Ecobank Nigeria Limited has officially received the go-ahead from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) to begin its custody business operations in Nigeria. This new service will be handled through Ecobank Nominees Limited, a special unit created to manage clients’ assets separately from the bank’s own assets.
The Ecobank Group, which operates in Central Africa and West Africa, already manages over $4 billion in assets through its custody services across various countries. This expansion into Nigeria represents a significant addition to the bank’s services in the region.
Bolaji Lawal, Managing Director and Regional Executive of Ecobank Nigeria, announced the launch in Lagos, highlighting how this new offering will provide more value to customers by enhancing their banking and investment options. “As a Pan-African bank with connections across the continent, we saw a clear need for custody services in Nigeria. Our goal is to offer a secure way for Nigerian investors to protect their assets and expand their business interests seamlessly across Africa,” Lawal said.
Adebola Adedeji, Head of Custody and Managing Director of Ecobank Nominees Limited, explained that the custody services are now fully operational and available to clients. She said, “Our custody services will make Ecobank a one-stop shop for premium financial and investor solutions. We already offer these services in other countries, and bringing them to Nigeria will help our clients access African and international markets more easily.”
Adedeji outlined the comprehensive range of services provided, including asset safekeeping, fund administration, corporate actions processing, portfolio valuation, foreign exchange services, securities lending, cash management, escrow agency services, and multi-market access through Ecobank Group affiliates.
Custody services involve the secure management and safekeeping of financial assets on behalf of clients. With the introduction of these services in Nigeria, Ecobank aims to enhance the client experience at every stage of the investment cycle and support the country’s financial sector development.
