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First Securities Discount House Limited, the precursor to FSDH Merchant Bank Limited, was incorporated in June 1992 as the first discount house to operate in Nigeria. In the new era, FSDH Merchant Bank Limited is also one of the first merchant banks to be granted a licence to operate in Nigeria as a merchant bank.

Over the years, the FSDH Group has become a financial services supermarket that delivers expert financial services in the Nigerian market to its select clientele, thereby assisting them in creating long term sustainable wealth.

Our journey to becoming a merchant bank started when the Central Bank of Nigeria revoked all universal banking licenses in 2009 and created a new banking structure in the country. Under the new structure banks are now categorised as commercial, merchant or specialized banks.  Prior to the creation of the new structure by the CBN, we had – through our subsidiaries – already developed the structures required to offer the full range of merchant banking services (to the extent permitted by regulation).   At FSDH, we recognized this change as an opportunity to expand the scope of our operations while retaining a focus on our core activities in order to serve our customers better.   As a result we applied for a Merchant Banking licence from the CBN which was granted in November, 2012.

Our Culture of Customer Orientation, High Performance, Image Building, Collaboration and Learning is still our driving force. The name may have changed but the soul of our organization remains intact.

Mission (Our Purpose):

To partner with customers by providing innovative financial solutions that add value, whilst generating shareholder return.




To be recognised as the provider of innovative financial solutions delivering consistent and sustainable returns

Our Approach

At FSDH Merchant Bank, we listen to clients articulate their needs, goals and priorities; we go into the market, deploy every asset available and identify sound and suitable financial options; then we partner with them to develop holistic wealth and investment management strategies.Our work is more than just managing your investment portfolio, it’s knowing exactly where you want to be and taking you there.

Our Culture

Our corporate values and beliefs are at the core of what we do, and provide us with a framework of good conduct. The FSDH Culture incorporates the totality of our shared attitudes, values and goals. As illustrated in our culture wheel, the FSDH culture is built around our core values.

Social Responsibility

FSDH is committed to ensuring that it fulfills its obligations as a responsible corporate citizen. We remain steadfast in ensuring that we contribute our quota to support worthy and deserving causes and organizations that strive to better the lives and situations of the less privileged and disadvantaged in society.

Our Core Values

At FSDH, we espouse the conservative values of honesty, integrity and discretion in our approach to work.  Our key brand benefit is our commitment to partner with our clients to ensure they derive tangible benefits from the relationship with us. We achieve this by providing expert financial analysis.

Our People

Our employees are our most important assets as their commitment and engagement is essential to delivering true value, creating enduring wealth for our stakeholders and successfully implementing the FSDH culture which encompasses the totality of our shared values and goals.

Our Shareholders

FSDH has continued to be the result of a successful partnership between local and foreign financial institutions. This ownership structure makes FSDH unique in Nigeria’s financial services industry. As at the 31st of December, 2017, the shareholding structure consists of three foreign financial institutions (32.64%) and eight local financial institutions (67.36%). The foreighn financial institutions include the International Finance Corporation (IFC), which is the private-sector arm of the World Bank, and the Atlantic Coast Regional Fund, a private equity fund.