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Ecobank Nigeria Limited has secured approvals from both the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) to launch its custody business operations within the country.
In a statement released on Sunday, Ecobank Group announced that the custody services in Nigeria would be provided through Ecobank Nominees Limited, a dedicated entity established to manage clients’ assets independently from the bank’s own assets.
The Ecobank Group already operates a successful custody service across its subsidiaries in Central Africa, as well as Francophone and Anglophone West Africa, managing a combined total of over $4 billion in Assets Under Custody.
At the launch event held in Lagos, Bolaji Lawal, Managing Director and Regional Executive of Ecobank Nigeria, emphasized that this new custody offering would enhance the bank’s ability to provide value-added banking and investment solutions to its clientele. He remarked, “As a Pan-African Bank with connections to other African nations, we identified a significant gap in the availability of custody services in Nigeria. We are committed to providing a secure solution for Nigerian investors to safeguard their assets and facilitate the expansion of their business interests across the continent.”
Adebola Adedeji, Head of Custody and Managing Director of Ecobank Nominees Limited, announced that the custody business is now fully operational and actively engaging clients. She stated, “Our custody services are designed to position Ecobank as a comprehensive provider of premium financial services and investment solutions. With custody services already in place in various countries where Ecobank operates, our expansion into Nigeria will further enhance access to both African and international markets for our clients.”
Adedeji highlighted that Ecobank’s custody services will offer a seamless post-trade experience through the use of advanced technological solutions, ensuring an improved client experience at every stage of the investment process. The comprehensive range of services will include settlements, fund administration, corporate actions processing, portfolio valuation, foreign exchange services, securities lending, cash management, escrow agency services, detailed reporting, and multi-market access through Ecobank Group affiliates.
Custody services are essential for the safekeeping and management of financial assets on behalf of clients, providing a secure environment for asset management.
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