After Ondo Boys school, he joined the Royal West African Frontier Force at the age of 18 and served in India during World War II.
Following a decision to in 1972, an indigenisation decree was promulgated by the Federal government to effect greater indigenous participation in different sectors of the economy.
Although a strong proponent of greater indigenous participation, Fajemirokun was also cognizant of the need for continued foreign investment in the country and was vocal on maintaining a balance of both.
For more than a decade the Henry Stephens Group had managed to successfully build up a solid network trading with firms in foreign countries such as the United Kingdom, United States of America, Poland, Japan, Belgium, Egypt, Germany and Brazil; and had built up strong relationships and business partnerships, representing or acquiring stakes in foreign owned firms in Nigeria prior to the euphoria of the contemporary nationalism at the time in form of the indigenisation decrees by the government.
The Group was well positioned to expand into other industries and by 1977 was in the process of establishing hotels, truck assembly plants, breweries and other manufacturing concerns including the acquisition and development of mining quarries for cement.
The crowding out of the organized private sector by the FMG was vocally criticized because the belief was that the organized private sector was better suited to both manage the relationships with the foreign firms ensuring a longer-term commitment to the country rather than triggering an exodus and to negotiate a fair price for the value of the equity being sold down rather than capitulating to the demands of the FMG the time.
Twenty seven blocks were offered composed of areas relinquished according to leasing regulations 30 November 1968 plus additional deeper water acreage up to the 200 fathom line on the outer shelf.
The remaining blocks said to be the most prospective, were reserved for the proposed national oil company Nigerian National Oil Corporation (NNOC) which was established officially in 1972 .Other winners of the licensing round were Deminex a German Consortium, Occidental Petroleum, Japan Petroleum Company and Monsanto.
Fajemirokun was a co-founder and played a key role in developing and promoting ECOWAS Bank[10] what was to become Ecobank Transnational (ETI),[11] however he passed away before its launch was finalized.
Henry Stephens also was a core investor in Johnson Wax and acquired stakes Fan Milk and two notable construction companies.
He gave and donated generously to individuals, communities, the Red Cross Movement, Religious Organizations, Universities, State Development Funds, Students’ Clubs, Youth Organizations and the Southern African Relief Fund to which he personally donated ₦110,000 (One Hundred and Ten Thousand Naira) in January 1977 .
For his contributions to the development of Commerce and Industry in the country, five years after his death in 1983 the Federal Government honoured him with a posthumous national award of the Commander of the Order of the Niger (CON).