Citibank Charting Custody Industry Progress In Nigeria

LAGOS, (Sundiata Finance) – Citi has recently hosted a Direct Custody and Clearing (DCC) seminar that brought together; market regulators, asset management financial services and advisory sector, legal services, custodians, stock exchange other industry experts to discuss and explore the Nigerian asset custody ecosystem vis-à-vis global developments, and identify opportunities for success transfer to help meet the needs of investors in the Nigerian capital market sector.

Citi’s DCC business provides securities settlement, clearing and asset servicing solutions globally to broker dealers, custodian banks and infrastructure such as Central Securities Depositories (CSDs), International Central Securities Depositories (ICSDs) and central counterparties as well as services to select institutional investors, including corporations, financial institutions and public sector entities in over 60 markets around the world.

Akin Dawodu, CEO Citi Nigeria in his keynote address highlighted Citi’s strengths in the Nigerian market, including technologically driven solutions designed to meet clients’ needs, in addition to Citi’s standard that is guaranteed in all markets across the globe that Citi exists.

Citi has offered DCC services to clients in Nigeria since 2008 and plays an integral role in the capital market infrastructure by providing clearing and settlement services for the trading and investing activities of its local clients as well as offering domestic market sub-custody services to banks and global custodians around the world.

David Cowan, Citi Africa Economist, speaking on the state of Nigeria’s economy during the seminar, expressed the view that “following a difficult two years, there are now signs that the Nigerian economy is starting the slow path to recovery, but this could still be constrained by political developments”. He posed the key question: “Where does Nigeria go from here?” Other notable speakers were Efiok E. Efiok, head, Investment Management Department at the Securities and Exchange Commission (SEC) who gave a presentation on ‘Asset Segregation: A Regulator’s Perspective’.

Adeolu Bajomo, executive director, Market Operations and Technology at the Nigerian Stock Exchange (NSE), also made a presentation titled ‘The Role of Custodians in Exchange Transactions’. Joe Mekiliuwa, general manager, IT & Operations at the Central Securities and Clearing Systems PLC (CSCS), had a presentation on ‘The Ultimate Custodian’.

Similarly, Timi Austen-Peters, principal partner, Austen Peters & Co. spoke on ‘Bankruptcy Remoteness and Custody’ and Foluso Ayo-Olaiya, Sales Head, Citi Nigeria Treasury and Trade Services spoke about Citi’s Payment Capabilities for Custody

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