Sycamore obtains SEC license, appoints Magbagbeola as asset management head

Sycamore Group, a Nigerian fintech firm managing over N10 billion in assets, has obtained a Securities and Exchange Commission (SEC) license, enabling it to operate as a regulated fund and portfolio manager.

The SEC license positions Sycamore among Nigeria’s regulated investment firms, strengthening its competitive stance in the financial sector.

Alongside the regulatory milestone, Sycamore announced the appointment of Mr. Oluwagbenga Magbagbeola, former Managing Director of ARM Securities, as the Head of its asset management division.

The company disclosed this in a statement signed by the Chief Executive Officer, Sycamore Group, Mr. Babatunde Akin-Moses, on Monday in Lagos.

Akin-Moses said, “Securing our SEC license represents the culmination of years of building institutional-grade compliance systems that protect investor interests.

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“With this regulatory foundation and Oluwagbenga’s proven investment expertise, we’re uniquely positioned to deliver performance and security to investors navigating Africa’s complex market conditions.”

Onyinye Okonji, Co-founder and Chief Compliance Officer, Sycamore Group emphasised the significance of this development.

She said that the milestone reflected the firm’s commitment to operating at the highest standards of financial governance.

“Our team underwent a rigorous evaluation process, during which regulators examined our governance structures, risk management frameworks, and client protection mechanisms,” Okonji said.

Magbagbeola brings 17 years of capital markets experience to Sycamore, having previously held positions at ARM Securities, FBNQuest Securities and Profund Securities.

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At ARM Securities, he developed investment strategies that performed consistently against market benchmarks during challenging economic periods, including recent currency volatility and inflation in Nigeria.

He is a Chartered Stockbroker and Associate Member of the Institute of Chartered Secretaries and Administrators with extensive experience in investment strategy, market analysis and stakeholder engagement.

Speaking on his appointment, Magbagbeola said that joining Sycamore gave him the opportunity to bridge traditional capital markets expertise with fintech innovation at the right time.

“The SEC license creates a regulatory framework for what many Nigerians are already seeking, protected pathways for investment diversification during economic uncertainty,” he said.

Mayowa Adeosun, co-founder and Chief Operating Officer of Sycamore, highlighted the company’s technological advantages.

According to him, the firm’s proprietary investment platform represents years of innovation in applying financial technology to local market conditions.

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“We’ve leveraged artificial intelligence and machine learning to analyse market trends and optimise portfolio allocations across multiple asset classes.

“This resulted in more responsive investment strategies tailored to Nigeria’s dynamic market conditions,” Adeosun said.

Sycamore was founded in 2019 by Akin-Moses, Okonji and Adeosun and has achieved several milestones.

The firm was the first Nigerian fintech to receive approval from the Federal Competition and Consumer Protection Commission (FCCPC) and winning the Nigeria Sovereign Investment Authority (NSIA) competition.