In Nigeria, Ecobank Nigeria Limited has started operating a custody business.
This comes after obtaining regulatory licenses from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
With more than USD 4 billion in assets in custody across its various subsidiaries in the Francophone, Anglophone, and Central African areas, Ecobank Group has vast experience providing custody services.
The custody business in Nigeria will be provided through Ecobank Nominees Limited, the special entity set up to hold clients’ assets separate from the Bank’s assets
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Announcing the launch in Lagos, Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal, stated that the new custody offering positions the Bank to offer more value-adding banking and investment solutions to its customers. He reiterated that Ecobank’s mandate in Nigeria is to deliver the brand promise as the platform of choice for convenient, affordable, and instant banking and investment services to customers in the country.
“As a Pan-African Bank with gateway into other African countries, there was an identifiable gap to offer custody services in Nigeria. We have therefore decided to provide a better way for Nigerian investors to protect their assets and to spread their business interests across the continent seamlessly, through our support”. He stated.
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In her comment, Head of Custody/Managing Director of Ecobank Nominees Limited, Adebola Adedeji disclosed that the custody business has fully commenced operations and is now in the market for business and already signing on customers.
She explained that “the custody business is set to position the Bank as a one-stop shop offering premium financial services and investor solutions to our valued customers. Custody services are already being offered in some other countries where Ecobank has operations, and expanding into Nigeria will further serve as inroad to the African and international markets for our customers”.
She added that “Ecobank custody offers an efficient post-trade service with the deployment of a world-class technology solution that will enhance client experience every stage of the investment cycle. Our comprehensive service offerings include settlements, fund administration, corporate actions processing, portfolio valuation, FX services, securities lending, cash management, escrow agency services, reporting, multi-market access through Ecobank Group affiliates, amongst others.”
