FITC was established in 1981 as a non profit organisation that is limited by guarantee, based on the Company’s Act of 1968 and in response to the recommendations of the Pius Okigbo Committee set-up by the Federal Government of Nigeria to review the Nigerian financial system. FITC is owned by the Nigerian Banker's Committee, which comprises of the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, all licensed banks and discount houses in Nigeria.