Sycamore Secures License from Nigeria’s Securities and Exchange Commission (SEC), Appoints Capital Markets Veteran to Lead Asset Management Arm
Sycamore (www.Sycamore.ng), a Nigerian fintech with over N10 billion in assets under management, today announced two strategic developments that position it for its next growth phase.
The company has secured a license from Nigeria’s Securities and Exchange Commission (SEC) to operate as a fund/portfolio manager and has appointed former ARM Securities Managing Director Oluwagbenga Magbagbeola to lead its asset management arm. This SEC license places Sycamore among a select group of regulated investment firms in Nigeria’s competitive financial sector.
Sycamore Group CEO Babatunde Akin-Moses said, “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.”
Reinforcing this commitment, Co-founder and CCO Onyinye Okonji noted, “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.”
Oluwagbenga Magbagbeola joins Sycamore with 17 years of capital markets experience, spanning roles at ARM Securities, FBNQuest Securities, and Profund Securities. At ARM Securities, Magbagbeola led the development of investment strategies that consistently performed against market benchmarks during challenging economic cycles, including Nigeria’s recent periods of currency volatility and inflation.
“Joining Sycamore allows me to bridge traditional capital markets expertise with fintech innovation at precisely the right time,” said Magbagbeola. “The SEC license creates a regulatory framework for what many Nigerians are already seeking – protected pathways for investment diversification during economic uncertainty.”
Empowering its institutional approach is Sycamore’s cutting-edge technology infrastructure. Mayowa Adeosun, co-founder and COO, explained, “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 added.
The company’s recently upgraded mobile app transforms how clients manage their investments. Through an intuitive dashboard, investors can now access institutional-grade portfolio analytics that provide clear visibility into performance, risk exposure, and growth opportunities.
A standout feature is the new Multi-Currency Wallet, which directly addresses clients’ needs for currency diversification by allowing users to hold and invest funds across USD, EUR, GBP, and NGN. This capability, backed by Sycamore’s SEC-licensed status, provides investors with a regulated channel for managing currency exposure.
Distributed by APO Group on behalf of Sycamore Investment and Asset Management Ltd.
About Sycamore:
Sycamore, founded in 2019 by Babatunde Akin-Moses, Onyinye Okonji, and Mayowa Adeosun, has evolved into a technology-driven asset management firm. The company’s achievements include becoming the first Nigerian fintech to gain approval from the Federal Competition and Consumer Protection Commission (FCCPC), winning the Nigeria Sovereign Investment Authority (NSIA) competition, and securing its SEC license. With over N10 billion in assets under management, Sycamore offers personalised investment approaches tailored to meet each client’s unique needs.
About Oluwagbenga Magbagbeola:
Oluwagbenga Magbagbeola is a Chartered Stockbroker and Associate Member of the Institute of Chartered Secretaries and Administrators with over 17 years of experience in the investment industry. His career spans roles at Profund Securities and FBNQuest Securities, and most recently, he was the Managing Director of ARM Securities Limited. Mr. Magbagbeola brings a proven track record of success in investment strategy, market analysis, and stakeholder engagement to his new role at Sycamore.
