Ecobank Nigeria Limited has secured approvals from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) to launch its custody business operations in the country. The bank announced this development in a statement on Sunday.
The custody services will be provided through Ecobank Nominees Limited, a dedicated entity created to keep clients’ assets separate from the bank’s own assets. The Ecobank Group already offers similar services in its other subsidiaries across Central Africa, Francophone, and Anglophone West Africa, managing a combined asset size of over $4 billion in Assets Under Custody.
Bolaji Lawal, the Managing Director and Regional Executive of Ecobank Nigeria, highlighted that the new custody service positions the bank to deliver enhanced banking and investment solutions to its customers. He noted, “As a Pan-African Bank with access to numerous African markets, we identified a need to offer custody services in Nigeria. We’ve therefore chosen to provide a more secure way for Nigerian investors to protect their assets and expand their business interests across the continent with our support.”
Adebola Adedeji, the Head of Custody and Managing Director of Ecobank Nominees Limited, confirmed that the custody business has commenced operations, is open for business, and has already begun signing on customers. She explained that this move will establish the bank as a one-stop shop offering premium financial services and investment solutions to its valued customers.
Adedeji further elaborated, “Custody services are already available in several other countries where Ecobank operates, and expanding into Nigeria will serve as a gateway to both African and international markets for our clients. Ecobank custody offers efficient post-trade services powered by world-class technology that enhances the client experience throughout the investment cycle. Our comprehensive 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 other services.”
Related News
Custody services involve the safekeeping and management of financial assets on behalf of clients, ensuring their security and optimal management.
