CSCS accredited for GLEIF local services in Nigeria

The Central Securities Clearing System (CSCS) Plc, has been accredited by the Global Legal Entity Identifier Foundation (GLEIF), to perform all Local Operating Unit (LOU) services in Nigeria, following an inspection visit by a team of GLEIF representatives.
   
This was contained in a letter dated, November 26, 2018, and signed by the Chief Executive Officer, GLEIF, Stephan Wolf, addressed to CSCS, authorising it to perform all LOU services as defined in the Master Agreement and its Appendices.
 
“Please be advised that CSCS Nigeria is being granted authorisation to perform all LOU services as defined in the Master Agreement and its Appendices. As previously stated, please be assured that the entire GLEIF organisation is here to assist and support your efforts and bringing continuous improvement to the entire GLEIS system by facilitating a dedication to ‘best of breed’ practices and methodologies in service and operations”.

I encourage all business entities and organizations to acquire the LEI code or apply to CSCS for renewal if they have already registered.”
 
The LEI code is a mandatory global requirement that enables market operators to perform capital market functions; this will further deepen the Nigerian capital market and provide veritable identification of organisations, therefore compliance with this requirement.
   
A Legal Entity Identifier is a 20-character identifier that identifies distinct legal entities that engage in financial transactions.

It is defined by ISO 17442. Natural persons are not required to have an LEI; they are eligible to have one issued, however, but only if they act in an independent business capacity.