First Nominees Nigeria Limited, known as "FirstNominees," is a wholly-owned subsidiary of First Bank of Nigeria Limited (FirstBank). The company is currently licensed by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to operate as a non-pension assets custodian.
The non-pension assets custody business of FirstBank began in 2006 to accommodate foreign financial institutions involved in asset custody on behalf of clients and investors, both corporate and individual, who considered Nigeria an investment destination. In 2019, FirstBank transitioned this custody business into a full-fledged operation using First Nominees Nigeria Limited as the vehicle.
"Our values are closely aligned to the Group’s brand promise of delivering ultimate 'gold standard' value and experience anchored firmly on the four pillars of Entrepreneurship, Professionalism, Innovation and Customer-centricity (EPIC)," stated a representative from FirstNominees.
With over seventeen years in offering custody services for both equities and debt instruments, FirstNominees has gained recognition from Global Custodians and Asset/Portfolio managers worldwide. The company promotes the growth of the domestic custody business through its membership in the Association of Assets Custodian of Nigeria (AACN).
Leveraging the strong brand name of its parent company and synergy within FirstBank subsidiaries, FirstNominees’ custodial service proposition is anchored on four key pillars:
- **Customer Satisfaction**: Ensuring timely and accurate execution of customer instructions with zero tolerance for mandate violations.
- **Robust Technology Platform**: Utilizing cutting-edge technology for seamless transaction processing with scalable platforms.
- **Relationship Management**: Providing experienced relationship managers focused on specialized client needs.
- **Proactive Reporting**: Offering periodic business intelligence reports and asset performance reports across various portfolio classes.
Their service offerings include transactional services such as settlement and safekeeping of assets like equities, bonds, money markets, FCY securities, and physical securities. Additionally, they provide asset servicing activities including income collection & payment, corporate actions management, proxy voting services, and reconciliation of holdings. Reporting capabilities include notifications & statements along with generating custody-related reports.
"At FirstNominees, we understand that the world has become more complex, interconnected, and dependent on electronic information processing," noted a company spokesperson. "Our success in the industry is attributed to the knowledge and experience of our people and customized solutions for our clients."
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