First Bank of Nigeria announced that its subsidiary, First Nominees Nigeria Limited, has been registered by the Securities and Exchange Commission (SEC) in the capital market. The bank stated that this makes First Nominees Nigeria’s “first nominee company” to be registered in the capital market.
A nominee, according to the SEC regulation, 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”.\First Nominees received approval on November 22nd, according to a statement signed by Olayinka Ijabiyi, assistant group head of marketing and corporate communications at First Bank of Nigeria Limited. The financial institution also noted that this registration makes FirstNominees the “first non-pension assets custodian in Nigeria” to be recognized and registered by the commission. \“As the first indigenous non-pension custody business in Nigeria, FirstNominees cements FirstBank’s position as a trailblazer in Nigeria’s securities custody landscape,” the statement reads. “Licensed by the Central Bank of Nigeria (CBN) and regulated by the Securities and Exchange Commission (SEC), FirstNominees 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, Kunle Olorunfemi, the managing director of FirstNominees, expressed delight over the feat — describing it as a testament “to our commitment to excellence and our ability to deliver on our promises”. He commended the bank’s clients for their partnership and support over the years, reiterating its commitment to delivering superior service and expanding custody services