NGX, Okereke, others appraise Ajayi, promoter of Nigeria’s first indigenous stockbroking firm

By Peter Egwuatu

Temi Popoola, Group Managing Director of the Nigerian Exchange Limited (NGX), has described the Financial Trust Company (FTC), the first indigenous stockbroking firm which celebrated its 50th anniversary in May, as an enduring legacy that has contributed significantly to the development and growth of Nigeria’s capital market.
He praised the founder of FTC, the late Williams Olufemi Ajayi, for his vision and pioneering efforts, describing the company’s 50-year journey as a story of resilience and a testament to strong, focused management over the decades.

Popoola commended FTC for maintaining its prominent position in Nigeria’s financial and economic space since its inception in 1976.

Also commenting on the anniversary, Alhaji (Dr.) Umaru Kwairanga, Group Chairman of the Nigerian Exchange Group, praised the company for keeping the founder’s dream alive and for its inspiring role on the Exchange.

Prof. (Mrs.) Ndi Okereke-Onyiuke, former Director-General/CEO of the NGX, also paid glowing tribute to the late Otunba Ajayi, describing him as a hardworking entrepreneur, a thoroughbred professional, and a gift to Nigeria’s capital market.

Speaking on FTC’s enduring legacy, Prof. Okereke-Onyiuke noted that Chief Ajayi’s exceptional performance and adherence to corporate ethics formed the foundation for the company’s success and sustainability over the decades.

According to her, Chief Ajayi also demonstrated exemplary leadership by instilling strong values of accountability and institutionalising sound work ethics within FTC. These principles, she said, continue to drive the firm’s growth and resilience.

She highlighted Chief Ajayi’s open-mindedness and generosity in supporting the next generation of professionals, noting that he actively encouraged and assisted younger stockbrokers to establish themselves on a strong footing. “He was fondly remembered as a fantastic stockbroker, an excellent builder, and a mentor who believed in developing others,” she said.

Chief Sonny Kuku (OFR), co-founder of Eko Hospital, Lagos, praised Chief Ajayi for his role in building many of Nigeria’s early industries and corporate institutions through FTC. He noted that Chief Ajayi, through the support of FTC which pioneered the concept of a financial hub in Nigeria helped many companies grow, including Eko Hospital during its challenging years.

Speaking in the same vein, Chief Oladipo Aina, past President of the Chartered Institute of Stockbrokers and Managing Director/CEO of Signet Investments and Securities Limited, described Chief Ajayi as “an iroko tree in the Nigerian capital market, under whose influence many professionals have grown.”

He said Ajayi was committed to the development of young stockbrokers and was always ready to mentor, adding that he was a good leader and a pillar in the industry. Aina further noted that Chief Ajayi played a pivotal role in the early development of Nigeria’s stockbroking profession and was instrumental in the founding of indigenous firms, including supporting the establishment of Signet Investments and Securities Limited.

“Chief Ajayi will forever remain part of our history. His belief that whatever one sets one’s mind to achieve is possible continues to inspire generations,” he added.
Kunle Osinowo, former Controller of Finance at FTC, attributed the company’s 50-year success to the late Chief Ajayi’s leadership skills, entrepreneurial spirit, perseverance, and sound succession planning.

Chief Ajayi is widely regarded as one of the foundational figures of Nigeria’s capital market, its evolution today.

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