First Bank subsidiary gets SEC’s nod, becomes ‘first’ capital market nominee company

First Bank of Nigeria, says its subsidiary, First Nominees Nigeria Limited, has been registered by the Securities and Exchange Commission (SEC) in the capital market.

In a statement on Thursday, the bank said the subsidiary becomes Nigeria’s “first nominee company” to be registered in the capital with the development.

First Bank 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 under the terms of a custodial or nominee agreement”.

The company got the approval on November 22, according to the statement, signed by Olayinka Ijabiyi, assistant group head of marketing and corporate communications at First Bank of Nigeria Limited.

The financial institution said the registration also makes FirstNominees the “first non-pension assets custodian in Nigeria” to be recognised and registered by the commission.

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

“Licensed by the Central Bank of Nigeria (CBN) and regulated by the Securities and Exchange Commission (SEC), FirstNominees is now a full-fledged Capital Market Operator.

“This achievement is set to strengthen FirstBank’s regulatory engagement and expand the scope of its custody business to the benefit of its clients.”

Commenting on the registration, Kunle Olorunfemi, the managing director of FirstNominees, expressed delight over the feat — describing it as a testament “to our commitment to excellence and our ability to deliver on our promises”.

He commended the bank’s clients for their partnership and support over the years, reiterating its commitment to delivering superior service and expanding custody services.

“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,” he said.

On his part, Olusegun Alebiosu, managing director and chief executive officer (CEO) at FirstBank Group, 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,” he said.

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

Guided by core values of entrepreneurship, professionalism, innovation and customer centricity (EPIC), Alebiosu said the team at FirstNominees is equipped with cutting-edge technology to provide exceptional custody services to high net-worth local and international investors worldwide.