FirstBank subsidiary becomes registered nominee company

First Bank of Nigeria Ltd. says its subsidiary, First Nominees Nigeria Ltd., has been registered by the Securities and Exchange Commission (SEC) as Nigeria’s first Nominee Company in the capital market.

A statement on Tuesday by Olayinka Ijabiyi, Acting Group Head, Marketing and Corporate Communications, First Bank of Nigeria Ltd. said the registration was effective from Nov. 22, 2024.

Ijabiyi said the registration made FirstNominees the first nozn-pension assets custodian in Nigeria to be recognised and registered by SEC, among the current 11 market players.

As the first indigenous non-pension custody business in Nigeria, FirstNominees cements FirstBank’s position as a trailblazer in Nigeria’s securities custody landscape.

Licensed by the Central Bank of Nigeria (CBN) and regulated by SEC, FirstNominees is now a full-fledged capital market operator.

Commenting on the registration, Kunle Olorunfemi, Managing Director, FirstNominees expressed delight to receive the registration from SEC which demonstrated commitment to excellence.

Olorunfemi thanked customers for their partnership and support over the years and assured continued quality service delivery.

He said with over 130 years of Nigerian market expertise, FirstBank’s strength and stability will empower FirstNominees to expertly navigate clients’ evolving needs, delivering tailored solutions with precision and excellence.

The Managing Director/Chief Executive Office of FirstBank Group, Olusegun Alebiosu, congratulated FirstNominees on the achievement.

“The achievement marks another milestone for the FirstBank Group and with this registration, FirstNominees is now a fully registered capital market operator tasked with upholding global best practices, standard and professionalism.

“This accomplishment reaffirms our leadership and unwavering commitment to excellence in the financial services industry.

“Guided by our core values of Entrepreneurship, Professionalism, Innovation and Customer Centricity (EPIC), the professional and innovation team at FirstNominees is equipped with cutting-edge technology.

“This helps to deliver exceptional custody services to its High Net-Worth local and international investors regardless of their location around the globe,” he said.

A Nominee for the SEC Regulation is a company formed by a bank or other financial institution to hold securities and other assets and administer them on behalf of the actual owners.

They are to do so under the terms of a custodial or nominee agreement.

With this registration, FirstNominees solidifies its position as a premier Capital Market Operator.