Sycamore, a leading Nigerian financial technology company with over N10 billion in assets under management, has announced the acquisition of a Securities and Exchange Commission (SEC) licence to operate as a fund and portfolio manager. This milestone positions Sycamore among Nigeria’s regulated investment firms, enhancing its competitive edge in the financial sector. The company has also appointed Oluwagbenga Magbagbeola, former Managing Director of ARM Securities, to head its asset management division.
In a statement released on Tuesday, Sycamore highlighted the significance of the SEC licence, which underscores its commitment to institutional-grade compliance and investor protection. “Securing our SEC licence represents the culmination of years of building robust compliance systems that safeguard 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,” said Babatunde Akin-Moses, CEO of Sycamore Group.
Onyinye Okonji, Co-founder and Chief Compliance Officer of Sycamore, emphasized the rigorous process behind the achievement. “This milestone reflects our commitment to operating at the highest standards of financial governance. Our team underwent a thorough evaluation process, during which regulators examined our governance structures, risk management frameworks, and client protection mechanisms,” she stated.
Magbagbeola brings 17 years of capital markets experience to Sycamore, having held key positions at ARM Securities, FBNQuest Securities, and Profund Securities. At ARM Securities, he developed investment strategies that consistently outperformed market benchmarks, even during periods of economic volatility and inflation in Nigeria.
On his appointment, Magbagbeola said, “Joining Sycamore allows me to bridge traditional capital markets expertise with fintech innovation at precisely the right time. The SEC licence creates a regulatory framework for what many Nigerians are already seeking—protected pathways for investment diversification during economic uncertainty.”
Mayowa Adeosun, Co-founder and COO of Sycamore, highlighted the company’s technological advancements. “Our proprietary investment platform represents years of innovation in applying financial technology to local market conditions. We’ve leveraged artificial intelligence and machine learning to analyse market trends and optimise portfolio allocations across multiple asset classes, resulting in more responsive investment strategies tailored to Nigeria’s dynamic market conditions,” Adeosun explained.
Sycamore recently upgraded its mobile application, introducing features such as the Multi-Currency Wallet, which allows investors to hold and manage funds in multiple currencies, including USD, EUR, GBP, and NGN.
Founded in 2019 by Akin-Moses, Okonji, and Adeosun, Sycamore has achieved several notable milestones, including becoming the first Nigerian fintech to receive approval from the Federal Competition and Consumer Protection Commission and winning the Nigeria Sovereign Investment Authority competition. With its SEC licence and strategic leadership appointment, Sycamore is poised to redefine investment management in Nigeria, offering innovative solutions that combine regulatory compliance, cutting-edge technology, and expert financial insights.
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