This article presents the full list of all merchant banks in Nigeria.
What exactly are merchant banks?
Merchant banks are financial institutions that engage in underwriting and business loans, catering primarily to the needs of large enterprises and high net worth individuals.
In the British market, the term merchant bank refers to an investment bank.
This article is one section of our updated list of banks in Nigeria and their headquarters and it comes with more information about banking in Nigeria.
How many merchant banks are in Nigeria? There are 5 merchant banks in Nigeria as seen in the list below:
All Merchant Banks In Nigeria
Here is the list of all Merchant Banks authorized and licensed by the Central Bank of Nigeria:
1. Coronation Merchant Bank
The bank was initially founded as Associated Discount House Limited (“ADHL”) in 1993 by a consortium of reputable financial institutions.

ADHL, was licensed by the Central Bank of Nigeria to provide liquidity for sovereign debt notes and money market instruments.
It became a leading financial services institution, thriving throughout the tough period of the Nigerian economy.
In 2011, a new leadership emerged at ADHL, signaling a new beginning for the bank, posting consistent growth across all metrics and turning the industry challenges to opportunities.
In 2013, their transition to a merchant bank commenced which culminated in obtaining a merchant banking license and an FX dealing license in 2015.
- Date of establishment: 1993
- Authorization: Regional
- Headquarters: 10 Amodu Ojikutu St, Victoria Island, Lagos.
- Total number of branches: 27
- Official website: www.coronationmb.com
- Contact email: mmanhq@fmda.com.ng
2. FBN Quest Merchant Bank
FBN is also one of the merchant banks in Nigeria.
In 2014, FBN Holdings Plc acquired 100% equity in Kakawa Discount House Limited.

Subsequently secured approval to commence merchant banking operations as FBN Merchant Bank (now FBNQuest Merchant Bank).
The acquisition served as a strategic fit into the FBN Holdings portfolio.
This also created an institution with a stronger balance sheet and access to a wider universe of funding sources.
They are committed to finding innovative solutions for their client base of high net-worth individuals (HNIs), small and medium enterprises (SMEs), corporations, financial institutions and governments, catering to their diverse financial needs.
- Date of establishment: 2014
- Authorization: International
- Headquarters: 10, Keffi Street, Off South West, Awolowo Road, Ikoyi 101233, Lagos
- Number of branches: 3
- Official website: FBNQuest.com
- Contact email: info@fbnquestmb.com
Related: Top 10 Personal Loan Apps in Nigeria
3. DSH Merchant Bank
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 companies to be granted a merchant banking license in the country.
Over the years, the FSDH Merchant Bank has become a financial services supermarket that delivers expert financial services within Nigeria and to select clientele, in order to create long term sustainable wealth.
The bank has one of the best ROI in Nigeria today.
- Date of establishment: 1992
- Authorization: National
- Headquarters: 1/5 Odunlami St, Lagos Island, Lagos
- Number of branches: 1
- Official website: www.fdshgroup.com
- Contact email: info@fsdhgroup.com
Related: List of merged banks in Nigeria since 2007
4. NOVA Merchant Bank

Also on the list of merchant banks in Nigeria is the NOVA merchant financial institution.
The banks products and services cover Corporate Banking, Investment Banking, Advisory Services, Securities, Wealth & Asset Management.
They target private and public sector clients in addition to private individuals.
Specifically, they focus on the Oil & Gas sector, Commodity & Agricultural business, Utility & Infrastructure, Fast Moving Consumer Goods, Trade & Services and Financial Institutions.
They have a team of talented professionals to drive the next wave of banking revolution in financial services.
- Date of establishment: 2018
- Authorization: Regional
- Headquarters: 23, Kofo Abayomi Street, Victoria Island, Lagos. Nigeria.
- Total number of branches:
- Official website: www.novambl.com
- Contact email: info@novambl.com
5. Rand Merchant Bank
RMB Holdings Limited (RMBH), previously known as Rand Merchant Bank Holdings, is a South African diversified financial services holding company.

RMB Holdings traces its roots from Rand Consolidated Investments (RCI) and Rand Merchant Bank that were founded in 1977 and 1968 respectively.
RCI was co-founded by Paul Harris, Gerrit Ferreira and Lauritz Dippenaar.
Its objective was to offer leveraged leasing and off-balance-sheet financing to businesses.
RCI failed to secure a banking licence, this led to the firm joining forces with Johann Rupert’s Rand Merchant Bank in 1985.
The newly created entity took up the Rand Merchant Bank name.
The bank generates Net income Increase ZAR: 7.77 billion (2015), Total assets worth 36.52 billion (2015), Total equity worth 35.17 billion (2015).
- Date of establishment: 1987
- Authorization: National
- Headquarters: 3rd Floor East Tower, Wings Office Complex, Victoria Island, Lagos
- Number of branches: 1
- Official website: www.rmb.com.ng
- Contact email: support@rmb.co
Summary on Merchant Banks In Nigeria
So, there are a total of 5 merchant banks in Nigeria, as recognized by the CBN.
As you’ve seen above, products and services rendered by merchant banks include; project counseling, issue and portfolio management, restructuring strategies, off shore finance, etc.
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