LAGOS/Nigeria: Nigerian fintech firm Sycamore, with over N10 billion in assets under management, has taken a significant step toward its next growth phase with two major strategic developments. The company has secured a license from the Securities and Exchange Commission (SEC) to operate as a fund and portfolio manager, placing it among a select group of regulated investment firms in Nigeria’s competitive financial sector. Additionally, it has appointed seasoned investment expert Oluwagbenga Magbagbeola, former Managing Director of ARM Securities, to lead its asset management division.
Sycamore Group CEO Babatunde Akin-Moses described the SEC license as a milestone achievement, emphasizing the company’s commitment to institutional-grade compliance and investor protection. “Securing our SEC license represents the culmination of years of building compliance systems that safeguard investor interests,” Akin-Moses said. “With this regulatory foundation and Oluwagbenga’s proven investment expertise, we are uniquely positioned to deliver performance and security to investors navigating Africa’s complex market conditions.”
Reaffirming the company’s commitment to financial governance, Sycamore Co-founder and Chief Compliance Officer Onyinye Okonji highlighted the rigorous evaluation process undertaken by regulators. “This milestone reflects our dedication to operating at the highest standards of financial governance,” Okonji stated. “Regulators examined our governance structures, risk management frameworks, and client protection mechanisms before granting this license.”
Magbagbeola brings 17 years of capital markets experience, having held leadership roles at ARM Securities, FBNQuest Securities, and Profund Securities. At ARM Securities, he developed investment strategies that consistently outperformed market benchmarks, even during Nigeria’s economic downturns marked by currency volatility and inflation. “Joining Sycamore allows me to bridge traditional capital markets expertise with fintech innovation at precisely the right time,” Magbagbeola said. “The SEC license creates a regulated framework for what many Nigerians are already seeking—secure pathways for investment diversification during economic uncertainty.”
At the heart of Sycamore’s expansion is its advanced technology infrastructure, designed to enhance investment management in Nigeria’s fast-evolving financial landscape. Co-founder and Chief Operating Officer Mayowa Adeosun explained that Sycamore’s proprietary investment platform integrates artificial intelligence and machine learning to analyze market trends and optimize portfolio allocations across multiple asset classes. “Our technology-driven approach enables more responsive investment strategies tailored to Nigeria’s dynamic market conditions,” Adeosun said.
The company has also upgraded its mobile app, providing investors with real-time portfolio analytics, risk exposure insights, and growth projections. A key feature of the enhanced platform is the Multi-Currency Wallet, which allows users to hold and invest funds across USD, EUR, GBP, and NGN, addressing the growing need for currency diversification. With the added regulatory assurance from its SEC license, Sycamore’s latest innovations are poised to reshape the investment landscape for Nigerian and international investors alike.
