Sycamore, a Nigerian digital assets management company, has secured an assets management licence from the Nigerian Securities and Exchange Commission (SEC). This was disclosed by the company in a statement seen by Technext.
According to the statement, the license empowers the fintech company to operate as a fund/portfolio manager. Speaking about the development, CEO, Babatunde Akin-Moses said it represents a culmination of several years of work which uniquely positions the fintech to deliver for its clients.
“Securing our SEC license represents the culmination of years of building institutional-grade compliance systems that protect investor interests. With this regulatory foundation and proven investment expertise, we’re uniquely positioned to deliver performance and security to investors navigating Africa’s complex market conditions,” Akin-Moses said.
Sycamore, a Nigerian digital investment platform, was founded in 2019 by Babatunde Akin-Moses, Onyinye Okonji, and Mayowa Adeosun. Since its launching, the investment fintech has evolved into a technology-driven asset management company.
The company prides itself on being the first Nigerian fintech to gain approval from the Federal Competition and Consumer Protection Commission (FCCPC). The company also takes pride in winning the Nigeria Sovereign Investment Authority (NSIA) competition, and now, 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. The company believes the SEC license places it among a select group of regulated investment firms in Nigeria’s competitive financial sector.
Reinforcing the company’s commitment to its clients, Co-founder and CCO, Onyinye Okonji, noted that the company underwent a rigorous evaluation process which guarantees clients the best services.
“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,” Okonji said.
Sycamore appoints Oluwagbenga Magbagbeola to lead assets management
Sycamore also announced the appointment of former ARM Securities Managing Director, Oluwagbenga Magbagbeola to lead its asset management arm. 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.
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.
Speaking about his appointment, Magbagbeola said joining the company affords him the opportunity to bridge traditional investments with fintechs.
“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,” he said.
Empowering its institutional approach is Sycamore’s cutting-edge technology infrastructure. Speaking about the infrastructure, Co-founder and COO, Mayowa Adeosun, explained that the 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 said.
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 provides 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.
The company said the two strategic developments position it for its next growth phase.
See also: Sycamore faults FCCPC’s investigation, distances itself from ‘Get Loan app’
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