CSCS ready for T+2 settlement ‘Go-Live’ on Nov. 28 as market confidence strengthens

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.

Stakeholders across the industry have expressed strong confidence in the market’s preparedness for this critical shift.

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

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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, minimizing 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, 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.

Read also: CSCS gets regulators, operators support for T+2 settlement from November

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 modernize market infrastructure.

“As the central counterparty, CSCS remains dedicated to fostering market stability, transparency, and efficiency. We’re working closely with the SEC and industry groups to ensure a smooth and coordinated transition for all stakeholders,” Popoola stated.

He also pointed out that a successful migration to T+2 requires cooperation across the entire market value chain — including banks, custodians, registrars, fund managers, and back-office operators — to ensure systems are aligned, liquidity plans are in place, and counterparty processes are updated.

Speaking during the same webinar, Emomotimi Agama, Director General, 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.

“T+2 signals the evolution of a smarter, more dynamic, and competitive capital market,” Agama said. He commended CSCS, NGX Group, the trade associations, and the T+2 Project Implementation Committee for their commitment, adding that the SEC will continue providing regulatory oversight and support throughout the transition” he added.

Providing a status update, Onome Komolafe, Divisional Head, CSCS Depository, 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.

From the industry side, Babatunde Majiyagbe, President of the Association of Asset Custodians of Nigeria (AACN), affirmed that custodians are fully prepared for the November launch.

“We’ve conducted thorough testing and encountered no issues. We’re proud of the progress made and look forward to a successful transition,” he said.

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. He expressed confidence in a smooth rollout, citing effective stakeholder coordination.

Oluseyi Owoturo, Chairman of the Council of the Nigerian Institute of Capital Market Registrars (ICMR), also confirmed that member firms have reviewed operational processes and are updating back-office systems in preparation for the go-live date.

Market watchers expressed optimism that the T+2 initiative would align Nigeria’s capital market with international standards, such as those in the U.S., EU, and major Asian markets, which have already adopted T+2.