FBN’s subsidiary becomes first registered nominee company

FBN Holding Plc’s subsidiary, First Nominees Nigeria Limited has been registered by the Securities and Exchange Commission (SEC) as Nigeria’s first nominee company in the capital market, effective November 22.

This registration makes FirstNominees the first non-pension assets custodian in Nigeria to be recognised and registered by SEC among the current 11 market players.

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.

As the first indigenous non-pension custody business in Nigeria, First Nominees 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 a statement by the company said adding that the achievement is set to strengthen FirstBank’s regulatory engagement and expand the scope of its custody business to the benefit of its clients.

Managing Director of FirstNominees, Kunle Olorunfemi, said: “We are delighted to receive this registration from the SEC, which is a testament to our commitment to excellence and our ability to deliver on our promises. We would like to thank our clients for their partnership and support over the years and assure them that we will continue to deliver superior service while expanding our bouquet of custody services.”

The Managing Director/CEO, FirstBank Group, Olusegun Alebiosu: “We congratulate FirstNominees on this significant 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, standards 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 to deliver exceptional custody services to its High Net-Worth local and international investors regardless of their location around the globe.”