Banking
FSDH Merchant Bank Raises N14.40b CP Notes
By Modupe Gbadeyanka
Reaffirming its commitment towards development of the Nigerian debt capital market, FSDH Merchant Bank Limited (FSDH MB) has successfully raised N14.40 billion from its Series 3 and Series 4 Commercial Paper (CP).
Collectively, the Series 3 and 4 represents FSDH MB’s second Issuance under its N30 Billion CP Programme established in 2016.
Stanbic IBTC Capital Limited acted as Lead Arranger/Dealer while United Capital Plc and FSDH MB acted in the capacity of Co-Arrangers/Dealers, and FSDH MB as Issuing, Calculation and Paying Agent.
The CP offer, which closed on 26 May 2017, was open to investors at a discount rate of 18.50 percent for the Series 3 and 18.80 percent for the Series 4.
The offer was received with considerable investor interest, and a high subscription level despite the persistent lack of liquidity and less than favourable market conditions so far experienced in the first half of 2017.
This result is testament to investors’ confidence in FSDH MB as a credible institution with sound management and corporate governance practices, and an enviable track record of successful business operations in the domestic financial market.
Managing Director of FSDH MB, Mrs Hamda Ambah, emphasised that the success of the bank’s most recent CP issuance reaffirmed the confidence placed by the market in the bank’s brand and its strategic intent.
The CPs were listed on the FMDQ platform on 20 June 2017 and the proceeds of the issuance will be utilised to support FSDH MB’s short term financing requirements.
Commenting on this development, Executive Director and Head of Debt Capital Market at Stanbic IBTC Capital Limited, Mr Kobby Bentsi-Enchill, speaking on behalf of the Arrangers stated, “We are pleased to have supported FSDH MB once again on yet another successful outing in the domestic capital market to meet its funding objectives.
“Remarkably, Commercial Paper continues to gain momentum as a viable alternative source of funding for blue-chip corporates and high grade issuers, and is also an increasingly competitive investment option for money managers looking for sustainable returns over and above comparable treasury benchmarks.”
FSDH Merchant Bank Limited, formerly First Securities Discount House Limited, was one of the first merchant banks to be awarded a merchant banking licence in Nigeria following the repeal of Universal Banking in 2010.
FSDH MB was incorporated in 1992 as the first discount house in Nigeria and it commenced operations in 1993 having as its core competence, the issuance and trading of financial securities.
In November 2012, FSDH MB obtained approval from the CBN to operate as a merchant bank and officially changed its name from First Securities Discount House Limited to FSDH Merchant Bank Limited in December 2012. FSDH MB commenced its merchant banking operations in January 2013.
FSDH MB provides a one-stop shop for financial services in Nigeria. Its service offerings include investment and corporate banking, trade finance and international banking, private banking and wealth management, fixed income trading and treasury services.
FSDH MB also offers Asset/Fund Management, Stockbroking and Pension Fund Management respectively through its three independently managed subsidiaries: FSDH Asset Management Limited, FSDH Securities Limited and PAL Pensions Limited.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
