Ecobank Nigeria limited has launched its custody business operation in Nigeria. This move comes after receiving regulatory approvals from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).
With its extensive expertise in offering custody services in other subsidiaries across Central Africa, Francophone and Anglophone West Africa regions, Ecobank Group holds a combined asset size of over USD 4 Billion in Assets Under Custody. The custody business in Nigeria will now be provided through Ecobank Nominees Limited, a special entity established to separate clients’ assets from the Bank’s assets.
During the official launch in Lagos, Bolaji Lawal, the Managing Director/Regional Executive of Ecobank Nigeria, stated that the new custody services will enable the Bank to provide more value-added banking and investment solutions to its customers. He emphasized that Ecobank’s goal in Nigeria is to deliver convenient, affordable, and instant banking and investment services, making it the preferred platform for customers in the country.
As a Pan-African Bank with access to other African countries, Ecobank identified a gap in offering custody services within Nigeria. The Bank aims to provide Nigerian investors with a better way to protect their assets and expand their business interests seamlessly across the continent. Lawal expressed, “Through our support, we are enabling our customers to navigate the African and international markets more efficiently.”
Adebola Adedeji, the Head of Custody/Managing Director of Ecobank Nominees Limited, confirmed that the custody business has officially commenced operations and is now open for business. Adedeji further explained that this new offering positions Ecobank as a one-stop shop that provides premium financial services and investor solutions to its valued customers. Custody services are already available in other countries where Ecobank operates, and expanding into Nigeria will serve as a stepping stone to the African and international markets for our customers.
Adedeji stated that Ecobank custody offers an efficient post-trade service, incorporating a world-class technology solution that enhances the client experience throughout the investment cycle. The 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, among others.
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