Sycamore obtains SEC license, appoints Magbagbeola as asset management head
Sycamore Group, a Nigerian fintech firm managing over N10 billion in assets, has secured a Securities and Exchange Commission (SEC) licence, granting it the authority to operate as a regulated fund and portfolio manager.
This SEC accreditation places Sycamore among Nigeria’s officially regulated investment firms, reinforcing its competitive position within the financial sector.
Alongside this regulatory achievement, Sycamore has announced the appointment of former Managing Director of ARM Securities, Mr Oluwagbenga Magbagbeola, as the Head of its asset management division.
The company disclosed this in a statement signed by its Chief Executive Officer, Mr Babatunde Akin-Moses, on Monday in Lagos.
Akin-Moses stated, “Attaining our SEC licence marks the culmination of years spent developing institutional-grade compliance frameworks designed to safeguard investor interests.
“With this regulatory foundation and Oluwagbenga’s proven investment expertise, we are distinctly positioned to offer both performance and security to investors navigating Africa’s intricate market environment.”
Co-founder and Chief Compliance Officer of Sycamore Group, Onyinye Okonji, underscored the importance of this milestone.
She noted that this achievement exemplified the firm’s dedication to upholding the highest standards of financial governance.
“Our team underwent an extensive evaluation process, during which regulators scrutinised our governance structures, risk management frameworks, and client protection mechanisms,” Okonji stated.
Magbagbeola brings 17 years of capital markets experience to Sycamore, having previously held roles at ARM Securities, FBNQuest Securities, and Profund Securities.
During his tenure at ARM Securities, he devised investment strategies that consistently performed well against market benchmarks, even during challenging economic conditions, including recent fluctuations in currency value and inflation in Nigeria.
He is a Chartered Stockbroker and an Associate Member of the Institute of Chartered Secretaries and Administrators, possessing extensive expertise in investment strategy, market analysis, and stakeholder engagement.
Commenting on his appointment, Magbagbeola expressed that joining Sycamore presented an opportunity to integrate traditional capital markets expertise with fintech innovation at a crucial time.
“The SEC licence establishes a regulatory structure for what many Nigerians are already looking for—secure pathways for diversifying investments amid economic uncertainty,” he remarked.
Mayowa Adeosun, Co-founder and Chief Operating Officer of Sycamore, stressed the company’s technological strengths.
According to him, the firm’s proprietary investment platform represents years of innovation in adapting financial technology to local market dynamics.
“We have harnessed artificial intelligence and machine learning to interpret market trends and refine portfolio allocations across multiple asset classes.
“This has led to more adaptive investment strategies, specifically designed for Nigeria’s evolving market conditions,” Adeosun stated.
Founded in 2019 by Akin-Moses, Okonji, and Adeosun, Sycamore has achieved several significant milestones.
The firm was the first Nigerian fintech to receive approval from the Federal Competition and Consumer Protection Commission (FCCPC) and also emerged victorious in the Nigeria Sovereign Investment Authority (NSIA) competition.
