Nigerian fintech company Sycamore has appointed Oluwagbenga Magbagbeola, former Managing Director of ARM Securities, to head its asset management division.
This follows the company’s acquisition of a Securities and Exchange Commission (SEC) license, authorizing it to operate as a fund and portfolio manager.
According to a statement from the company, Magbagbeola, the newly appointed head of Sycamore’s asset management division, brings 17 years of capital markets experience to the role.
His career
Magbagbeola’s career includes leadership positions at ARM Securities, FBNQuest Securities, and Profund Securities.
- At ARM Securities, he was said to have developed investment strategies that consistently outperformed market benchmarks, even during periods of economic volatility, such as Nigeria’s recent currency fluctuations and inflationary pressures.
- Commenting on his appointment, Magbagbeola said he would be combining his capital market experience with fintech innovation to make an impact in this new role.
“Joining Sycamore allows me to bridge traditional capital markets expertise with fintech innovation at precisely the right time.
“The SEC license creates a regulatory framework for what many Nigerians are already seeking – protected pathways for investment diversification during economic uncertainty,” he said.
Magbagbeola is a Chartered Stockbroker and Associate Member of the Institute of Chartered Secretaries and Administrators with extensive experience in investment strategy, market analysis, and stakeholder engagement.
SEC’s licence
Speaking on the company’s licensing by the SEC, Sycamore Group CEO, Babatunde Akin-Moses, said ”Securing our SEC licence represents the culmination of years of building institutional-grade compliance systems that protect investor interests.”
“With this regulatory foundation and Oluwagbenga’s proven investment expertise, we’re uniquely positioned to deliver performance and security to investors navigating Africa’s complex market conditions,” he noted.
- Co-founder and Chief Compliance Officer, Onyinye Okonji, emphasized the rigorous process behind the achievement saying the milestone reflects the company’s commitment to operating at the highest standards of financial governance.
- According to her, the team underwent a thorough evaluation process, during which regulators examined our governance structures, risk management frameworks, and client protection mechanisms.
What you should know
Founded in 2019 by Akin-Moses, Okonji, and Adeosun, Sycamore has achieved several milestones, including becoming the first Nigerian fintech to receive approval from the Federal Competition and Consumer Protection Commission (FCCPC) and winning the Nigeria Sovereign Investment Authority (NSIA) competition.
- Sycamore has also recently upgraded its mobile application, introducing advanced features such as the Multi-Currency Wallet.
- This feature enables investors to hold and manage funds in multiple currencies, including USD, EUR, GBP, and NGN, providing greater flexibility and convenience for users.
