FUNMI EKUNDAYO is the MD/CEO of STL Trustees Limited, one of the leading firms in Trusteeship in Nigeria. In this interview with BusinessDay, Ekundayo shares her views on the progress Nigeria has made in its 65 years of existence; the innovations taking place in the trusteeship sub sector and how STL is creating value for clients. Excerpts:
Nigeria will be 65 years old on October 1st. As a firm in this country, what could you say about the country’s journey from independence to date?
Nigeria’s journey in the past 65 years has been a mix of great promise, evolving challenges and resilience in the face of those challenges. However, despite the challenges and sundry headwinds, the country has recorded remarkable strides in some critical areas such as telecommunications, financial services, education, entrepreneurship and to a large extent, infrastructure. Our people remain our greatest asset; the sheer ingenuity, creativity, and resilience of Nigerians are evident everywhere, both locally and globally.
For us in the private sector, including STL Trustees, the story is one of growth amid constraints. Despite economic fluctuations, regulatory changes, and political transitions, businesses, including ours, continue to innovate and thrive. What this demonstrates is that Nigeria is a land of opportunities waiting to be unlocked. So, while we may not have fully realized the dreams of independence, our capacity for reinvention keeps hope alive. What we need now is to translate this resilience into sustainable growth, driven by good governance and consistency in policy implementation.
At 65, we may not be where we envisioned post-independence, however, our capacity for renewal and reinvention gives us confidence that the best is yet to come. Although the journey is still far, I believe we are on the right part to sustained national prosperity.
What are the wins and challenges and how could the federal, state and local governments consolidate on the wins and address the challenges?
Some of the wins are significant and noteworthy. Nigeria has one of the largest economies in Africa, with a huge market and youthful population. Our financial services sector, particularly, has matured impressively, with banks and other capital market operators, including trusteeship firms, showing resilience and innovation. A significant win in recent times is the local government autonomy which has the capacity to catalyse rural development and launch our economy with speed if well-managed and supervised. This would enable the municipals to access funding from the capital market to finance important projects that would be beneficial to citizens at the grassroot thus making it easier to deliver the dividends of democracy, amongst other advantages.
Additionally, the expansion and stability of our democratic journey, though not yet perfect, is a key achievement in our national trajectory, and it can only continue to get better. The challenges, however, remain daunting. These include infrastructure deficits, inconsistent policies, insecurity, unemployment, and exchange rate volatility. The ease of doing business must also be championed continuously to encourage businesses to stay. To consolidate on the wins and address the challenges, governments at all levels must not relent in the area of creating an enabling environment for businesses, including through ensuring policy consistency, investing in
infrastructure, as well as transparency and accountability in governance.
Equally important is addressing insecurity, which is critical to attracting both local and foreign investments. Effective collaboration between the federal, state, and local governments is vital in this regard. Furthermore, government must be intentional about building and empowering institutions to be strong, independent and virile. Strong institutions, not strong individuals, are what sustain democracies and economies. If we can achieve this, the Nigerian narrative will be one of exponential transformation in the years to come.
What motivated STL to go into its line of business? How long has it been in business?
STL Trustees was incorporated in 1991 and commenced business in 1996 as a wholly owned subsidiary of the old EIB Bank (which subsequently became Skye Bank). The motivation of the parent Bank at that time was borne out of the need for business expansion and diversification as well as the motivation to deepen the Bank ’s service and product offerings to its customers.
How big is Nigeria ’s Trustee industry and what portion does your STL control?
The Trustee industry in Nigeria is still evolving with room for growth and additional players as the economy expands. Estate planning, digital assets etc., are some areas that are just budding and need to be maximised towards further development of the industry. While I cannot say with precision the share of the industry that our firm controls, what I can say with certainty is
that STL Trustees plays in the big league in the industry.
How would you describe the business environment in Nigeria post subsidy removal and the floating of the Naira?
The removal of fuel subsidy and floating of the Naira are bold policy steps aimed at correcting longstanding distortions in our economy. However, these reforms have come with noticeable short-term pains for businesses and households, costs of operations have risen sharply, and inflationary pressures are affecting both production and consumption. That said, these reforms also present opportunities. In the long run, subsidy removal will free up fiscal resources for more productive investments in infrastructure, education, and healthcare, amongst others, while exchange rate unification will encourage transparency and boost investor confidence.
Businesses, including ours, are adjusting by tightening operational efficiency, exploring local alternatives, and leveraging technology to remain competitive. It is imperative for governments at all levels to complement these reforms with policies aimed at cushioning the effect, social safety nets for vulnerable citizens, targeted support for businesses, as well as investments in critical infrastructure. The combination of robust social safety nets and targeted interventions to cushion the immediate effects, are some of the factors that would turn today’s pain into tomorrow’s gains.
What new opportunities have the reforms thrown up for players in your sector and how is your firm tapping them?
The local government autonomy and the removal of some items from the Exclusive list are some of the major game changers that can lead to increased big -ticket transactions in the capital market and STL will continue to put our best foot forward as we leverage these emerging opportunities.
Technological innovations such as Artificial Intelligence, Machine Learning, and others, have greatly influenced the global financial industry where you operate. What innovative products or services has your firm launched in recent times and how could your prospective clients benefit from them?
At STL Trustees, we are deeply committed to using technology to enhance client experience and deliver bespoke Trust solutions. We see technology not just as a tool, but as an enabler for delivering value. Our mission has always been to simplify Trust solutions and make them accessible to all, and technology is helping us bring that vision to life. We also leverage technology for our innovative products and service offerings. Machine Learning is a subset of AI that we use to collate information on client needs and demography; this enables us to curate appropriate products to meet the needs of our clients.
In recent times, we have introduced digital onboarding platforms that enable our clients to initiate and complete Trust arrangements seamlessly online, thereby eliminating geographical barriers. We have also deployed AI -powered analytics to improve investment monitoring and risk management across the diverse portfolios we manage.
For our clients, this translates to faster service delivery, greater transparency, improved security, and more tailored solutions to their specific needs. Beyond that, we continue to explore innovations in estate planning, corporate trusteeship, and capital market transactions that make our services more accessible, more reliable, and increasingly client focused. The goal is to simplify Trust services while creating lasting value for all our stakeholders.
Cybercrime is one of the downside risks of technological innovations in the global financial industry. What measures have you put in place to address cybercrime?
You are very correct; cybersecurity is one of the most pressing risks in present day’s global financial landscape. At STL Trustees, we approach cybersecurity with the utmost seriousness because we handle sensitive information and assets on behalf of clients. We have invested in robust cybersecurity infrastructure, including advanced firewalls, intrusion detection systems, and encryption protocols to secure our digital platforms. Equally important, we conduct regular cybersecurity audits and penetration testing to identify and close potential vulnerabilities proactively whilst we keep assessing and fortifying our system from time to time. Staff training and awareness are also key, because human error is often the weakest link in cyber defense, hence we keep training and retraining our people on the subject matter periodically.
Additionally, we comply with all relevant regulatory guidelines from our apex regulator, the Securities and Exchange Commission (SEC), and other oversight bodies. We also partner with reputable cybersecurity firms to continually strengthen our cybersecurity framework. For our clients, this means peace of mind knowing that their data and assets are fully protected in line with best global practices. Whether it is estate planning, corporate trusteeship, or capital market transactions, we are constantly innovating to ensure that our solutions remain relevant and beneficial to our clients. At STL Trustees, technology is not replacing human touch, it is enhancing it.
What is the future outlook for players in your sector?
The outlook for players in our sector is bright. I see the industry on an upward trajectory. This is because our sector will continue to thrive with the expected growth in the economy.
