First Bank of Nigeria has announced a landmark achievement for its subsidiary, First Nominees Nigeria Limited, as it becomes the first nominee company in Nigeria’s capital market to be officially registered by the Securities and Exchange Commission (SEC).
In a statement released on Thursday, the bank highlighted that this recognition positions FirstNominees as a pioneering firm in securities custody and asset management within the Nigerian financial sector.
What Does a Nominee Company Do?
A nominee company, as defined by First Bank, is established by financial institutions to manage securities and other assets on behalf of their actual owners. This is achieved under the terms of a custodial or nominee agreement regulated by the SEC.
Approval and Recognition
The SEC granted this significant approval on November 22, as confirmed in a statement by Olayinka Ijabiyi, Assistant Group Head of Marketing and Corporate Communications at First Bank. This registration also makes FirstNominees the first indigenous non-pension assets custodian recognized by the commission.
“With this achievement, FirstNominees solidifies its position as a trailblazer in Nigeria’s securities custody landscape,” the bank noted.
Licensed and Regulated by Key Authorities
FirstNominees operates under dual oversight: it is licensed by the Central Bank of Nigeria (CBN) and regulated by the Securities and Exchange Commission (SEC). This dual regulation enables the company to act as a full-fledged Capital Market Operator, offering advanced custody solutions for its clients.
Leadership Speaks on the Achievement
Speaking on this milestone, Kunle Olorunfemi, Managing Director of FirstNominees, expressed pride in the company’s progress. He described the development as a testament to its commitment to excellence and ability to meet client needs effectively.
“We owe our success to the unwavering support of our clients and remain dedicated to delivering innovative and superior custody services,” Olorunfemi said.
Olusegun Alebiosu, CEO of FirstBank Group, also celebrated the recognition, describing it as a milestone for the institution. He emphasized that FirstNominees is now poised to uphold global standards, enhance regulatory engagement, and deliver unmatched professionalism in the capital market space.
Commitment to Excellence and Innovation
Equipped with cutting-edge technology, FirstNominees leverages FirstBank’s 130 years of financial expertise to provide customized solutions to high-net-worth local and international investors. Guided by core values of entrepreneurship, professionalism, innovation, and customer centricity (EPIC), the subsidiary aims to reshape the custody landscape in Nigeria and beyond.
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