Stanbic IBTC appointed as local sovereign wealth custodian

Stanbic-IBTC-logoThe Nigeria Sovereign Investment Authority (NSIA) has appointed Stanbic IBTC as its local custodian.

A statement signed by the Vice President, Infrastructure, Markets & Investments and Special Advisor to the Managing Director NSIA  Obinna Ihedioha, said Stanbic IBTC’s custody team will work alongside JP Morgan and others as the NSIA’s global custodian.

The statement said Stanbic IBTC Bank is a leading provider of integrated financial services including personal banking, corporate banking, business banking, pensions and wealth management products and services.
Last week, NSIA appointed JP Morgan, Citi Group, Credite Sussie as international custodians and adversers on the fund.
Stanbic IBTC was created in 2007 when Standard Bank Group merged its Nigerian operations, Stanbic Bank Nigeria with that of IBTC Chartered Bank Plc.

NSIA is responsible for managing the Nigeria Sovereign Wealth Fund, into which the surplus income produced from Nigeria’s excess oil reserves is deposited. This sovereign wealth fund was founded for the purpose of managing and investing these funds on behalf of the government of Nigeria. The wealth fund commenced operations in October 2012 and was set up by the Nigeria Sovereign Investment Authority Act, which was signed in May 2011.

It is intended to invest the savings gained on the difference between the budgeted and actual market prices for oil to earn returns that would benefit future generations of Nigerians.The fund was allocated an initial $1 billion USD in seed capital.

 

Information from Daily Trust was used in this report.

Share

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...