The Nigeria Sovereign Investment Authority (NSIA) has appointed Stanbic IBTC as its local custodian. Stanbic IBTC’s custody team will work alongside JP Morgan, NSIA’s global custodian.
In a statement on the authority’s website, it said Stanbic IBTC was chosen due to its experience as a provider of integrated financial services including custody, asset management, corporate banking and risk products and services, amongst others.
NSIA was set up by an Act of the National Assembly in 2011. Its objectives are to catalyse diversification of the Nigerian economy beyond the present high dependence on oil and gas, assist stabilization of macro-economic management at times of economic stress, and invest in and encourage investment in Nigerian infrastructure. NSIA’s investments are made through three distinct funds: the Stablisation Fund, the Future Generations Fund and the Infrastructure Fund.
Nigerian SWF Appoints Stanbic as Local Custodian
The Nigeria Sovereign Investment Authority (NSIA) has appointed Stanbic IBTC as its local custodian.
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