Lagos, Aug. 26, 2024 – The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have given approval to Ecobank Nigeria Limited to start its custody business operations in Nigeria.
Ecobank disclosed this in a statement on Sunday.
It said its custody business in Nigeria would be provided through Ecobank Nominees Limited, the special entity set up to hold clients’ assets separate from the bank’s assets.
The bank said it had a combined asset size of over $4 billion in assets under custody in its other subsidiaries in the Central Africa, Francophone and Anglophone West Africa regions.
Bolaji Lawal, its Managing Director/Regional Executive, said the new custody business would enable the bank to provide more value-adding banking and investment solutions to its customers.
“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.”
Adebola Adedeji, its Head of Custody/Managing Director of Ecobank Nominees Limited, said the banks had fully commenced custody operations and the bank is now in the market for business and already signing on customers.
“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.”
