FirstBank has announced that its subsidiary, First Nominees Nigeria Limited, has been registered by the Securities and Exchange Commission as Nigeria’s first nominee company in the capital market, effective November 22, 2024.
In a statement on Tuesday, it was indicated that with this registration, First Nominees is now a full-fledged capital market operator. This achievement is set to strengthen FirstBank’s regulatory engagement and expand the scope of its custody business to the benefit of its clients.
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. 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.”
A nominee 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.
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