First nominees becomes Nigeria’s first SEC-registered nominee company

FirstBank’s subsidiary, First Nominees Nigeria Limited, has been officially registered by the Securities and Exchange Commission (SEC) as the country’s first nominee company. This milestone, effective November 22, 2024, marks a significant leap in the evolution of custodial services in the nation.

This recognition positions First Nominees as a fully-fledged capital market operator, enhancing FirstBank’s regulatory footprint and enabling the subsidiary to broaden its custody business offerings. The registration underscores First Nominees’ pivotal role in administering securities and assets on behalf of investors under custodial agreements.

The Managing Director of First Nominees, Kunle Olorunfemi, expressed excitement about the achievement. “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,” he said.

Moreover, Managing Director/CEO of the First Bank Group, Olusegun Alebiosu, lauded the accomplishment as a testament to the group’s leadership in the financial services sector. He stated, “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.

“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.”

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