Financial Trust Company represents a defining chapter in Nigeria’s financial history, argues SOLA ONI
During my time at The Guardian covering the capital market in the early 1990s, Financial Trust Company (FTC), Nigeria’s first indigenous stockbroking firm, stood out as a major player in the financial system. Founded by the late 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.
Incorporated 50 years ago, the company’s recent golden jubilee anniversary, hosted by the founder’s son, Omoniyi Ajayi, its Chairman and Group Managing Director, offers an opportunity to reflect on the evolution of indigenous stockbroking in Nigeria. 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. Licensed by The Nigerian Stock Exchange (now NGX) on July 8, 1977, the firm emerged as a trailblazer when Nigerian participation in formal capital market activities was still limited.
A brief look at history shows that first three stockbroking firms in Nigeria were promoted by foreigners. Nigerian Stockbrokers Limited, was licensed on May 2, 1961. It was followed by Capital Trust Limited on October 25, 1968, and ICON Stockbrokers Limited on November 30, 1973. However, following the emergence of FTC in July 1977, City Securities Stockbrokers Limited (now CSL Stockbrokers Limited), founded by the late financial savvy, Otunba Olasubomi Balogun, was licensed on November 4, 1977, becoming the second indigenous stockbroking firm to operate on the Exchange. Today, Nigeria has over 100 indigenous stockbroking firms.
