Startup Lagos

15-Apr-2025

Fintech

Nigeria’s SEC Grants Sycamore License to Operate as a Fund/Portfolio Manager 2 months ago

In a significant development for the Nigerian fintech landscape, Sycamore has announced that it has secured a license from Nigeria's Securities and Exchange Commission (SEC) to operate as a fund and portfolio manager. This milestone positions Sycamore among a select group of regulated investment firms in Nigeria's competitive financial sector, further solidifying its commitment to investor protection and financial governance.

With over N10 billion in assets under management, Sycamore is poised for its next growth phase. The company has appointed Oluwagbenga Magbagbeola, the former Managing Director of ARM Securities, to lead its asset management arm. Magbagbeola brings 17 years of capital markets experience, having held key roles at ARM Securities, FBNQuest Securities, and Profund Securities. His appointment is expected to enhance Sycamore's investment strategies and performance.

Babatunde Akin-Moses, CEO of Sycamore, expressed enthusiasm about the SEC license, stating, "Securing our SEC license 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."

Co-founder and Chief Commercial Officer, Onyinye Okonji, emphasized the importance of regulatory compliance, noting, "This milestone reflects our commitment to operating at the highest standards of financial governance. Our team underwent a rigorous evaluation process, during which regulators examined our governance structures, risk management frameworks, and client protection mechanisms."

Magbagbeola highlighted the strategic timing of his move to Sycamore, stating, "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."

Sycamore's commitment to an institutional approach is bolstered by its cutting-edge technology infrastructure. Co-founder and Chief Operating Officer, Mayowa Adeosun, explained, "Our proprietary investment platform represents years of innovation in applying financial technology to local market conditions." The platform utilizes artificial intelligence and machine learning to analyze market trends and optimize portfolio allocations across multiple asset classes, resulting in more responsive investment strategies tailored to Nigeria's dynamic market conditions.

The company has also upgraded its mobile app to transform how clients manage their investments. The intuitive dashboard now provides investors with access to institutional-grade portfolio analytics, offering clear visibility into performance, risk exposure, and growth opportunities. A standout feature of the app is the new Multi-Currency Wallet, which allows users to hold and invest funds across USD, EUR, GBP, and NGN, addressing clients' needs for currency diversification.

Backed by Sycamore's SEC-licensed status, this capability offers investors a regulated channel for managing currency exposure, enhancing their investment experience in an increasingly complex economic environment.

As Sycamore embarks on this new chapter, the combination of regulatory compliance, experienced leadership, and innovative technology positions the company to meet the evolving needs of investors in Nigeria and beyond.

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