Ecobank’s Custody Business has been Approved by CBN and SEC.
Ecobank Nigeria Limited has received the necessary approvals from the Securities and Exchange Commission and the Central Bank of Nigeria to initiate its custody business operations in the country. This move marks a significant step for the bank as it expands its service offerings to include custody services, which are essential for managing and safeguarding clients’ assets.
The custody services will be provided through Ecobank Nominees Limited, a dedicated entity established to ensure that clients’ assets are held separately from the bank’s own assets. This structure is designed to enhance security and instill confidence among clients, knowing that their investments are managed with the utmost care and integrity.
Ecobank Group has a robust track record in custody services across its subsidiaries in Central Africa, as well as Francophone and Anglophone West Africa, where it manages over $4 billion in Assets Under Custody. This extensive experience positions the bank well to introduce similar services in Nigeria, catering to the growing demand for secure asset management solutions.
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During the launch announcement in Lagos, Bolaji Lawal, the Managing Director/Regional Executive of Ecobank Nigeria, emphasized the strategic importance of this new offering. He noted that as a Pan-African Bank, there was a clear opportunity to fill the gap for custody services in Nigeria, enabling local investors to protect their assets and expand their business interests seamlessly across the continent.
Adebola Adedeji, the Head of Custody/Managing Director of Ecobank Nominees Limited, confirmed that the custody business has officially commenced operations and is actively onboarding clients. She highlighted that this service aims to position the bank as a comprehensive provider of premium financial services and investor solutions tailored to the needs of its customers.
Furthermore, Adedeji explained that the expansion of custody services into Nigeria would not only benefit local investors but also serve as a gateway to broader African and international markets. This initiative reflects Ecobank’s commitment to enhancing its service offerings and providing valuable solutions to its clientele.
