The Association of Corporate Trustees (“ACT”) was formed in 2000. It was pioneered by a select group of Chief Executives of NIDB Trustees Limited (“NIDBTL”) and Skye Trustees Limited (“STL”). The pioneering Chief Executives were Mr. Matty Adaba (“NIDBTL”) and Mr. George Feyi (”STL”) both retired from the Trusteeship Industry. The temporary Secretariat was at NIDB Trustees Limited, a subsidiary of the defunct Nigerian Industrial Development Bank Limited (“NIDB”) now Bank of Industry, on Broad Street, Lagos. The secretariat was anchored by Mr. Samuel Odomokwu (Company Secretary, BOI Investments and Trustees Limited) and Mr. Bode Ayeku (Company Secretary, Nestle Plc).
The first Annual General Meeting and election of the substantive Executive Council of the ACT was hosted by First Trustees Nigeria Limited. The pioneer Executive Council of the ACT was:
- Mr. Matty Adaba (NIDB Trustees Limited) - President
- Mr. George Feyi (Skye Trustees Limited) - Vice President
- Mr. Leo Okafor (NAL Trustees Limited) - General Secretary
- Ms. Ada Maha (HNB Trustees Limited) - Asst. General Secretary
- Mrs. Toyin Sanni (First Trustees Nigeria Ltd.) - Treasurer
- Mrs. Funke Aiyepola (Union Trustees Ltd.) - Financial Secretary
The Trustees of the Association were:
- Mr. Nsikak Ekure (First Trustees Nigeria Limited
- Ms. Tokunbo Ajayi (UBA Trustees Limited)
The purpose and aim of forming the ACT was to create an umbrella body where issues affecting or concerning the industry and members are to be addressed with a common voice and where necessary relate with the regulatory authorities on behalf of the members.
The ACT is registered with the Securities & Exchange Commission as a Self Regulatory Organisation (“SRO”). The ACT is registered with the Corporate Affairs Commission under Part B of the Companies and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria 2004 with the name “Forum of Trust Houses”.