Nigerian fintech Sycamore has secured a fund and portfolio management licence from the Securities and Exchange Commission (SEC) and appointed capital markets expert Oluwagbenga Magbagbeola to lead its asset management division. With over ₦10 billion in assets under management, this development marks a strategic expansion for the firm as it strengthens its position in Nigeria’s investment landscape.
The SEC licence places Sycamore among an exclusive group of regulated investment firms in Nigeria’s competitive financial sector. Babatunde Akin-Moses, CEO of Sycamore Group, highlighted the significance of this achievement, stating: “Securing our SEC licence 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 are uniquely positioned to deliver performance and security to investors navigating Africa’s complex market conditions.”
Co-founder and Chief Compliance Officer Onyinye Okonji echoed this sentiment, underscoring the rigorous regulatory process the company underwent to obtain approval. “This milestone reflects our commitment to operating at the highest standards of financial governance. Our team underwent a thorough evaluation process, during which regulators examined our governance structures, risk management frameworks, and client protection mechanisms.”
A strategic leadership appointment
Sycamore has appointed Magbagbeola, a financial expert with 17 years of experience in Nigeria’s capital markets, to lead its asset management division. His previous roles included managing director of ARM Securities and key positions at FBNQuest Securities and Profund Securities.
During his tenure at ARM Securities, Magbagbeola developed investment strategies that outperformed market benchmarks despite economic turbulence, including Nigeria’s currency volatility and high inflation periods. He sees his new role at Sycamore as an opportunity to merge traditional investment expertise with fintech-driven innovation.
“Joining Sycamore allows me to bridge traditional capital markets expertise with fintech innovation at precisely the right time,” said Magbagbeola. “The SEC licence creates a regulatory framework for what many Nigerians are already seeking – protected pathways for investment diversification during economic uncertainty.”
Leveraging Technology for smarter investments
Beyond regulatory compliance and leadership appointments, Sycamore is reinforcing its institutional approach with cutting-edge financial technology. Co-founder and COO Mayowa Adeosun emphasised the company’s focus on innovation: “Our proprietary investment platform represents years of research and development in applying financial technology to local market conditions.”
The company employs artificial intelligence and machine learning to analyse market trends and optimise portfolio allocations across multiple asset classes, offering investors more adaptive and responsive strategies tailored to Nigeria’s economic landscape.
Sycamore has also introduced an upgraded mobile app designed to enhance investor experience. Through an intuitive dashboard, clients can now access institutional-grade portfolio analytics, providing clear visibility into performance, risk exposure, and growth opportunities.
One of the app’s standout features is its Multi-Currency Wallet, which allows users to hold and invest in USD, EUR, GBP, and NGN. This function directly addresses the growing demand for currency diversification, offering a regulated avenue for managing foreign exchange exposure.
