FirstBank, West Africa’s premier financial institution and financial inclusion service provider, is proud to announce that its subsidiary, First Nominees Nigeria Limited (“FirstNominees”), has been registered by the Securities and Exchange Commission (SEC) as Nigeria’s first Nominee Company in the Capital Market, effective November 22, 2024.
This registration makes FirstNominees the first non-pension assets custodian in Nigeria to be recognized and registered by the Securities and Exchange Commission (SEC), among the current 11 market players.
As the first indigenous non-pension custody business in Nigeria, FirstNominees cements FirstBank’s position as a trailblazer in Nigeria’s securities custody landscape.
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 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.”
With over 130 years of Nigerian market expertise, FirstBank’s strength and stability will empower FirstNominees to expertly navigate clients’ evolving needs, delivering tailored solutions with precision and excellence.
According to Olusegun Alebiosu, the Managing Director/CEO, FirstBank Group, “We congratulate FirstNominees on this significant achievement. The achievement marks another milestone for the FirstBank Group and with this registration, FirstNominees is now a fully registered Capital Market Operator tasked with upholding global best practices, standard 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 (EPIC), the professional and innovation team at FirstNominees 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 for 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.
With this registration, FirstNominees solidifies its position as a premier Capital Market Operator, showcasing expertise in navigating regulatory requirements and reinforcing FirstBank’s reputation for compliance excellence.
About FirstBank
First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West Africa, a leading financial inclusion services provider in Africa, and a digital banking giant.
FirstBank’s international footprints cut across three continents ─ Africa, Europe and Asia, with FirstBank UK Limited in London and Paris; FirstBank in The Democratic Republic of Congo, Ghana, The Gambia, Guinea and Sierra Leone; FBNBank in Senegal; and a FirstBank Representative Office in Beijing, China. All the subsidiary banks are fully registered by their respective Central Banks to provide full banking services.
Besides providing domestic banking services, the subsidiaries also engage in international cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the representative offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other African countries.
For over 130 years, FirstBank has built an outstanding reputation for solid relationships, good corporate governance, and a strong liquidity position, and has been at the forefront of promoting digital payment in the country with over 13 million cards issued to customers (the first bank to achieve such a milestone in Nigeria). FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with virtually 23 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.
With over 42 million customer accounts (including digital wallets) spread across Nigeria, UK and sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale financial services through more than 820 business offices and over 243,400 agent locations spread across 772 out of the 774 Local Government Areas in Nigeria.
In addition to banking solutions and services, FirstBank provides pension fund custody services in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated services through First Nominees Nigeria Limited.
FirstBank’s commitment to Diversity is shown in its policies, partnerships and initiatives such as its employees’ ratio of female to male (about 39%:61%; and 32% women in management) as well as the FirstBank Women Network, an initiative that seeks to address the gender gap and increase the participation of women at all levels within the organisation. In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Women Empowerment’s Principles (WEPs) ─ Equal Opportunity, Inclusion, and Non-discrimination.
For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and “Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker International Excellence in Retail Financial Services Awards.
In 2023, FirstBank received notable awards including “Best Private Bank for Sustainable Investing in Africa 2023” by Global Finance Awards; “Best Sustainable Bank in Nigeria 2023” by International Investors Awards; “Best Bespoke Banking Services in Nigeria 2023” by International Investors Awards; “Best Financial Inclusion Service Provider in Nigeria 2023” by Digital Banker Africa; and “African Bank of the Year” by African Leadership Magazine; ’’Best Corporate Bank in Nigeria 2023’’ by Euromoney Awards and ‘’Most Innovative Banking Brand – Nigeria 2023’’ by Global Brands Award.
Significantly, FirstBank’s Global Credit Rating was A+ with a positive outlook while ratings by Fitch and Standard & Poor’s were A (nga) and ngBBB+ respectively both with Stable outlooks as at September 2023. FirstBank maintained the same level of international credit ratings as the sovereign; a milestone that was achieved in 2022 for the first time since 2015.
FirstBank continued to gain wide acclaim on the global stage with several international awards and recognitions received so far in 2024. Some of these include Nigeria’s Best Bank for ESG 2024 and Nigeria’s Best Bank for Corporates 2024 both awarded by Euromoney Awards for Excellence; Best SME Bank in Africa and in Nigeria by The Asian Banker Global Awards; Best Private Bank in Nigeria and Best Private Bank for Sustainable Investing in Africa by Global Finance Awards; Best Corporate Bank in Nigeria 2024, Best CSR Bank in Nigeria 2024, Best Retail Bank in Nigeria 2024, Best SME Bank in Nigeria 2024 and Best Private Bank in Nigeria 2024 all awarded by the Global Banking and Finance Awards.
Our vision is “To be Africa’s Bank of first choice” and our mission is “To remain true to our name by providing the best financial services possible”. This commitment is anchored on our core values of EPIC – Entrepreneurship, Professionalism, Innovation and Customer-Centricity. Our strategic ambition is “to deliver accelerated growth in profitability through customer-led innovation and disciplined execution” and our brand promise is always to deliver the ultimate “gold standard” of value and excellence to position You First in every respect.
Olayinka Ijabiyi
Ag. Group Head, Marketing & Corporate Communications
First Bank of Nigeria Limited