Cynthia Ezekwe
Ecobank Nigeria Limited has officially launched its custody business operations in Nigeria, to provide enhanced asset protection for investors and institutional clients, establishing a more secure environment for managing their investments.
This development follows Ecobank’s receipt of necessary regulatory approvals from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), solidifying its position as a trusted financial partner in the Nigerian market.
Commenting on the initiative, Bolaji Lawal, managing director, and regional executive of Ecobank Nigeria, highlighted the strategic importance of this new offering during the launch event in Lagos, stating: “As a Pan-African bank with deep roots across the continent, we identified the need to provide custody services in Nigeria that will allow investors to protect and grow their assets while accessing new opportunities both locally and across the African continent.’’
Lawal noted that Ecobank’s entry into the custody business would enable Nigerian investors to seamlessly spread their business interests across the continent with greater security.
He explained that the services will be offered through a specialized entity, Ecobank Nominees Limited, designed to separate clients’ assets from the bank’s holdings, adding that the structure ensures maximum protection and transparency for investors, providing them with peace of mind as they engage in various financial activities.
According to the MD, the bank’s custody operations came at a time when asset protection and security are becoming increasingly critical for investors navigating volatile economic conditions.
“By offering services such as asset settlement, fund administration, corporate actions processing, portfolio valuation, and FX services, Ecobank seeks to position itself as a one-stop solution for financial and investment management,’’ he noted.
In her remarks, Adebola Adedeji, head of custody/managing director of Ecobank Nominees Limited, disclosed that the custody business has fully commenced operations and is now in the market for business and already signing on customers.
“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 inroads to the African and international markets for our customers,” Adedeji noted.
“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, among others,’’ she added.
In light of the above, industry analysts believe that the introduction of custody operations by Ecobank Nigeria could mark a turning point for asset management in the country, providing institutional and private investors with the level of security and professional management that was previously under-serviced in the Nigerian market.
