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First Securities Discount House Limited has become FSDH Merchant Bank Limited. As one of our many firsts, we are one of the first merchant banks to be awarded a licence in Nigeria in this new era. First Securities Discount House Limited was incorporated in 1992 as the first discount house in Nigeria.


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.


The Central Bank of Nigeria recently revoked all Universal Banking licences and categorized Banks into Commercial, Merchant and Specialized Banks. It also created the following categories of commercial banks – International, National and Regional. We in FSDH 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 on October, 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.


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

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 one of 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

Our shareholders comprise a diverse group of reputable institutions including the International Finance Corporation (the private sector arm of the World Bank) and Intermarket Services Limited . These two shareholders have a total shareholding of 9.39% in the company. Our local shareholders include top-ranking Nigerian banks and other financial service providers.

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