Ecobank Launches Custody Business in Nigeria

Ecobank Launches Custody Business in Nigeria

Ecobank Nigeria Limited has launched a custody business in Nigeria. This follows the acquisition of regulatory approvals from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).

Ecobank Group has extensive expertise offering custody services in its other subsidiaries within the Central Africa, Francophone and Anglophone West Africa regions, with a combined asset size of over US$4bn in Assets Under Custody. The custody business in Nigeria will be provided through Ecobank Nominees Limited, the particular entity set up to hold clients’ assets separate from the Bank’s assets.

Announcing the launch in Lagos, the managing director/regional executive of 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 a gateway into other African countries, there was an identifiable gap in offering custody services in Nigeria. Therefore, the bank has decided to provide a better way for Nigerian investors to protect their assets and spread their business interests across the continent seamlessly through our support”. He stated.

In her comment, Adebola Adedeji, Head of Custody/Managing Director of Ecobank Nominees Limited, disclosed that the custody business has fully commenced operations, is now in the business market, and is 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.”

She added, “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.”