Ecobank Nigeria Limited has officially launched its custody business operations in Nigeria, a significant milestone in its ongoing efforts to expand its financial service offerings.
The new operation aims to provide enhanced asset protection for investors and institutional clients, establishing a more secure environment for managing their investments.
This move follows Ecobank’s receipt of necessary regulatory approvals from both 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.
Bolaji Lawal, Managing Director and Regional Executive of Ecobank Nigeria, highlighted the strategic importance of this new offering during the launch event in Lagos.
“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 said.
He further emphasized that Ecobank’s entry into the custody business would enable Nigerian investors to seamlessly spread their business interests across the continent with greater security.
Ecobank’s custody services will be offered through a specialized entity, Ecobank Nominees Limited, designed to separate clients’ assets from the bank’s own holdings.
This structure ensures maximum protection and transparency for investors, providing them with peace of mind as they engage in various financial activities.
The bank’s custody operations come 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.
Adebola Adedeji, the Head of Custody and Managing Director of Ecobank Nominees Limited, spoke about the readiness of the new service.
“Our custody business has fully commenced operations, and we are already signing on customers. We have invested in world-class technology that enhances the client experience at every stage of the investment cycle,” Adedeji said.
She added that the custody operations are designed to offer seamless, efficient post-trade services, backed by strong operational capabilities across Ecobank’s African subsidiaries.
With over $4 billion in assets under custody across its operations in Central Africa, Francophone, and Anglophone West Africa, Ecobank’s new offering in Nigeria is expected to cater to the increasing demand for secure and efficient asset management services.
The bank’s entry into the custody market also provides Nigerian investors access to wider African and global markets through Ecobank’s extensive network.
Ecobank has already gained a reputation for providing innovative banking solutions in Nigeria, and this new addition is set to further strengthen its market position.
The custody business is expected to not only protect assets but also support investors in maximizing returns and accessing new growth opportunities.
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.
With this new venture, Ecobank continues to fulfill its mandate of delivering value-added banking and investment solutions, reinforcing its role as a leading financial institution in Africa.