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
Sierra Leone airline begins direct flight from Lagos to Freetown
BY Abiodun Saheed Omodara January 23, 2025 0

After a 15-year break, Air Sierra Leone successfully completed its inaugural flight from Freetown to...

READ ALSO
Savannah energy reports $258.7m in 2024, exceeding financial guidance
BY Abiodun Saheed Omodara January 23, 2025 0

The British independent energy company, Savannah Energy Plc has declared a total revenue of $258.7 m...

READ ALSO
Nigeria's economic prospects highlighted ahead of WEF 2025
BY Abiodun Saheed Omodara January 22, 2025 0

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has indicated that Nige...

READ ALSO
Africa now an investment destination – Shettima
BY Abiodun Saheed Omodara January 22, 2025 0

Vice-President Kashim Shettima urged global investors to consider Nigeria's expanding business prosp...

READ ALSO
Ecobank partners with credicorp on flexible customer loans
BY Abiodun Saheed Omodara January 22, 2025 0

Ecobank Nigeria has teamed up with the Nigerian Consumer Credit Corporation to provide customers wit...

READ ALSO
W’Bank imposes 30-month debarment on Nigerian coy’s for corruption
BY Abiodun Saheed Omodara January 22, 2025 0

The World Bank Group has announced a 30-month debarment for two companies based in Nigeria, Viva Atl...

READ ALSO
TUC advocates for Tax reassessment to support Nigerians
BY Abiodun Saheed Omodara January 22, 2025 0

The Trade Union Congress of Nigeria (TUC) has urged for a reassessment of certain aspects of the tax...

READ ALSO
NCC approves 50% tariff adjustment for telecom operators amid rising costs
BY Abiodun Saheed Omodara January 21, 2025 0

The Nigerian Communications Commission (NCC) announced on Monday that it has approved a tariff adjus...

OUR CHANNELS:

Tinubu Returns to Nigeria From Tanzania
BY Abiodun Saheed Omodara January 30, 2025 0

President Bola Tinubu has returned to Abuja following his attendance at the Africa Heads of State En...


Obi emphasises focus on Nigerians' welfare, seek coalition for 2027 elections
BY Abiodun Saheed Omodara January 30, 2025 0

Labour Party presidential candidate Peter Obi has expressed his willingness to a coalition ahead of...


FAAN ease traffic congestion, suspends access gate fees at Abuja Airport
BY Abiodun Saheed Omodara January 28, 2025 0

The Federal Airports Authority of Nigeria has announced the suspension of all access gate fees at th...


Obasa challenges removal as Speaker, Denies corruption allegations
BY Abiodun Saheed Omodara January 27, 2025 0

The impeached Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has faulted his removal...


Court orders woman to pay N150, 000 for boyfriend emotional distress
BY Abiodun Saheed Omodara January 27, 2025 0

A Magistrate Court in Ilesa, Osun State, has ordered Rhoda Adu to pay N150,000 in damages for not vi...


U.S. halts all foreign aid, exempt Israel, Egypt amid 'America First' Policy Shift
BY Abiodun Saheed Omodara January 30, 2025 0

USA (AFP) - The United States, the largest donor globally, halted nearly all foreign aid on Friday,...


NELFUND reaffirms commitment to affordable education
BY Abiodun Saheed Omodara January 28, 2025 0

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has reiterat...


Edo report eight Lassa Fever deaths, 56 cases
BY Abiodun Saheed Omodara January 26, 2025 0

Edo State has reported 56 cases of Lassa Fever and eight fatalities from December 30, 2024, to Janua...


Olamide teases fans with new project announcement, After Idan Buruku
BY Abiodun Saheed Omodara January 25, 2025 0

After thrilling fans with "Idan Buruku," an electrifying freestyle that takes listeners back in time...


Congo military gov. dies during clash with M23 rebels
BY Abiodun Saheed Omodara January 28, 2025 0

The military governor of North Kivu province in the Democratic Republic of Congo has succumbed to gu...


More Articles

Load more...

Menu