Building Trust across Generations: UTL Trustees at 60

Oluchi Chibuzor posits that UTL Trustees has, over six decades, evolved from a small bank subsidiary into an independent, innovative, and technology-driven trust services company, while remaining firmly committed to its core fiduciary responsibilities

The concept of trust in Nigeria has evolved significantly over the decades and today spans public, corporate, and private assets. From pre-colonial customary systems, where community leaders and family heads managed land and assets on behalf of their people, effectively acting as trustees, to the post-independence era, trust services have become more structured, formalised, and regulated. Trusts are now widely applied in areas such as consortium finance, sovereign debt, and estate administration, playing a critical role in managing both private and public assets.

However, in any discussion of the history of trust services in Nigeria, a prominent place must be reserved for UTL Trust Management Services Limited (“UTL Trustees”). Established in 1966 as a subsidiary of Barclays Bank Nigeria, the company initially focused on basic nominee and custodial services.

Following the 1979 Indigenisation Policy, Barclays’ local operations were absorbed into Union Bank of Nigeria, leading to the company’s rebranding as Union Trustees Limited. During the 1970s, Union Trustees expanded steadily, becoming a more established player in pension funds, security trust services, and estate planning.

A major turning point came in 2015 when the business was strategically restructured and repositioned, paving the way for modernisation. This momentum culminated in its rebranding as UTL Trustees in 2018, reflecting a more forward-looking organisation with a stronger emphasis on innovation and technology.

In essence, UTL Trustees has, over six decades, evolved from a small bank subsidiary into an independent, innovative, and technology-driven trust services company, while remaining firmly committed to its core fiduciary responsibilities.

Industry leadership

Over the years, UTL Trustees has played an integral role in shaping the growth of the trust services industry, consistently setting benchmarks through best practices and innovation.

Its participation in numerous public debt transactions and structured finance deals has contributed significantly to market development and investor confidence. In its capacity as trustee on these transactions, the company has demonstrated high standards of governance, accountability, and transparency; standards that have, over time, strengthened the broader financial services industry.

In addition, UTL Trustees has promoted financial literacy and encouraged conversations around intergenerational wealth transfer through its private trust services. This has facilitated the reshaping of the perceptions of estate planning in Nigeria, reinforcing the idea that it is not exclusively for the ultra-wealthy but essential for individuals and families across all income levels.

Innovation remains central to the company’s service delivery. Its solutions are technology-driven, including its online will-writing platform, WillPower, the first of its kind in the industry, which has made will writing more accessible and convenient. The deployment of world-class trust software has further enhanced service delivery across its operations, transitioning trust services from traditional, paper-based processes to more efficient, client-friendly solutions.

Moreover, its strong emphasis on professionalism and governance continue to reinforce confidence in the system. By consistently upholding high standards in executing its fiduciary duties, UTL Trustees has contributed meaningfully to the credibility and growth of the industry.

Ahead in the game

Reaching 60 years is a remarkable milestone, and UTL Trustees’ journey has been marked by several defining achievements.

Among these, its thought leadership stands out, particularly in developing innovative solutions tailored to clients’ needs. In the 1990s, the company pioneered the consolidation of mortgages and debentures, eliminating the need for multiple security arrangements for borrowers. This innovation significantly reduced the costs associated with perfecting security documentation. It also registered the first Transfer of Charge Agreement at the Corporate Affairs Commission.

In 2005, UTL Trustees was appointed sole trustee to the Lagos State N15 billion bond issuance, the first double-digit billion-naira bond in Nigeria.

More recently, its impact has been driven by innovation and expansion. The launch of WillPower in 2019, an award-winning platform, revolutionised private trust services by making will writing simple, affordable, and widely accessible.

Another key milestone was the establishment of its asset management subsidiary, UTL Asset Management Limited, in 2021. While the company already possessed capabilities in investment and wealth management, this move enabled it to further institutionalise and deepen its offerings, positioning it to better serve the evolving needs of its clients.

A culture of innovation

Innovation has been embedded in UTL Trustees’ DNA since its inception. According to Olufunke Aiyepola, Managing Director/Chief Executive of UTL Trustees, a core element of the company’s innovation culture lies in its deliberate focus on designing systems and solutions with the client’s needs at the centre.

“Our knack for innovation is driven by our passion for trusts and a clear, deliberate focus on delivering value,” she noted.

UTL Trustees has consistently challenged itself to move beyond traditional approaches, delivering simpler, more efficient solutions. Its client-centric philosophy drives it to identify market gaps and develop practical solutions like WillPower that address real needs.

Looking forward

As UTL Trustees marks its 60^th anniversary, it expresses deep appreciation to its clients and stakeholders, while reaffirming its commitment to excellence.

“Over the years, your trust and confidence have been the foundation of our success. This milestone is not just a celebration of longevity, but a tribute to the enduring relationships, shared values, and collective achievements that have defined our journey,” said Aiyepola.

Through changing markets and evolving opportunities, clients’ continued belief has strengthened the company’s commitment to integrity, professionalism, and service excellence.

The company thanks God for the legacy it has built – one grounded in accountability, innovation, and a strong sense of responsibility in safeguarding entrusted interests.

Looking ahead, UTL Trustees remains focused on strengthening its capabilities, embracing innovation, maintaining transparency, and delivering sustained value in an increasingly dynamic environment.

On behalf of its Board, Management, and Staff, the company extends sincere gratitude to all its stakeholders and looks forward to building the next 60 years and beyond together.

Olufunke Aiyepola, the Managing Director and Chief Executive of UTL Trustees, leads with the authority of a career built circa forty distinguished decades at the pinnacle of Nigerian banking and trust services.

Academically accomplished, she trained in Law at the renowned Obafemi Awolowo University and the Nigerian Law School, later adding a Master of Business Administration from the Pan African University to her credentials.

Her professional journey has traversed some of Nigeria’s most respected financial institutions, where she rose through the legal and trust functions of Union Bank of Nigeria Plc. and Union Trustees Ltd. to positions of significant leadership.

She is equally distinguished in industry governance, having held senior roles within the Association of Corporate Trustees, UBN Insurance Brokers Limited, and the Association of Investment Advisers and Portfolio Managers. She was also the Chairperson for the Committee responsible for Reporting Requirements during the drafting of the Pension Reform Act.