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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 was 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 to create 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 or merchant banks.  Prior to the creation of the new structure by the CBN, FSDH had – through its subsidiaries – developed the structures required to offer the full range of merchant banking services (to the extent permitted by regulation).
At FSDH, we recognised 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 values of Customer Orientation, High Performance, Image Building, Collaboration and Learning remain 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 shareholders’ returns.





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 as they articulate their investment needs, goals and priorities; we deploy all available resources to identify sound and suitable financial options; we then partner with our clients to develop wealth and investment management strategies. Our focus is more than just managing your investment portfolio, it is 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, practices and goals and is instrumental to the success of our business. As illustrated in our culture wheel…

Social Responsibility

“Creating a strong business and building a better world are not conflicting goals; they are both essential ingredients for long-term success”-Bill Ford. At FSDH, we recognise the need to give back to our society to make it a better place, so we have always had the act of corporate social responsibility at our core.   

Our Core Values
The FSDH brand represents professionalism integrity, good quality safety, reliability; all for the benefit of our customers and stakeholders. These values are the driving force behind the success of our business. We imbibe the values of honesty and discretion in our approach to work.
Our People

Our employees are our most important assets. Their commitment and engagement are essential to delivering true value and creating enduring wealth for our stakeholders. Our people remain key to the successful implementation of the FSDH culture. They encompass the totality of our…

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 foreign 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.