The Central Securities Clearing System Plc (CSCS) said its technological innovations had significantly contributed to the advancements in Nigeria’s capital market operations and services.

Mr Tobe Nnadozie, Head of Business Technology and Digital Innovation at CSCS, told newsmen on Saturday in Lagos.

According to him, the boost is ushering in a new era in the country’s capital market technology, with Nutanix playing a crucial role.

The News Agency of Nigeria (NAN) reports that CSCS, led by Mr Haruna Jalo-Waziri, Managing Director, is Nigeria’s Central Securities Depository (CSD), licensed to handle the depository, clearing and settlement of all transactions in the Nigerian Capital Market.

The company processes an impressive 99.9 per cent of all equity trades in the capital markets, underscoring its leading position in the equities market and significant presence in bonds and other financial sectors.

Nnadozie stated that 100 per cent of brokers in the capital market rely on the CSCS platform to complete various transactions and manage their investors’ portfolios.

“At CSCS, we have built a robust technological framework as the cornerstone of our success, propelling us to the pinnacle of Nigeria’s capital market.

“A defining characteristic of the business is our deep-rooted technological ethos and the fact that we are not just a financial entity but fundamentally a technology company operating within the capital market,” he said.

Nmadozie explained that in 2018, CSCS began re-evaluating its operational strategy and recognised the need for an infrastructure overhaul.

“Following a thorough analysis of potential partners, Nutanix emerged as the clear front-runner,” he added.

Nnadozie noted that transitioning to a new infrastructure was a significant feat, as the legacy system was a complex web of over 70 physical servers.

Nnadozie said, “In our blueprint for technological metamorphosis, Nutanix was at the core. With their invaluable expertise, we streamlined our sprawling infrastructure to about 50 optimised servers.

“Our new system includes a cutting-edge multi-cloud disaster recovery environment that promises rapid recovery and ensures zero downtime.

“I have been in IT leadership for over 20 years, and managing infrastructure has always been the biggest challenge. With Nutanix, that concern has taken a backseat.

“When I get a daily risk report from the chief risk officer, infrastructure on our Nutanix platforms is hardly ever on it, and if it is, we already have a solution.

He added that the collaboration with Nutanix led to an overhaul of nearly 90 per cent of CSCS’s systems, transitioning to just five Nutanix clusters.

According to him, these include a three-node cluster for its production environment and a two-node cluster for its disaster recovery environment, paving the way for a streamlined and futuristic operational model.

NAN also reports that over the past four years, CSCS has evolved into a technology giant in the market, connecting all stakeholders and transforming the narratives that have impeded the market’s growth.

The organisation boasts an average uptime of 99.99 per cent for its infrastructure and platforms, enabling numerous innovations in the market.

These included the provision of 24/7 view of investor’s portfolio and various platforms. (NAN