Ecobank Nigeria Limited has secured approvals from the Securities and Exchange Commission and the Central Bank of Nigeria to begin its custody business operations in the country.
According to a statement released on Sunday, the Ecobank Group will provide custody services through Ecobank Nominees Limited, a dedicated entity established to manage clients’ assets separately from the bank’s own assets.
The Ecobank Group, which already offers custody services across its subsidiaries in Central Africa, Francophone, and Anglophone West Africa, manages over $4 billion in Assets Under Custody, according to The Punch.
During the launch event in Lagos, the Managing Director/Regional Executive of Ecobank Nigeria, Bolaji Lawal, stated that the new custody offering will enable the bank to deliver more value-added banking and investment solutions to its customers.
He said, “As a Pan-African Bank with a 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.”
The Head of Custody/Managing Director of Ecobank Nominees Limited, Adebola Adedeji, also disclosed that the custody business has fully commenced operations, is now in the market for business and already signing on customers.
She explained, “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 an inroad to the African and international markets for our customers.
“Ecobank custody offers an efficient post-trade service with the deployment of a world-class technology solution that will enhance the client experience at 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, and multi-market access through Ecobank Group affiliates, amongst others.”
The management and preservation of financial assets on behalf of clients is a component of custody services.
