Dematerialisation is the conversion of certificates into electronic form.
Speaking in an interview with journalists in Lagos, Bukar advised shareholders to make the move to dematerialise their physical share certificates as CSCS was doing everything possible to realise full dematerialisation of all share certificates in the Nigeria capital market.
According to him, the implication of the non-dematerialised certificates is that they are not being traded in the system, noting that such share certificates face the risk of being lost, stolen or defaced among others.
"CSCS is working with the Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) and registrars to ensure that investors enjoy all the benefits of dematerialisation and this is the time for shareholders who are still holding their share certificates in physical form to convert them into electronic form and enjoy all the benefits including safety and high liquidity among others," he said.
Bukar, who said CSCS was the backbone of the nation's stock market because of its crucial role as the clearing house for all securities in the market, disclosed that the company was upgrading its clearing and settlement engine.
"We need to work and talk seamlessly with the NSE and other operators in the market. We are, therefore, upgrading our engine and automating all our processes to enhance transparency and efficiency," he said.
Bukar stressed that the CSCS had contributed immensely to the growth of the stock market since it commenced operations in 1997.
He said: "In pre-CSCS years, transaction was an upward of six months but today transaction cycle is T+3(three working days after transaction). This has led to great dynamism in the market due to the turn-around effect on investments of investors."
"Talking about standards, CSCS is to be fully compliant with CPSS-IOSCO standards for payment, clearing and settlement systems," Mr Bukar said.
Speaking further, Bukar noted that trade alert 'invites the investor to join the fight against fraud. It offers transparency'.
He thus enjoined shareholders to provide correct and updated phone numbers in order to receive the alerts. This will support "CSCS aspiration to be a highly transparent organisation with the vision to be the globally respected and leading Central Securities Depository in Africa," Bukar