The Securities and Exchange Commission (SEC) has registered First Bank’s subsidiary, First Nominees Nigeria Limited, as Nigeria’s first nominee company in the capital market, effective November 22, 2024.
First Nominees Ltd has become a full-fledged capital market operator with its registration, according to a statement released on Tuesday.
To the advantage of its customers, this accomplishment is expected to improve FirstBank’s regulatory involvement and broaden the extent of its custody operations.
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FirstBank Executives expressed their enthusiasm about the registration
Commenting on the registration, the Managing Director of First Nominees, 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/Chief Executive Officer of the First Bank Group, Olusegun Alebiosu, said, “We congratulate First Nominees on this significant achievement. The achievement marks another milestone for the First Bank Group, and with this registration, First Nominees is now a fully registered capital market operator tasked with upholding global best practices, standards, and professionalism.”
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“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, the professional and innovation team at First Nominees 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.”
Under the terms of a custodial or nominee arrangement, a nominee is a business established by a bank or other financial institution to hold securities and other assets and manage them on behalf of the real owners.