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Stanbic IBTC has been appointed as the local custodian of the Nigerian Sovereign Wealth Fund (SWF) by the Nigeria Sovereign Investment Authority (NSIA). The appointment was made following a rigorous exercise by NSIA.
Stanbic IBTC’s experience and its track record of providing integrated securities services solutions form a key part of the reason for this selection.
The bank’s role as local custodian of the Fund, which is the third largest Sovereign Wealth Fund in sub-Saharan Africa, embraces safekeeping, settlement and other related services for assets in the region of $1 billion. Its appointment will complement NSIA’s appointment of other fund managers for the Sovereign Wealth Fund.
Head of Investor Services at Stanbic IBTC, Mr. Segun Sanni, expressed his delight at the appointment. “We are deeply gratified by NSIA’s appointment of Stanbic IBTC as its domestic custodian. This is another strong validation of our leadership position in the Nigeria custody space and the thoughts, efforts and resources we invest in constantly pushing the frontiers of the value we bring to our clients.”
Speaking further on the appointment, Mr. Mark Kerns, Global Head of Investor Services for Standard Bank, the parent company of Stanbic IBTC, also commented on the appointment of Stanbic IBTC in Nigeria. “As local custodians of the Sovereign Wealth Fund in Nigeria, 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.”
NSIA was set up in 2011 with one of its objectives being to serve as a catalyst for the diversification of Nigeria’s mono-economy. NSIA’s investment of the Sovereign Wealth Fund is made through three funds: the Stabilisation Fund, the Future Generations Fund and the Infrastructure Fund. Each fund has an allocated quota of the overall $1 billion.