SEC registers FirstBank subsidiary

FirstBank has introduced that its subsidiary, First Nominees Nigeria Restricted, has been registered by the Securities and Change Fee as Nigeria’s first nominee firm within the capital market, efficient November 22, 2024.

In an announcement on Tuesday, it was indicated that with this registration, First Nominees is now a full-fledged capital market operator. This achievement is ready to strengthen FirstBank’s regulatory engagement and develop the scope of its custody enterprise to the advantage of its purchasers.

Commenting on the registration, the Managing Director of First Nominees, Kunle Olorunfemi, mentioned, “We’re delighted to obtain this registration from the SEC, which is a testomony to our dedication to excellence and our means to ship on our guarantees. We want to thank our purchasers for his or her partnership and help over time and guarantee them that we’ll proceed to ship superior service whereas increasing our bouquet of custody companies.”

The Managing Director/Chief Govt Officer of the First Financial institution Group, Olusegun Alebiosu, mentioned, “We congratulate First Nominees on this important achievement. The achievement marks one other milestone for the First Financial institution Group, and with this registration, First Nominees is now a totally registered capital market operator tasked with upholding world greatest practices, requirements, and professionalism. This accomplishment reaffirms our management and unwavering dedication to excellence within the monetary companies business. Guided by our core values of entrepreneurship, professionalism, innovation, and buyer centricity, the skilled and innovation workforce at First Nominees is provided with cutting-edge know-how to ship distinctive custody companies to its high-net-worth native and worldwide traders no matter their location across the globe.”

A nominee is an organization fashioned by a financial institution or different monetary establishment to carry securities and different belongings and administer them on behalf of the particular homeowners below the phrases of a custodial or nominee settlement.

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