By Peter Egwuatu

UBA Global Investor  Services (GIS) the custodian arm of the United Bank for Africa (UBA) Plc, has been appointed by  the Central Bank of Nigeria (CBN) as a custodian of money market  and other fixed income securities.
According to a statement by the bank, “ This appointment by the financial regulatory institution,  is sequel to a  satisfactory due-diligence inspection and other processes on the  UBA Global Investor Services.”

The Nigerian FGN Treasury bill and other Money Market Instruments is a market of at least N3 trillion in size. These  assets are to be de-materialized and held by CBN appointed Custodians.

The appointment of the custodians by the apex bank, according to Mrs Toyin Sanni, CEO Global Investor Services, is  to ensure that the country money market structure and processes conform to global standards of best practices and  transparency with respect to the holding and servicing of Treasury bill and other money market/fixed income  securities currently held in the CBN accounts of banks and reflected on their balance sheets.
Accordingly, from the take-off of the new custodians, all such assets would be dematerialized and the  non-proprietary ones would have to be held by approved custodian like UBA GIS / Nominees.

‘‘The appointment of UBA GIS underscores the confidence UBA enjoys in the custody arena, which also supports the  Bank’s  wider aspiration to be a recognized and respected player in the global financial sector,’’. Sanni said.
UBA Global Investor Services provides core and value added domestic services to global custodians and institutional  investors  in respect of investments in Nigeria and West Africa Economic Union (WAEMU) region comprising  eight  Francophone West African Countries.

Its market  leading  position and growing  international status  is exemplified by the recent appointment  by the  Bank of New York Mellon  (BNYM), the worlds largest  Global Custodian with over 20 Trillion  USD in Custodial  Assets, as a sub- Custodian in Nigeria for its Depository receipts Programmes (‘DRs”).
UBA Global Investor Services (GIS) was the 2008 winner of the prestigious Money Market Innovation award, thus  becoming the first and only West African Custodian to have received the   coveted award.