PROFILE OF FIRST NOMINEES NIGERIA LIMITED
First Nominees Nigeria Limited, “FirstNominees” is a wholly owned subsidiary of First Bank of Nigeria Limited (FirstBank) and it’s currently licensed by the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) to operate as a non-pension assets custodian.
The FirstBank non-pension assets custody business commenced in 2006 to accommodate foreign financial institutions involved in asset custody business on behalf of clients/investors (both corporates and individuals) who at the time had considered Nigeria as an investment destination.
In year 2019, FirstBank transitioned its custody business into a full-fledge business using First Nominees Nigeria Limited as a vehicle.
As a subsidiary of FirstBank, our values are closely aligned to the Group’s brand promise of delivering ultimate “gold standard” value and experience anchored firmly on the four pillars of Entrepreneurship, Professionalism, Innovation and Customer-centricity (EPIC).
FirstNominees has been in the business of offering custody services for well over seventeen (17) years in both equities and debt instruments and has earned the recognition of Global Custodians and Asset/Portfolio managers across the globe. We have remained in the vanguard of promoting the growth of the domestic custody business through our membership of the Association of Assets Custodian of Nigeria (AACN).
Whist leveraging on the strong brand name of the parent company and the synergy within FirstBank subsidiaries, our custodial service proposition is anchored on four pillars that enable us deliver unparalleled service to our clients. These are:
· Customer Satisfaction
o Timely and accurate execution of customers’ instructions
o Zero tolerance for violation of customer’s mandate with First Nominees
o Provide timely and accurate information to our clients.
o Prompt and timely application of corporate action benefits
· Robust Technology Platform
o Cutting-edge technology platform that ensures seamless transaction & settlement processing
o Straight through processing capabilities
o Scalable technological platforms guaranteeing our ability to take on increased transaction.
· Relationship Management
o Experienced and dedicated relationship managers with specialized client focus
o Adoption of “No fail policy” in executing customer instructions
o Swift response and feedback to client enquiries
o Ability to leverage relationship with FirstBank’s Treasury Function to further add value to client’s volumes.
· Proactive Reporting
o Periodic provision of routine business intelligence reports
o Asset performance reports segmented across various asset portfolio classes.
o Provision of periodic asset reconciliation reports
Our service offerings include the following:
1. Transactional Services which include the settlement & safekeeping of assets such as:
a. Equities
b. Bonds
c. Money markets
d. FCY securities
e. Physical securities
2. Asset Servicing which includes the following activities:
a. Income collection & payment
b. Corporate actions management
c. Proxy voting services
d. Reconciliation of holdings
3. Reporting
a. Notifications & Statement
b. Ability to generate custody-related reports.
At FirstNominees, we understand that the world has become more complex, more interconnected, and more dependent on electronic information processing. At the crux of our integrated custody business model is this understanding of our clients’ needs. Our success in the industry is attributed to the knowledge and experience of our people and customized solutions for our clients.
