Ecobank strengthens African market presence with new custody service in Nigeria
By Esther Agbo
In expanding its financial services, Ecobank Nigeria Limited has received the green light from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to launch its custody business operations in Nigeria.
This development positions Ecobank as a key player in the rapidly evolving financial landscape of Nigeria, offering enhanced investment protection and services to its clients.
The newly approved custody service will be managed by Ecobank Nominees Limited, a subsidiary specifically established to safeguard clients’ assets separately from the bank’s holdings.
With this launch, Ecobank aims to address a critical gap in Nigeria’s financial services sector, providing investors with secure and seamless access to markets across Africa.
The Managing Director and Regional Executive of Ecobank Nigeria, Bolaji Lawal, highlighted the significance of this new service during the official launch in Lagos.
“As a Pan-African Bank with a gateway into other African countries, there was an identifiable gap to offer custody services in Nigeria. We have therefore decided to provide a better way for Nigerian investors to protect their assets and to spread their business interests across the continent seamlessly, through our support,” Lawal stated.
The move into the custody business aligns with Ecobank’s broader strategy to enhance its service offerings across the African continent, where the bank already manages over $4 billion in assets under custody across various regions including Central Africa, Francophone, and Anglophone West Africa.
However ,the Head of Custody and Managing Director of Ecobank Nominees Limited, Adebola Adedeji, noted that the service is already operational and attracting clients.
She emphasised that the custody service is designed to make Ecobank a comprehensive provider of financial solutions, catering to both local and international market needs.
Adedeji further explained, “Ecobank custody offers an efficient post-trade service with the deployment of a world-class technology solution that will enhance the client experience at every stage of the investment cycle.
“Our 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, amongst others.”
