Coronation Group Limited, a leading African financial services holding company has obtained a capital market holding company (CMHC) licence from the Securities and Exchange Commission (SEC).
CMHC means a financial group of companies which carry out securities business, asset management, and other capital market businesses within the financial group.
With this pioneering step, Coronation has transitioned to a licensed group structure, solidifying its position as an investment management powerhouse in the African region.
This regulatory recognition represents a significant milestone in the group’s mission to democratise access to wealth creation for Africans, harnessing the power of ecosystems.
Working in close collaboration with Aigboje Aig-Imoukhuede, founder and chairman, and Wole Onasanya, group managing director and chief executive officer, Coronation Group will oversee the strategic priorities of Coronation’s ecosystem. These priorities include building digital platforms, establishing strategic partnerships for exponential growth, and maximizing shareholder returns.
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Aig-Imoukhuede said, “This transition marks our first five years of orchestrating the Coronation Group ecosystem. We established Coronation with the objective of democratizing access to investment, lending, and insurance, empowering individuals to achieve financial independence and build enduring legacies. We are excited about the future and our role as a key driver of growth in Africa.”
Onasanya stated, “Our primary objective is to make wealth creation accessible to all Africans. Coronation Group is well-positioned to offer integrated financial services backed by exceptional talent, all accessible through cutting-edge technology platforms. We are dedicated to being trusted partners on our clients’ journeys to prosperity, helping them achieve outcomes that go beyond financial returns.”
Highlighting the benefits the group delivers to its clients, Aig-Imoukhuede further added, “Our culture of innovation and excellence drives us to deliver world-class experiences to our clients. By delivering transformational solutions at scale, we are strategically positioned to address several of Africa’s unique challenges.”
He further stated this during a closing bell ceremony hosted in honour of his investiture as an Honorary Fellow of the Chartered Institute of Stockbrokers on Wednesday, June 21, 2023.
Pai Gamde, chief talent officer, Coronation Group, affirmed the company’s commitment to strong corporate governance practices, fostering transparency, and ensuring accountability in its operations, stating, “We are pleased to have reached this important milestone, and we remain fully committed to our responsibilities as a regulated holding company.”
This notable achievement builds upon the group’s impressive journey culminating in the acquisition of a CMHC licence. With $200 million of its own capital, Coronation Group stands among the most prominent privately-owned players on the continent. The company expects to deploy $500 million of its own capital in the business by 2033, further solidifying its position as an African leader.
