Citibank: Nigerian economy on slow path to recovery

Following a difficult two years, there are now signs that the Nigerian economy is starting the slow path to recovery, Citibank Africa Economist, Mr David Cowan has said

  Speaking at a Direct Custody and Clearing (DCC) seminar, Cowan said the growth “could still be constrained by political developments”.

      Citibank Nigeria said it has deployed technologically driven solutions designed to meet clients’ needs.

     Also speaking at the event, the Chief Executive Officer of Citi Bank Nigeria, Mr Akin Dawodu explained that the development is Citi’s standard that is guaranteed in all markets across the globe where Citi exists.

        The event hosted by Citibank 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.

  Other notable speakers, according to a statement issued by Country Public Affairs Officer for Nigeria and Ghana, Lola Oyeka, were Mr. 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’.

 Mr. Adeolu Bajomo, Executive Director, Market Operations and Technology at the Nigerian Stock Exchange (NSE), presentation was titled ‘The Role of Custodians in Exchange Transactions’. Dr Joe Mekiliuwa, General Manager, IT & Operations at the Central Securities and Clearing Systems PLC (CSCS), presentation was on ‘The Ultimate Custodian’. Dr. Timi Austen-Peters, Principal Partner, Austen Peters & Co. spoke on ‘Bankruptcy Remoteness and Custody’ and Mrs. Foluso Ayo-Olaiya, Sales Head, Citi Nigeria Treasury and Trade Services spoke about  Citi’s Payment Capabilities for Custody’

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.

  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   Citibank Charting Custody Industry Progress in Nigeria trading and investing activities of our local clients as well as offering domestic market sub-custody services to banks and global custodians around the world.