Kasimu Kurfi’s entrepreneurial journey is a story of resilience, strategic thinking and persistence, transforming a modest N2 million personal savings into a billion-naira investment firm despite early regulatory setbacks that nearly derailed the business.
The managing director and chief executive officer of APT Securities and Funds Limited recounted how the company survived the suspension of its operating licence, a prolonged market shutdown and the 2008 global financial crisis before emerging as one of Nigeria’s diversified capital market institutions.
Kurfi said his decision to establish APT Securities was inspired by years of experience as a stockbroker and a desire to build an independent investment firm, despite the significant capital requirements at the time.
According to him, the Securities and Exchange Commission (SEC) required a minimum capital of about N20 million for a brokerage licence, far beyond the N2 million he had saved.
Determined to pursue his vision, he mobilised support from like-minded investors who contributed between N1 million and N2 million, enabling the company to acquire an existing licence and commence operations.
“I made the bold decision to establish my own brokerage firm, but I faced significant hurdles due to the capital requirements at the time, which were around N20 million. I pooled my savings of N2 million, representing about 10 per cent of the required capital, and reached out to like-minded individuals who supported the vision,” Kurfi said.
However, the company’s challenges had only just begun.
Shortly after acquiring the licence, the SEC suspended it over issues relating to minimum capital requirements.
Reactivating the licence came at a heavy cost, with penalties of N5,000 per day from the date of suspension, amounting to about N3 million, in addition to mandatory audit requirements imposed by the Nigerian Exchange.
The development prevented APT Securities from trading for almost one year.
Despite the setback, the company rebounded strongly after resuming operations, generating profits equivalent to its initial capital within its first year of active trading.
Kurfi said the firm’s pre-tax profit climbed to N1 billion in less than five years, driven by disciplined execution, market opportunities and a strong focus on client trust.
The remarkable growth, however, coincided with the 2008 global financial crisis, which erased substantial gains across the capital market.
“We persevered, managing to recover from a write-off that matched our earlier successes,” he recalled.
Today, APT Securities has evolved beyond its traditional brokerage business into a diversified financial services group.
The company is licensed to trade equities, bonds, exchange-traded funds (ETFs), derivatives and commodities across the Nigerian Exchange (NGX), the Lagos Commodity and Futures Exchange (LCFE) and the NASD OTC Securities Exchange.
It also operates as a licensed issuing house, having participated in capital raising transactions for companies, including Legend, while managing a pension business now known as APT Pension Fund following its acquisition of Tangerine Pension.
Beyond financial services, the group has expanded into engineering through its subsidiary, Arameco Limited, which provides pipeline and storage tank engineering solutions for the oil and gas industry.
APT Securities also facilitates investments in Federal Government Savings Bonds, FGN Bonds and Sukuk instruments.
Reflecting on the values that sustained the company through difficult times, Kurfi advised young professionals entering the capital market to prioritise honesty, integrity and hard work.
“When we launched in 2003, our team consisted of just five people, including our driver. We worked relentlessly without regard for weekends or time constraints, ensuring we were always available whenever clients needed us. That commitment significantly contributed to our rapid growth,” he said.
He stressed that trust remains the most valuable asset in the investment business.
“If you treat clients’ money as though it were your own, they will continue to do business with you. That trust has been central to our growth,” he added.
From surviving a suspended licence and regulatory penalties to building a diversified investment group with billion-naira profitability, Kurfi said APT Securities’ journey demonstrates that resilience, transparency and long-term commitment remain essential ingredients for sustainable success in Nigeria’s capital market.