The Ecobank’s Nigerian subsidiary launched its securities custody activities. This transaction follows regulatory approval from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).
The Ecobank Group has extensive expertise in securities custody services across its other subsidiaries in Central Africa, French and English-speaking West Africa, with combined assets of over $4 billion in terms of assets on deposit.
Ecobank Nominees Limited, the special entity established to hold clients’ assets separately from the Bank’s assets, will carry out custodial activities in Nigeria.
Announcing the launch in Lagos, Bolaji Lawal, Managing Director and Regional Executive Director, Ecobank Nigeria, said this new fund custody offering enables the bank to offer higher value banking and investment solutions to its customers.
He reiterated that Ecobank’s mandate in Nigeria is to deliver on the brand promise as the platform of choice for convenient, affordable and instant banking and investment services for customers in the country.
“As a pan-African bank with a gateway to other African countries, there was a discernible gap in the provision of custodial services in Nigeria. We have therefore decided to offer Nigerian investors a better way to protect their assets and expand their business interests on the continent in a transparent manner, through our support,” he said.
In his opinion, Adebola Adedeji, Head of Custody and Managing Director, Ecobank Nominees Limited, disclosed that the securities custody business had taken off and was now on the business market. She also noted that she had already signed contracts with clients.
She explained that “the custodial business is intended to position the bank as a one-stop shop that provides excellent financial services and investment solutions to our customers.” Custodial services are already available in other countries where Ecobank operates, and the expansion into Nigeria will enable our clients to access African and international markets.
He continued: “Ecobank custody provides an efficient post-trade service by deploying a state-of-the-art technology solution that improves the customer experience at every stage of the investment cycle. ».
« Our comprehensive service offering includes settlements, fund administration, securities transaction processing, portfolio valuation, foreign exchange services, securities lending, treasury management, fiduciary agency services, reporting, access to multiple markets through Ecobank Group subsidiaries, among others. », concluded Adebola Adedeji.
GIK/lb/te/Sf/APA