By Ayomide Otitoju
FirstBank has announced a landmark achievement with the registration of its subsidiary, First Nominees Nigeria Limited, as Nigeria’s first nominee company in the capital market. The registration, confirmed by the Securities and Exchange Commission (SEC) on November 22, 2024, positions First Nominees as a fully-fledged capital market operator.
In a statement on Tuesday, the bank highlighted that the development would enhance regulatory engagement and broaden the scope of its custody business, delivering greater value to its clients.
Kunle Olorunfemi, Managing Director of First Nominees, celebrated the milestone, saying, “We are delighted to receive this registration from the SEC, which underscores our commitment to excellence and our ability to deliver on our promises. We deeply appreciate the support of our clients and assure them of continued superior service as we expand our custody offerings.”
Olusegun Alebiosu, Managing Director and Chief Executive Officer of the FirstBank Group, described the registration as a significant milestone for the group. “This achievement solidifies First Nominees as a fully registered capital market operator, committed to upholding global best practices and professionalism,” Alebiosu said. “It reaffirms our leadership and dedication to excellence in financial services. Backed by a team of professionals and innovative technology, First Nominees is well-equipped to deliver exceptional custody services to high-net-worth local and international investors, wherever they are in the world.”
A nominee company, typically formed by banks or financial institutions, holds securities and other assets on behalf of their owners, administering them under custodial or nominee agreements.
This development strengthens FirstBank’s position as a leader in the financial services sector and underscores its innovative approach to delivering cutting-edge solutions to its clientele.
