Ecobank Nigeria Limited has received approvals from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) to launch its custody business operations in Nigeria.
The new service will be provided through Ecobank Nominees Limited, a special entity created to hold clients’ assets separately from the bank’s assets.
The custody business, which already operates in other African regions under the Ecobank Group, has a combined asset size of over $4 billion.
The Managing Director of Ecobank Nigeria, Bolaji Lawal, highlighted that this service will offer Nigerian investors a secure way to protect their assets and expand their business interests across Africa.
Adebola Adedeji, Head of Custody and Managing Director of Ecobank Nominees Limited, announced that the custody business is fully operational and ready to serve customers.
The service will provide a wide range of financial solutions, including settlements, fund administration, and securities lending, supported by advanced technology to enhance the client experience.