FTC's Golden Jubilee Marks 50 Years of Pioneering Indigenous Stockbroking in Nigeria

Financial Trust Company (FTC), established 50 years ago, represents a significant milestone in Nigeria's financial history as the nation's first indigenous stockbroking firm. The company's recent golden jubilee anniversary, hosted by its Chairman and Group Managing Director, Omoniyi Ajayi, son of the founder, provides an opportunity to reflect on the evolution of local participation in the capital market.

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Financial Trust Company (FTC), Nigeria’s first indigenous stockbroking firm, stood out as a major player in the financial system.

During the early 1990s, when expatriate institutions and foreign commercial interests largely dominated Nigeria's financial landscape, FTC emerged as a trailblazer. Founded by the respected Otunba Olufemi Ajayi, the firm's establishment signaled a move towards economic nationalism, professional advancement, and increased local ownership of financial services. This was particularly impactful at a time when Nigerian participation in formal capital market activities was limited.

FTC was licensed by The Nigerian Stock Exchange (now NGX) on July 8, 1977. Its emergence followed three earlier stockbroking firms that were promoted by foreigners. After FTC, City Securities Stockbrokers Limited was licensed later in 1977, becoming the second indigenous firm. Today, Nigeria boasts over 100 indigenous stockbroking firms.

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Otunba Olufemi Ajayi, a foremost respected figure in Nigeria’s financial czar, will be always remembered for his pioneering contributions to the development of indigenous stockbroking.

Otunba Ajayi also played a crucial role in transforming the Nigerian Institute of Stockbrokers Incorporated into the Chartered Institute of Stockbrokers (CIS). His engagement with President Ibrahim Babangida was instrumental in the enactment of Act 105 of 1992, which granted the institute its charter. The company distinguished itself through its commitment to professionalism, investor education, and active market participation, demonstrating that Nigerians could successfully manage sophisticated financial operations and contribute to capital mobilization.

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At a time when expatriate institutions and foreign commercial interests dominated the financial landscape, FTC marked a shift towards economic nationalism, professional development, and greater local ownership of financial services.