Ecobank Transnational Incorporated (Ecobank), a leading pan-African banking group led by Cameroonian banker Alain Nkontchou, has officially launched its custodian business operations in Nigeria. This strategic move marks a significant expansion for the bank as it seeks to strengthen its presence across Africa's financial landscape.
Following approvals from Nigeria's Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), Ecobank has established its custody services under the newly formed Ecobank Nominees Limited. The new entity will handle client assets separately from the bank's own holdings, drawing on Ecobank's extensive experience in managing over $4 billion in assets across Central, Francophone, and Anglophone West Africa.
Enhancing investment opportunities across AfricaBolaji Lawal, Regional Executive of Ecobank Nigeria, highlighted the importance of the new custody services during the launch event in Lagos. "Our goal in Nigeria is clear-providing seamless, cost-effective, and immediate banking and investment solutions," Lawal said. "This new custodian service is a testament to our commitment to enhancing our banking offerings."
Identifying a market gap, Lawal noted that Ecobank aims to safeguard Nigerian investors' assets while providing a gateway to diverse business opportunities across Africa through its extensive network. "We are enabling investors to leverage Ecobank's robust infrastructure for new opportunities across the continent," Lawal added.
