The Chief Executive of Stanbic IBTC Bank, Dr. Demola Sogunle said that Stanbic IBTC is the largest FX liquidity provider outside CBN.
Sogunle said this in his welcome address at the Energy and Infrastructure Breakfast Session, held at Eko Hotel & suites, Victoria Island, Lagos, on Tuesday.
He explained: “Stanbic IBTC operates with 11 subsidiaries and as a group, Stanbic IBTC is the largest investment of Standard Bank and Standard Bank is over 160 years old, which is the biggest and largest banking group of African origin.
“We are the largest PFA in this country, which is an industry about 20 years old, we have over 40 per cent market share in the pension industry”.
Explaining further, Sogunle said: “We’ve got another subsidiary of ours, it is the collective investment schemes managed by Stanbic IBTC Assets Management Limited.
“We’ve also got about 40 per cent market share in that space from pure equity to pure fixed income, from Naira to FX.
“We’ve got a range of funds and that is where Professionals, engineers in Nigeria. They are not compelled by law to give us their money to manage but because of two or three elements which are ‘Expertise, Trust, and Confidence in the brand in giving us their money to manage for them.
“The business that is likely below the line is called ‘Investor Services’, it is the custody business of foreign portfolio investors who are playing a major role when it comes to investment in Nigeria, they are based abroad but they come through one of our subsidiaries to invest in Nigeria equities, fixed income, direct investment. We’ve got 65 per cent market share in that space.
“In the cost of that 65 per cent share in that business, Stanbic IBTC is the largest FX Liquidity provider outside of Central Bank of Nigeria (CBN), but when you see 65 per cent of the FX flows in and out of the country, that is traffic, that is Velocity, so when you see that, you can take advantage of that for the benefit of our customers.
“We used to be number 1 in stock broking for about 13 consecutive years”.
The MD had earlier said: “Today’s gathering brings together esteemed stakeholders and experts from the Nigerian energy and infrastructure market to forge new business relationships, facilitate networking opportunities, and establish a vibrant community of professionals within the value chain.
“We are genuinely delighted to see our esteemed clients and new partners alongside esteemed leaders from the energy sector. This event promises to stimulate discussions and enlighten presentations on pivotal industry developments, market insights, and avenues for growth.
“Our objectives for today are threefold: First, to elucidate how Stanbic IBTC Bank supports energy enterprises. Second, to educate potential clients about the tailored energy and infrastructure solutions we offer. Finally, to underscore our proficiency and extensive experience in delivering bespoke solutions for these pivotal sectors and their respective value chains.
“Throughout this event, we aim to foster excellent connectivity between businesses and untapped markets, facilitate trade expansion, and position Stanbic IBTC Bank as the preeminent institution offering tailored solutions for Nigeria’s energy and infrastructure landscape.
“We are privileged to host a distinguished lineup of speakers and panellists who will share their insights and engage in enriching discussions. Please participate actively, leverage this opportunity to network and explore potential collaborations that will drive growth and prosperity for all stakeholders involved”.
