Stanbic IBTC has been appointed as the local custodian of the Nigerian Sovereign Wealth Fund (SWF) by the Nigeria Sovereign Investment Authority (NSIA).
A statement from the bank yesterday said the appointment was based on the bank’s experience and it’s track record of providing integrated securities services solutions form a key part of the reason for this selection.
The statement explained that the bank’s role as local custodian of the Sovereign Wealth Fund, which is the third largest fund in Sub-Saharan Africa, embraces safekeeping, settlement and other related services for assets in the region of $bn.
It stressed that the appointment will complement NSIA’s appointment of other fund managers for the fund. Head of Investor Services at the bank, Mr. Segun Sanni, expressed his delight at the appointment saying, “We are deeply gratified by NSIA’s appointment of Stanbic IBTC as its domestic custodian.”
He pointed out that the appointment is another strong validation of the bank’s leadership position in the country custody space and the thoughts, efforts and resources it invests in constantly pushing the frontiers of the value to clients.
Also, the Global Head of Investor Services for the bank,Mr. Mark Kerns said, “As local custodians of the fund, we welcome the opportunity to work with NSIA and its other financial partners. “The NSIA has been very thorough in this selection process and we are delighted to be chosen as their custodian.”