria, for Africa, for the rest of the world. Thank you very much.

[00:07:42]Gentlemen of the press, ladies and gentlemen, please give me the pleasure to invite Mr. Chantali, the managing director of CSCSPLC to deliver a welcome address.

[00:07:59]>> [applause] >> Good afternoon everyone.

[00:08:24]I slipped this morning when I woke up on my way as I was leaving the house as early as 7:00 in the morning. I slipped on the staircase and I fell.

[00:08:36]But reminds me of those of us that were actually um fans of Game of Thrones. I remembered this bravarian comment from Arya Stark. What do you say to the god of death? and she said, "Not today."

[00:08:53]And I told myself, "Not today. I needed to be here."

[00:08:58][applause] The director general of the Securities and Exchange Commission, Dr. Emomo Timmy, the chairman of CSCs and Group CEO of NGX, Mr. Tami Kupala.

[00:09:13]The chief executive officer of the Nigerian Exchange Limited, Mr. Jutia Maka the managing director chief executive officer of NESDPLC Mr. Euim Kidd Long the managing director chief executive officer of Lagos commodities and futures exchange Mr. Akin Aker Dulu Ali well represented here the president of the Ashon Mr. Shindi Adinagbay the president of the association of asset custodians of Nigeria Mr. Dr. Babatundi Maji Yagbe, the president of the Institute of Capital Market Registers, Mrs. Katherine Numosu, the president of the Chartered Institute of Truck Brokers, Mrs. Fiona Aheime, the do of the Nigerian Capital Market, the president of the Nigerian Stock Exchange, my older brother Sir, distinguished market operators, investors, members of the press, ladies and gentlemen, good afternoon.

[00:10:16]Today marks a defining moment in the evolution of the Nigerian capital market. It is with great pride and profound sense of accomplishment that I welcome you as we formally commemorate the successful transition of a market from a T+2 to T+1 settlement circle.

[00:10:35]As we celebrate this milestone today, it is important to pause and reflect on how far we have come. For many market participants, especially those who have joined the industry in recent years, it may be difficult to imagine a time when the Nigerian capital market operated almost entirely through manual processes and physical share certificates.

[00:10:59]Investors routinely waited between three and six months to receive share certificates following transactions.

[00:11:06]The market relied heavily on paper documentation, creating significant delays, operational inefficiencies, elevated settlement risks, and contributing to widespread challenges such as unclaimed share certificates, unclaimed dividends, and declining investor confidence.

[00:11:25]Recognizing the need for enhanced trust in the market, CSCS was incorporated in 1992 with a clear mandate to transform Nigeria's post trade landscape.

[00:11:37]The organization was established to serve as a nation's central securities depository, provide automated clearing and settlement services, and deliver custodial infrastructure capable of supporting the modern securities market.

[00:11:53]The commencement of CSCS operations in April 1997 fundamentally changed the trajectory of the Nigerian capital market. For the first time, Nigeria achieved automated clearing, settlement, and electronic custody of securities.

[00:12:10]Settlement timelines were reduced dramatically from several months to t plus 5, representing a transformational leap in market efficiency and market the beginning of the dematerialization journey that would eventually eliminate the dependence on physical certificates.

[00:12:28]As market infrastructure matured and technology capabilities improved, Nigeria successfully transitioned to a T plus3 settlement circle in March 2000.

[00:12:41]This further strengthened liquidity, reduced market risks, improved investor confidence, and laid the foundation for a more dynamic and efficient market.

[00:12:51]For more than two decades, T plus3 served the market effectively.

[00:12:58]However, capital markets around the world continue to evolve, driven by advances in technology, automation, connectivity, and investor expectations.

[00:13:10]To remain competitive and attractive to both domestic and international investors, Nigeria needed to continue advancing.

[00:13:20]That journey entered a new phase on November 28th, 2025 when the Nigerian capital market successfully transitioned from T+3 to T+2 settlement supported by extensive industry collaboration and significant investments in technology infrastructure. This milestone brought Nigeria into closer alignment with leading global markets across Europe, Asia, and the Americas. It demonstrated our readiness to operate at the speed of modern financial markets where efficiency, transparency, and rapid trade finality are increasingly essential.

[00:14:01]Today's transition to T+1 therefore represents not a single event, but the latest chapter in the modernization journey that has been underway for more than three decades.

[00:14:15]It is the culmination of years of investment, innovation, stakeholder collaboration, and a shared commitment to excellence. Indeed, the journey to T+1 formally began in 2023 when under the leadership of the Securities and Exchange Commission, a broadbased industry committee was inaugurated to evaluate the readiness of the Nigerian market for a shorter settlement circle.

[00:14:42]The settlement circle review committee brought together representatives from every segment of the capital market ecosystem.

[00:14:50]The work of the committee was extensive and rigorous over the last three years.

[00:14:57]Stakeholders engaged in consult in consultations, process reviews, technology assessments, market simulations, readiness evaluations and implementation planning exercises.

[00:15:12]Throughout this period, there was a shared understanding that reducing settlement timelines required more than technological readiness. It required operational alignment across the entire ecosystem.

[00:15:27]I would like to particularly acknowledge the leadership of the securities and exchange commission and the dedication of the committee chairperson Mrs. Oname Kale alongside alongside all committee members whose tireless efforts have contributed significantly to the success we celebrate today.

[00:15:55]Permit me also to recognize the unwavering commitment of the securities and exchange commission under the leadership of the director general DG Dr. Emomei Agama.

[00:16:07]The successful implementation of T plus1 settlement represents another important milestone in the realization of the objectives articulated within the capital market master plan and reinforces the commission's commitment to building a worldclass capital market that supports economic growth, investment attraction and wealth creation.

[00:16:30]This achievement would not have been possible without the contributions of our exchanges, the Nigerian Exchange, NASD, and the Lagos Commodities and Futures Exchange.

[00:16:43]Their commitment to market readiness, stakeholder education, operational preparedness, and infrastructure enhancement has been instrumental in delivering a successful transition.

[00:16:57]I also wish to express my sincere appreciation to the brokers, custodians, registers, fund managers, settlement banks and the various market associations represented here today.

[00:17:11]The assoc association of securities dealing houses of Nigeria, the association of asset custodians of Nigeria, the institute of capital market registers, the chartered institute of stock brokers and numerous other stakeholder groups played critical roles throughout this journey.

[00:17:30]Most importantly, they did not merely endorse the process. They actively shaped it.

[00:17:38]The questions they raised, the concerns they expressed, the critiques they offered, and the operational realities they highlighted enabled us to continuously refine our approach, challenge assumptions, identify gaps, and develop practical solutions capable of supporting a T+1 environment.

[00:18:02]At CSCS, we viewed every engagement as an opportunity to improve.

[00:18:08]Stakeholder feedback informed several enhancements across our systems.

[00:18:14]Processes and operating models, ensuring that our implementation framework remained practical, efficient, and sustainable. Over the last three years, CSTS has continued to invest significantly in infrastructure modernization and market readiness initiatives.

[00:18:33]These investments include API enabled integrations across the market ecosystem, enhanced straight through processing capabilities, digital self-service platforms, custodian connectivity solutions, automated share detachment processes, improved settlement processing engines, expanded business continuity capabilities, and enhanced cyber security infrastructure.

[00:19:00]We have strengthened connectivity across the market, enhanced operational resilience, improved transaction processing efficiency, and expanded our integration capabilities with global financial messaging standards and international market participants. These investments have not been made solely to support T+1 settlement. They have been made to position Nigeria's capital market for sustained growth and long-term competitiveness.

[00:19:32]The benefits of T+1 settlement are substantial.

[00:19:36]A shorter settlement circle reduces counterparty risks by limiting the period between trade execution and settlement. It improves liquidity by enabling investors to access and redeploy capital more quickly. It enhances operational efficiency throughout the transaction circle, strengthen investor confidence and improves the overall resilience of the financial system. For institutional investors, it provides faster access to capital and greater settlement certainty.

[00:20:09]For our retail investors, it creates a more efficient investment experience while improving confidence in the market's ability to deliver timely outcomes.

[00:20:20]Perhaps most importantly, T+1 strengthens Nigeria's position within the global investment landscape.

[00:20:28]Around the world, leading markets have already implemented T+1 settlement or are actively progressing toward shorter settlement circles. Today's achievement sends a strong signal that Nigeria remains committed to global best practices and continues improvement.

[00:20:47]However, while today is a day of celebration, it is not the end of that journey.

[00:20:54]Capital markets are continuously evolving. Technology is redefining what is possible. Investors are demanding greater speed, transparency, and accessibility.

[00:21:08]Around the world, discussions are already underway regarding same day settlement and real-time settlement environments.

[00:21:16]If the transition to T+2 demonstrated that Nigeria could align with leading global markets, today's transition to T+1 demonstrates that Nigeria can compete confidently among them.

[00:21:32]As the nation's premier central securities depository and a significantly important financial market infrastructure, CSCS remains committed to driving the next phase of market evolution.

[00:21:45]We will continue to invest in innovation, strengthen market infrastructure, deepen collaboration with stakeholders, enhance operational resilience, and support initiatives that improve efficiency, transparency, and investor experience.

[00:22:03]The journey from paper certificates to multimonth settlement circle to T+1 settlement has been remarkable.

[00:22:11]It reflects decades of vision, perseverance, collaboration, and innovation.

[00:22:19]But the future holds even greater possibilities.

[00:22:24]Together, we have built a stronger market.

[00:22:28]Together, we have strengthened investor confidence.

[00:22:33]Together, we have positioned Nigeria's capital market for greater competitiveness and sustained growth.

[00:22:41]and together we will continue building the future of the Nigerian capital market. On behalf of the board, management and my staff at CSCS, I thank every stakeholder who contributed to this remarkable achievement.

[00:22:59]The future of our market is bright and CSCS remains proud to play its part in shaping that future. Thank you, ladies and gentlemen.

[00:23:10]>> [applause] >> And that's quite a resounding one for the managing director of the CSCSPLC.

[00:23:20]Thank you so much Mr. Shu Yaya Shantali.

[00:23:24]Now let me just allow the group ch the group CEO of the Nigerian Exchange Group and the chairman of the CSCS Mr. Timmyola to build on that. Please give him a round of applause as you come to the podium.

[00:23:52]Thank you very much. Uh distinguished ladies and gentlemen, it's a real pleasure to be here and let me please ask to stand on the protocols that have been established.

[00:24:03]Um I would refrain from giving a speech.

[00:24:05]I feel like our CEO has actually given two speeches at the minimum for CSS. So I would uh I will shy from doing so. But I'll make a few remarks very quickly before I go ahead. As they made the um uh acknowledgements earlier, uh there were at least a few people that I thought also should be acknowledged. I see some CSS directors, Mr. Onukoy, who really are very helpful and supportive on the board in driving a lot of the work that we do. uh I also see some directors across the NGX group of companies also uh that are represented uh and also just wanted to acknowledge that and then of course there are many market veterans I think I saw Mr. earlier who was a former president of the exchange, former president of CIS I meant to say. So it's a real pleasure to be here. Uh what I would do uh first of all I want to acknowledge and say thank you to certain people. Uh of course as you know a journey like this builds both on the past it builds on the present. A lot of that has been acknowledged. Uh and speaking about the past I thought it was important also to acknowledge Mr. Jalu Wazeri who as you know has left CSCS but a lot of the gains we've done and the CEO [clears throat] thank you he touched on that so a lot of this work also has been built on the back of that and very very happy and thankful for that uh also want to thank again particularly our DG I remember in 2024 the DG had called a few of us and said it needs to see 200 trillion naira market cap and we walked out and just thought maybe this man doesn't quite you know understand where we are and honestly it was like a wild dream it really was and I think today a lot of that we can see how that is very achievable now and I think last he said now it's 300 trillion uh but I really want to thank the DG because honestly speaking and I say this in private you have a DG who's actually almost more pro markets and moves fast at market development than many of us can do and you know he's gone through so much srifice get here this afternoon. Uh extremely thankful for that. Uh finally, what I would do is just speak to the C also touched on this that this is really not a destination at all. This is part of a longer journey. What we're trying to do uh where we're looking at a market that we expect liquidity to be deeper.

[00:26:25]Uh and of course I should say we were in the heart of Jude and Fei and you know as a team at the NJ side of things also with CSS is really is just one big family now in trying to drive a lot of this. Uh there's a lot of work going on now around liquidity. The DG also is spearheading. We've had several meetings and just market liquidity market depth and you start to see a lot more on that.

[00:26:46]Uh to underpin all of this of course is technology which at the CSS board we're spending a lot of time on this. How do you have a market that is ready to drive and handle a lot of this traffic that we're seeing now in the markets. There's a big mega listing that is ahead of all of us now over the next few months. How do we make sure that as a market our technology systems are ready, our data centers are ready, our processing, our trading etc. And then away from that, how do we start to position the entire ecosystem away from just our regular shares and the regular equities that you would know us for? How do we get into private markets into fixed income? How do we get into digital assets? You know, there's just so much that is out there and I thought I would leave us all with that just level of encouragement. I think this is really just the start of what we hope by God's grace is much deeper markets, much more diversified markets and we look forward to counting on all your support for that. Thank you all very much for being here.

[00:27:41][applause] And that's a shot straight like an arrow. Thank you so much uh the group uh uh CEO of the NGX and the chairman of the CSS. Let me also uh recognize uh Mr. uh Aonsil New is here now. The chairman of Nigerian Exchange Limited. Where are you sir? Thank you. Thank you for coming. We we appreciate your presence.

[00:28:05]Let me please make time because we need to be ready for the closing gong the special closing gong at 4:00.

[00:28:13]The group chairman of NGX group PLC Dr. Omaru Quaranga for a brief address.

[00:28:20][applause] Please make the applause longer so that my chairman could deliver less.

[00:28:40]>> Good afternoon. Uh let me stand on existing protocol too. But uh before making my brief remarks, I want to appreciate the faces I've seen here today is a demonstration that the small work we are doing in this market has been appreciated and you rest assured we are together. Uh with the support of the DG in particular and uh our management team both at the NGS and the CSCS we believe is uh due to your own challenges that you have already given us that we achieving that. De mentioned the issue of the challenge when we were at 50 trillion when DG mentioned 100 trillion we said DG will try and we achieved that before the end of last year he shifted the goal post to 300 today we at our 160 even before the committee of Dangote you'll be rest assured with the type of capital market operators we have with the dream we have this is achievable DG we are giving you awards [applause] it gives me a great pleasure to welcome you all to the momentous occasion of transitioning our settlement period from T plus2 to T+1.

[00:29:50]What mean means for few that may not be versed with the market jagon that the MDCs have mentioned is that all transaction in our market will now settle on the day after trading.

[00:30:05]If you buy today, your account will be debited tomorrow. If you sell today, you will get payment tomorrow. What the change means for season investors and market practitioners is further turnaround, increased liquidity and more efficiency in our market. The move reinforces the Nigerian market as one of the most efficient market globally. You may recall that we are one of the first exchanges in Africa TO TRANSITION FROM CALLOVER system to automated trading system. I can see some of my DS that are here. They can recall in the same venue that we are here when we are making that callover system when we have already passed that level. People have forgotten where we are coming from and where we are today. Let's remind people so that they can be able to know the work that um the registers have done the changes that CSS have brought the the a lot of development that our digital market operators have brought to this market.

[00:31:07]Last year we introduced a digital platform called NGS invest for subscription to public offers which prove highly integral to the success of the banking recapitalization.

[00:31:18]This year alone we have reduced the settlement days from T plus 3 to T plus 2 and we are now moving to T+1. All these have been achieved smoothly and seamlessly because of the professionalism and dedication of our market operators and I believe the same attitude will be shown for this transition.

[00:31:38]Let me use this occasion to specially thank the security exchange commission under the urban leadership of our own digital DG Dr. Timia Gama for the cooperation and support they have always provided to NGS and CSCs that have enabled such act proactively actions and innovations we have seen in this market.

[00:32:00]I would want to thank my colleagues and the teams at the NDS group and CSCS for working day and night to ensure that we met this deadline.

[00:32:10]also market operators and all stakeholders whose commitment and collaboration have contributed to this achievement. I congratulate the entire Nigerian capital market ecosystem today ON THIS IMPORTANT MILESTONE. I LOOK FORWARD to the many opportunities that I lie ahead as we continue to build a stronger, more competitive and more impactful market for Nigeria. In conclusion, let me use THIS OPPORTUNITY TO ASSURE OUR TEAM INVESTORS BOTH locally and internationally and all stakeholders in the Nigerian capital market. I promise that we'll keep looking at ways that we can make investing in the Nigerian capital market smooth, square and enjoyable and we welcome your suggestions in this regard.

[00:32:54]Thank you once again for gracing this occasion. I appreciate [applause] As we just keep that applause going, ladies and gentlemen, let's keep it on as we invite the director general of the Securities and Exchange Commission, Dr. Emma Agama, to declare [applause] and speak to his special address.

[00:33:22]The class captain, please, Mr. Director General.

[00:33:27]>> Thank you.

[00:33:34]Wow.

[00:33:37]First, let me It's the NGX group for a beautiful hall moving from acism to modernism.

[00:33:49][applause] uh we've visited a lot of uh platforms all over the world and each time we go around there of course one of the complaints I have heard is ah when will we get here at least now I can show people over the world that yeah you come to our platform it's beautiful but before I do that let me specially acknowledge uh the non-executive commissioner of the SEC whom nobody saw but remains here and he's here with us and he's a veteran and an ancestor.

[00:34:28]Yes. Of the market.

[00:34:32][applause] Of course, my team members are here also. Buki Rufi, John Briggs, Dr. Salamu, all my team members from the SEC and indeed from there I speak to uh the very brilliant chairman of the NGS group Omarani and by the grace of God the future governor of right and my friend and brother Timmya uh whom I believe in uh for I mean I I honestly want to say so because I mean for over four five years that we've been on this trail I could see what can happen and then of course Shantali who apparently and you know was the a staff of the SEC one time we are proud to have presented him to the world as the new MD of CSC.

[00:35:47]Of course, Jude Ch the MD of the NGS exchange and other board members here present my friend Mr. Hansai of course Shivig Shen and uh uh my brother L in fact I'll mention everybody's name here.

[00:36:08]Yeah. So let me just stand or sit on existing protocol as you may. So the chairman of the central securities clearing system Mr. Timikala managing director of CSCS Chantali the group managing director and CFO of NGS uh distinguished regulators capital market operators institutional investors or custodians registers trade associations and representative of listed companies members of the press ladies and gentlemen good afternoon. It is with profound sense of purpose and no small amount of pride that I stand before you this on this occasion. Today is not a routine ceremony. Today is a watershed moment in the evolution of Nigeria's capital market.

[00:36:50]One that I am confident future market historians will look back upon as the day we firmly declared our readiness to compete at the highest levels of global finance.

[00:37:03]T1, T2, T whatever did not start today.

[00:37:09]It started at the inauguration of the capital market master plan.

[00:37:13]That time we decided in that document that we are going to get here. So it wasn't something that we just woke up you know to bring to bear. No, the market thought about it. It wasn't even the SEC. It's a market that decided this is where we are going to.

[00:37:32]But what's important is that you start a journey and you get there deliberately and intentionally to change the market.

[00:37:40]In the process of doing that, not everybody will be happy. Certainly, but one thing that is important is that no matter what your complaint is, we are ready to make sure that we make you happy. It's our responsibility. We are ready to address the concerns that will ever happen here. So the T+1 settlement circle is now live and with it a new era has begun. To fully appreciate the significance of today, we must first situate it within the journey that brought us here. Not long ago, and this is important context for all participants in this room, Nigeria's capital market operated a T plus three settlement circle, three business days between trade execution and final settlement. and we are transcended from that point even to where we are today. I certainly will not read my speech completely because of time. So I'll just pick those ones those items that I think are important for us today. Of course we have spoken about what it means to the ordinary investor. putting money in the hands of every Nigerian when it should be and making sure that that money can actually revolve into making more money under this government of President Baubu GCFR my president and indeed the ministers of finance starting from Wun onto the current minister for finance professor Tai it is intentional to make Nigerians richer to make Nigerians better and to democratize investment. I acknowledge the unwavering commitment of the presidents of CIS starting from the immediate past president onto the first lady of the CIS today, Fiona.

[00:39:33]Indeed, my friend Ibus and every other person that has, you know, added value to making this market what it is today.

[00:39:42]For me, it is a time of pride. It is a moment of humility before God my maker that I stand in history at this point in time to be doing this for our country and for our market. [applause] The state of our markets numbers that demand ambition. Allow me to pause and acknowledge just how much ground this market has covered in recent years because the T+1 transition does not stand alone. It is a part of a broader transformation that has already produced remarkable results. Like you are all aware, the capital market master plan 2 1.0 has expired.

[00:40:31]Capital market master plan 2.0 zero is just in the offing and so it gives us great opportunity to do what is different changing what we already know we must change making sure we meet Mr. president's ambition of a1 trillion dollar economy. I can't say yes. So we are marking today what we are marking today is not the achievement of any one institution. It is the achievement of a market the collective result of regulators who have m we have who have maintained resolve who have adapted with agility and investors who have trusted this process.

[00:41:12]The SEC is proud to have been a central part of this journey, but we have never seen ourselves as the only part. Ladies and gentlemen, to our investors, domestic and foreign, thank you for the for the confidence you continue to place in the Nigerian assets and Nigerian institutions. We do not take that trust for granted and we will continue to earn it. Ladies and gentlemen, the long the long the gong is about to ring and the era of T+1 has begun. Let us be go and build the market.

[00:41:52]>> Yeah, sure. After I finish [applause and cheering] the >> Oh my gosh.

[00:42:08]I think we can close the budget now. Did you go ahead please sir?

[00:42:16][music] [applause] What do we expect from a digital DG that what he has said and what he has demonstrated here today? Digi we are assuring you that this market has come of age and will make you proud more and more. This one trillion dollar economy you have mentioned must be achieved.

[00:42:38]It's going to BE ACHIEVED WITH THOSE PEOPLE THAT ARE PUTTING THOSE RED JACKET you are seeing at the back. There's achievable.

[00:42:45][applause] So we have come to the second stage of our ceremony of today which is the closing gong. We are don't what others failed is not achievable.

[00:42:59]The t plus one that one is history. We have ticked that one and we are moving forward. I've got a lot of calls BOTH LOCALLY AND INTERNATIONALLY people warning advising are you ready for this?

[00:43:11]Are you ready FOR THIS? JUST DID 3 PLUS 3 YOU HAVE GONE TO 2 PLUS 2 AND WE HAD THAT YOU going to plus one I said just wait this is just the beginning we have the resources we HAVE THE CAPACITY WE HAVE THE PEOPLE WE HAVE THE TECHNOLOGY THAT WE CAN ACHIEVE MUCH MORE than what we achieved today. Thank you very much for your support. We are not taking that for granted. [applause] I wanted to pause the DG so that I can ask him to continue after the closing the market. The door was touching me at the back that chairman the market is almost closing now. We have to stop the DG. So I want to start dig if you have not finished I want to give you THIS MICROPHONE AGAIN. BUT IF YOU ARE GOING TO GIVE US A GO AHEAD I can be able to call other people to do that. DG sir.

[00:43:57]Well, the truth is that I can't be finished [applause] because those that are finished are dead. [laughter] But thank you again for the opportunity to say thank you to every one of you seated right here and those that are not able to join us physically for what we are doing in this market because sometimes I wonder how we got here within doubts of so many people to think that we can't do it but we have shown out of the zeal that we have out of the tenacity and the resilience >> that we all have here that we can do things differently >> if only we put our hearts and our minds to it.

[00:44:49]>> True.

[00:44:49]>> And each and every one of you seated here in one way or the other has contributed to making that happen.

[00:44:57]And to our custodians, I say do not be afraid. We got you covered.

[00:45:05][applause] to our international investors. We said, "Do not be afraid."

[00:45:11]>> We got you covered.

[00:45:14]>> Whatever it is that we need to do to make you as comfortable as we can be, >> certainly we will do it as a community.

[00:45:26]The word of God says, "Come, let's reason together."

[00:45:30]That's exactly what we always do to making sure that we all operate on the same platform and pedestal in moving and driving this market to where we want it to be.

[00:45:43]>> Correct?

[00:45:43]>> I can assure you for one thing, the best is yet to come.

[00:45:47]>> Correct.

[00:45:48]>> This is just the beginning.

[00:45:51]I can see how happy the brokers are.

[00:45:54]>> Correct.

[00:45:54]>> That was not the case two and a half years ago.

[00:45:57]>> Correct.

[00:45:58]But now it's reflecting and we want you to be happier. We want the investors to be happier. We have opportunities. This market is deep.

[00:46:09]>> Perfect.

[00:46:10]>> We will challenge anybody to that fact that this market is deep and the offers that are coming on the way are gigantic offers.

[00:46:21]Histories in making.

[00:46:23]I've been to so many countries and everybody's asking me what are you guys doing in Nigeria that is turning you around.

[00:46:29]>> Correct?

[00:46:31]>> I say come and ask the brokers.

[00:46:32]>> Correct?

[00:46:33]>> Come and ask the issuing houses. Come and ask the fund managers and let them tell you our story. So we all speak about market capitalization.

[00:46:44]Wow. I can also tell you about AUM. Our AUM has moved from 3.6 trillion to about 10 trillion.

[00:46:53]within 2 years that's over I mean everybody is working that's the point I am making no one is sleeping and we're going to make it better so we encourage all of us to continue to leave the hope that we all have in making this market the way we want it to be and I can assure you I will continue to move the goalpost >> so that we get to where we want to get to >> and by the grace of By June July, the capital market master plan 2.0 will be launched, giving us new goals and new challenges that we all can conquer and must conquer. Thank you and God bless you all. [applause] What what else do we expect from a digital DG than what he has said? the walls of assurance the challenges he has given us but let me tell the DG that we're equal to the task we are in the same train with you all the capital market stakeholders are ready to achieve whatever the objective whatever the goal post you have moved we'll meet you there did you we are giving you award on this note let me invite the uh chairman first of all of the NGS limited to say a word or two then I can come to the chairman of the record And there's a lady that is behind the T+1. We couldn't give her time to say a word or two. She even have a presentation, but we ask her just to to like the way when you go for clearance or screening at the national assembly for a ministerial position. We ask her just to go and thank everybody here. Chairman, >> good afternoon everyone. I'm going to keep this extremely brief because um after the our brilliant, proactive, highly energetic DG of the [laughter] SEC and my group chairman whose voice is 10 times louder than mine, there's [laughter] really and group chairman of CSCS and CSCS MD. There's just not much one can say and everything has been said already. I will only say this as far as um Nigeria is concerned. the what's happening in the stock market and uh capital markets and the reforms you see today is just part of a story of the macro story that's happening around Nigeria in different sectors from oil and gas to tech to our foreign reserves to our upgrade of our ratings as a country by fetch. Um I think Nigeria is at the pin of a resurgence and things happening around the world including issues in the Middle East present opportunities showing that Nigeria and Nigeria has been an investment destination that has been long overlooked by the rest of the world not us. We've always known who we were and what this we talk about giants of Africa giant of Africa but we haven't yet taken our position as that giant. I think we are starting to take that position as the actual giant of Africa that we've always known we are whether it's from music to sports to what have you. So I would only say that this is um a historic day that is the beginning of much better days to come. So well done to to all of you all of us. Thank you >> all of us. Thank you. Thank you very much. Thank you. We appreciate please.

[00:50:09]>> Good afternoon ladies and gentlemen. DJ uh all I will say I'm here on behalf of NGX Regulation. Uh it's a very important day for our market and I would like to congratulate the DG the chairman of the NGX group all the brokers and to reassure you that we are there working quietly to be sure that the systems you rely on are working at this. Thank you very much. [applause] >> DG uh [clears throat] chairman um group CEO, distinguished ladies and gentlemen, uh today is really an epochm event. Uh Nigeria perhaps is the leading African country that has joined this T+1 movement. And like the DG pointed out, this is not a destination.

[00:51:00]It's just a journey. So I believe the bus stop is really going to t T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T plus Z at some point uh in the history of the market.

[00:51:09][applause] I'm not the one I'm not the one setting I mean the D it [laughter] said it's a destination uh for our markets >> but I believe that it's important to also put it in perspective. So there are so many countries that are doing T+1.

[00:51:25]The US, Canada, Mexico, uh India and more recently Pakistan. They started in February. So Nigeria is really really the leader in Africa in this regard. So we're really delighted [applause] from an international community. What does this mean? Faster, more efficient trading. At the NS we remain committed to creating the right platform for transactions to occur so that settlement can be seamless. So we're really happy for today and we thank all the key stakeholders that have made this possible and we believe that the market will continue to evolve to ensure that we carry even the millennials that are not so much in our market with this sort of settlement cycle. We're bound to bring them into the market. Thank you very much.

[00:52:13][applause] >> You can say a word.

[00:52:18]>> Thank you, sir. Good afternoon, sir. Um, good afternoon, ma. Um, I'm sorry. I have a speech and I must write read this speech if you'll pardon me, sir.

[00:52:27]>> No, no, I'm not going to pardon you.

[00:52:30]>> I'm not going just a paragraph.

[00:52:33]>> It's just a paragraph.

[00:52:34]>> Say it.

[00:52:35]>> He's taking he's taking the paper from say it, >> but I'll read it from memory.

[00:52:39]>> We can't be holding a dig here. Just go ahead.

[00:52:41]>> I'm sorry, sir. I will go ahead. Good afternoon. Um, standing on established protocols, I want to first of all thank every member of the settlement cycle review committee. I want to ask members to please stand up again [applause] for recognition. Please do stand up.

[00:52:58]Everyone you see here is part of today.

[00:53:01]They are the [applause] ones that made today to be possible. I want to thank you very much. Um and I also want to make very special mention of Mrs. Absatroofi Ma. Thank you so so so very much. Um there [applause] were a bit of beatings and floggings but we are here today. I want to thank every member of the committee. I want to thank every stakeholder of the market for supporting us for bringing us here today. Thank you very much. This is a win for us. This is a win for the market. Thank you.

[00:53:31][applause] >> Thank you very much. You deserve much more than do please. It's better than you reading the paper.

[00:53:39][laughter] >> Do please.

[00:53:42]>> I know that the chairman know that I don't read paper.

[00:53:46]>> I say it from my head.

[00:53:48]>> Uh >> doing ash is vexing on me but I don't want to be holding my DG. Okay.

[00:53:55]>> So I think you should combine with ashon CIS everyone you have to speak on our behalf.

[00:54:00]>> Yeah. Okay. Thank you. [laughter] Well, I have to thank the digital GG for being able to be here and uh I'm always grateful to him each time we do occasion and he's here and the chairman I greet you.

[00:54:21]>> Thank you.

[00:54:22]>> Uh >> they say if you see a little child that is coming up don't kill him. Help him to come up.

[00:54:30]I knew the day we are initiating the chairman me and uh our brother here coffee.

[00:54:37]>> Thank you sir.

[00:54:38]>> Everybody was saying ah why are you so involved in making sure you ro the chairman >> what did the chairman today?

[00:54:44]>> Thank you sir.

[00:54:45]>> Yes. Uh when they brought the digital dig you are saying ah can you do it what? I say this is the person the iron behind Mot >> Aruma >> correct >> that he has been in the system it's now they are bringing him and uh you will see what he will do >> at least everybody is saying it uh those people that are not there when they are burying somebody if you say go and assume it you start to assume from the wrong direction.

[00:55:26]So those of us that have been here we are institution and we are ascensors.

[00:55:31]So whatever that is happening here we know this years yes when 1992 how many of us agreed that this this what we are doing today will happen.

[00:55:40]>> It's true. Everybody refused. We are going from office to office to make sure that people we went where is pony face we went to all the shareholders association and all to just accept for us to commission CSTs and uh I want to be short because there's no long sermon in the evening service when they say the do is talking too much is you know today CSS do you see me Again I don't talk because you are doing the right thing.

[00:56:17]When you are not doing the right thing I will talk the GMA knows that I will always talk.

[00:56:23]>> They say um crab he cannot eat crab in the secret place because immediately he put it in the mouth it will sound cra you will hear it and that's why if you want to hate me for that yes I've been created like that. So I pray that the new CSCS MD will do the newsful do will not talk. You will not hear my voice the moment you are doing the right thing.

[00:56:51]>> Correct.

[00:56:52]>> But if you you are not doing the right thing you will see my true color. Little T said you are always seeing him white in the white paper but put him in the hot water the right color will come out.

[00:57:06]I greet all of you. Congratulation and uh do more [applause] do more. Thank you. I congratulate you. Thank you.

[00:57:19]>> I think we can go ahead with the closing prayer. Bos [laughter] give do. Give do give do to he's taking over from them.

[00:57:34]>> Please come come bro. come and do the family song. I I don't know.

[00:57:42]>> And EFC should be ready to say the closing prayer.

[00:57:46]>> Proof, director general of SEC, Dr. Ebomotimia Gama the group managing director of NGX Dr. Omaru Quiranga and his team chairman the managing director of the CSCS and the special director that assembled a team um that worked on this um T + one.

[00:58:40]All the dignitaries on the podium, gentlemen of the pray partners in progress, my senior colleagues and colleagues, distinguished ladies and gentlemen, >> shall we all rise to sing this family. So first in honor of the director general of SEC for everyday the capital market family >> and then in honor of the Nigerian exchange in honor of the CSCS after the count of three.

[00:59:46]For they are jolly good fellows.

[00:59:49]For they are jolly good fellows.

[00:59:53]For they are jolly good fair.

[01:00:05]And so say all of us, hooray. And so say all of us, hooray. And so say all of us, hooray. For they are jolly good fellows.

[01:00:21]For they are jolly. Good fellows.

[01:00:25]for the joy.

[01:00:29][singing] >> And so say all of us. Three hearts, please.

[01:00:52]>> Thank you.

[01:00:59]Thank you very much.

[01:01:02]>> You want to do closing prayers?

[01:01:04]>> Shall we pray, please?

[01:01:06]>> Let's pray. Let's pray.

[01:01:08]The prayer that >> Father, we thank you for today.

[01:01:12]Grace, thank you for your enablement.

[01:01:17]Thank you for the feet that market has today.

[01:01:22]Jehovah, we pray.

[01:01:24]that because nothing is impossible with you, we'll continue to see more possibilities even ahead. And we ask oh God that the blessings that accomp shall benefit all of us to the glory and praise of your name.

[01:01:44]>> In Jesus name we pray. Amen.

[01:02:05]There's a lot of great deep in your soul. There's a wonder [singing] inside.

[01:02:26]>> Hello.

[01:02:29]Hello.

[01:02:31]Hello.

[01:02:33]Hello. Thank you very much. Please. Uh, we want to announce to all invited guests that