CBN, SEC okay Ecobank's Custody Business

Ecobank Nigeria Limited has obtained approvals from the Securities and Exchange Commission and the Central Bank of Nigeria to commence its custody business operations in the country. 

The custody services will be provided through Ecobank Nominees Limited, a dedicated entity established to hold clients' assets separately from the bank's own assets. 

The Ecobank Group's custody services in its other subsidiaries across Central Africa, Francophone and Anglophone West Africa regions have a combined asset size exceeding $4 billion under custody. 

Ecobank Nigeria's Managing Director/Regional Executive, Bolaji Lawal, stated that the new custody offering would enable the bank to provide more value-adding banking and investment solutions to its customers.

Lawal said, “As a Pan-African Bank with access to other African countries, we recognised a need to provide custody services in Nigeria. 

"We have decided to offer Nigerian investors a better way to safeguard their assets and expand their business interests across the continent seamlessly, through our support."

The Head of Custody/Managing Director of Ecobank Nominees Limited, Adebola Adedeji, also disclosed that the custody business had fully commenced operations, saying it was already in the market for business and 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.

“Ecobank's custody service provides an efficient post-trade solution with a state-of-the-art technology platform, enhancing 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.

"Custody services involve the safekeeping and management of financial assets on behalf of clients.”