Papa Madiaw Ndiaye, CEO of AFIG Funds, said, 'We are pleased to become a shareholder in
FSDH, a well-established financial services group in Nigeria with exciting growth prospects, and a long track record of strong performance.
The Board of Directors of the African Development Bank (AfDB) approved $300 million and $50 million trade finance loans to First Bank of Nigeria (FBN) and
FSDH Merchant Bank Nigeria (
FSDH), respectively.
It is a leading provider of trade finance in Nigeria and a strong financier of the SME sector while
FSDH is Nigeria's largest merchant bank with a niche as a provider of finance and advisory support to emerging local corporates involved in transformative sectors such as manufacturing, industry and services and agribusiness thereby supporting job creation and import substitution.
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FSDH Research notes that one of the ways to reduce Nigeria's inflation rate in a sustainable manner is to improve the infrastructure in the country.
Besides senior officials of Sterling Bank, the event was also attended by officials Constant Capital Markets and Securities Limited (Constant Capital), representatives from the Joint Issuing Houses, Cardinal Stone Partners Limited, FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited,
FSDH Merchant Bank Limited and Stanbic IBTC Capital Limited, as well as the solicitor to the listing, G.
The bank had recently received approval from the Central Bank of Nigeria (CBN) to become
FSDH Merchant Bank Limited.
The head of research,
FSDH Merchant Bank Limited, Ayodele Akinwunmi, attributed the December record expansion to increased year-end activities.
Nigeria-based First Securities Discount House Limited (
FSDH) Group has announced a plan to opt for a merchant banking license after the central bank of Nigeria repealed a universal banking license for the nation's banks.
'The banks include Standard Chattered Bank,
FSDH Marchant Bank, White and Case LLP, who are acting as Legal Advisers, (foreign) and Banwo and Ighodalo, as Legal Advisers, (local).'
