CBN And SEC Approve Ecobank’s Custody Business Launch In Nigeria

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CBN And SEC Approve Ecobank’s Custody Business Launch In Nigeria

News Nation Reports that Ecobank Nigeria limited has launched custody business operation in Nigeria. This follows the acquisition of regulatory approvals from 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 USD4Billion in Assets Under Custody.

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

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.

In her comment, Adebola Adedeji, Head of Custody/Managing Director of Ecobank Nominees Limited, 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.”