Would you like to receive notifications on latest updates of the following headlines?

CBN, SEC okay Ecobank's Custody Business

POSTED ON August 26, 2024 •   BUSINESS      BY Abiodun Saheed Omodara
Ecobank Building

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.”

READ ALSO
Nigeria Should Aim for 60,000 Megawatts of Power Generation- Dangote
BY Abiodun Saheed Omodara July 17, 2025 0

President of the Dangote Group, Alhaji Aliko Dangote, argues that Nigeria's low electricity generati...

READ ALSO
FG Unveils Strategy to Enhance Aquaculture and Reduce Fish Imports in Nigeria
BY Abiodun Saheed Omodara July 16, 2025 0

The federal government is committed to reducing Nigeria's reliance on fish imports by enhancing loca...

READ ALSO
FG Partners CILSS to Enhance Food and Nutrition Safety in Nigeria
BY Abiodun Saheed Omodara July 16, 2025 0

The Federal Government is intensifying its initiatives to improve food and nutrition safety through...

READ ALSO
Dangote Aims to Cut Cooking Gas Prices, Plans Direct Sales to Consumers
BY Abiodun Saheed Omodara July 16, 2025 0

President of the Dangote Group, Alhaji Aliko Dangote,  has revealed intentions to lower th...

READ ALSO
US-Nigeria Trade Relations Face Significant Decline Amid New Tariffs
BY Abiodun Saheed Omodara July 14, 2025 0

The trade ties between the United States and Nigeria have encountered a notable decline, with offici...

READ ALSO
FG Commits to Clearing Legacy Debts for Gas Producers
BY Abiodun Saheed Omodara July 12, 2025 0

The Federal Government has announced its intention to clear all due payments to gas producers, inclu...

READ ALSO
Solid Minerals Minister Addresses Blackmail Against Mining Marshals, Vows Sector Reforms
BY Abiodun Saheed Omodara July 12, 2025 0

The Minister of Solid Minerals Development, Dr. Dele Alake, has stated that the Mining Marshals (MM)...

READ ALSO
Senate Calls for Reassessment of Nigeria's Power Sector Strategy
BY Abiodun Saheed Omodara July 11, 2025 0

The Senate has urged the Federal Government to reconsider its strategy regarding the power sector, a...

OUR CHANNELS:

Obama’s Debunk Report on Divorce
BY Abiodun Saheed Omodara July 18, 2025 0

Former U.S. President Barack Obama and his wife, Michelle, have put to rest rumors regarding their m...


Bayelsa Govt. Cautions Principal Officers on Pension Delay
BY Abiodun Saheed Omodara July 18, 2025 0

The Bayelsa State Government has cautioned principal officers of local government councils to avoid...


NLC Decries Nigeria's Poor Labor Rights Record as National Disgrace
BY Abiodun Saheed Omodara July 18, 2025 0

The Nigeria Labour Congress (NLC) has expressed its worries about the nation's inadequate performanc...


Israeli Strike Hits Catholic Church in Gaza, Killing Two Civilians
BY Abiodun Saheed Omodara July 18, 2025 0

An Israeli airstrike on Gaza's sole Catholic Church resulted in the deaths of two individuals on Thu...


SSC Napoli Completes €25 Million Deal for Noa Lang from PSV
BY Abiodun Saheed Omodara July 19, 2025 0

Serie A champions Napoli confirmed on Thursday that they have signed Dutch forward Noa Lang from PSV...


Civil Defence Board Temporarily Closes Recruitment Portal for System Enhancements
BY Abiodun Saheed Omodara July 17, 2025 0

The Civil Defence, Correctional, Fire and Immigration Services Board has temporarily closed its recr...


Nigeria Should Aim for 60,000 Megawatts of Power Generation- Dangote
BY Abiodun Saheed Omodara July 18, 2025 0

President of the Dangote Group, Alhaji Aliko Dangote, argues that Nigeria's low electricity generati...


FG Denies Emergence of New Terrorist Groups Amid Turkish Warnings
BY Abiodun Saheed Omodara July 17, 2025 0

The Federal Government On Wednesday, stated that no new terrorist groups have emerged in the country...


151 Senior Police Officers Face Misconduct Hearings- NPF
BY Abiodun Saheed Omodara July 18, 2025 0

The Nigeria Police Force has revealed that 151 senior officers are currently undergoing proceedings...


CPC Loyalists Face Uncertain Future Amid Buhari's Death, Tinubu's Leadership
BY Abiodun Saheed Omodara July 18, 2025 0

The passing of former President Muhammadu Buhari has sparked renewed speculation regarding the polit...


More Articles

Load more...

Menu