Top 20 Investment Banks in Nigeria

1. Renaissance Capital

Renaissance Capital is a leading investment banking firm that operates in high-opportunity emerging markets. It is a top-ranked investment bank for M&A, equity and debt capital markets, as well as securities sales and trading. Renaissance Capital focuses exclusively on emerging markets, including Russia, the Commonwealth of Independent States (CIS), and the frontier markets of MENA and sub-Saharan Africa

Renaissance Capital is unique in that it has no "home office", but rather its businesses are run from the markets it serves. Specifically, the firm's offices are in Moscow, Kiev, Almaty, Lagos, Nairobi, Accra, Harare, and Lusaka. Renaissance Capital also maintains offices in London, New York, Dubai, and Nicosia.

As one of the 10 selected to start market making activities on the Nigerian Stock Exchange, they are definitely a force to reckon with

Rumors had it that they only select 2 graduate trainees yearly, who join other recruits from all over Africa to attend the prestigious Renaissance Academy.

You must be prepared to work long hours and weekends. Very good pay
2. Stanbic IBTC

Stanbic Bank Corporate & Investment Banking business unit serves a wide range of client requirements around the world for banking, finance, trading, investment, risk management and advisory services. Having developed in line with globalising capital markets and the growing sophistication in financing requirements in emerging markets, the division has built a deep understanding of the market dynamics in countries with rapidly developing economies.

Stanbic IBTC is also one of the selected 10 to start market making activities on the Nigerian stock exchange in April 2012

They also boast of a well-designed Graduate Program

Lots of Issuing house deals, and a very good pay

3. Citi Bank

Citi has been doing business in Nigeria since 1984. The bank formerly operated under the name Nigeria International Bank Limited, but was renamed to Citibank Nigeria Limited (Citi Nigeria) in 2008 to fully align with Citi's global brand and identity.

The bank offers a broad range of services, including global transaction services, sales and trading, corporate finance and investment banking services to corporate and commercial customers, financial institutions (including other banks) and public sector organizations.

In August 2008, Citi launched its Direct Custody and Clearing Services in Nigeria, the 53rd market on its proprietary network - the largest in the world. The DCC business will facilitate business transactions for clients and investors looking to do business in Nigeria.

With almost 300 employees and 13 branches across the country, Citi Nigeria continues to develop innovative products and services for its customers in and around strategic locations.

They are a stealth player with mostly international clients. However contestable why they made the top3 firms, as an international well known firm, the skills of their employees are definitely sellable in any country therefore there is always a premium attached to that.

As a subsidiary of a multinational firm, their pay is definitely higher than most investment banks in the country.

They also have a well-structured graduate program.

4. Standard Chattered

Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, United Kingdom. It operates a network of over 1,700 branches and outlets (including subsidiaries, associates and joint ventures) across more than 70 countries and employs around 87,000 people.

One can argue why Standard Chattered made 4^th on the list but as a multinational firm, having them on your CV will go a long way to show how talented you are. They operate stealthy in the Nigerian capital market scene. They pay and an opportunity to travel worldwide is alluring. They also have a well-structured Graduate Trainee Program.

5.       FBN Capital

FBN Capital Limited is the Investment Banking and Asset Management Group of FBN Holdings Plc. Being a part of one of Nigeria's strongest and dependable financial group gives them significant financial capacity and provides access to a strong tradition of governance.

FBN Capitalarranges finance, provide advice, manage funds and sell investment products to clients. FBN Capital recognise that the financial needs of their clients are becoming more sophisticated, and are continuously investing in their people, processes and systems in order to provide the simplest and commoditised financial solutions for clients.

They provide these services through four key divisions:

ü  Investment Banking

ü  Asset Management

ü  Markets

ü  Principal Investing/Private Equity

As a leading Financial Institution in the Country, FBN Capital is privileged to transactions in both public and private sectors of the country. This has earned them numerous national and international awards.

FBN Capital is also one of the selected 10 to start market making activities on the Nigerian stock exchange in April 2012

They are also notorious in poaching the best brains from their competitors so they should definitely pay their employees well.

With a New Graduate Trainee program in place, I can only imagine the best of the best making the cut into the program.

6.        UBA Capital


UBA Asset Management Ltd (UAML), a wholly owned subsidiary of UBA Capital Plc, was incorporated in 1964. The company is registered and licensed by the Securities and Exchange Commission of Nigeria (SEC) to act as Investment Advisers, Portfolio and Asset Managers.
We provide innovative and customized investment services to a diverse client base that includes; Corporate Institutions, Government and Agencies, High Networth Individuals and Retail Investors, UAML is an asset manager in Nigeria with assets under management in excess of N40 billion (US$250 million) with expertise in Portfolio/Fund Management, Mutual Funds, Wealth Management and Investment Advisory Services. We continously leverage on our research capabilities to make informed investment decisions and avail our clients financial and market intelligence to achieve their investment objectives.


UAML has Regional Offices in Abuja and Port-Harcourt. These Offices ensure that our clients enjoy the benefits of having unhindered access to the Company.

7.       Vetiva

Vetiva Capital Management Limited is a Pan-African Financial Services Company incorporated in Nigeria and duly regulated and registered by the Securities & Exchange Commission and the Nigerian Stock Exchange to carry on business as an Issuing House, Market Maker and Fund/Portfolio Manager. Through our subsidiaries, Vetiva Trustees Limited and Vetiva Securities Limited, we are also licensed to carry out the business of Trusteeship and Stockbroking respectively.

They are one of the leading places to develop ones skill which can be validated by the number of people who leave the firm to become senior managers in other Investment Banks. They are also one of the highest payers in the Industry.

Vertiva Capital is also one of the selected 10 to start market making activities on the Nigerian stock exchange in April 2012.

Check outtheir new entry-level hires and don’t be surprised if you find 90% of them as First Class Graduates.  One of the easier paths to working with Vetiva is to have done internship with them during your college years or Pre-NYSC.

8.       Asset Resources Management Company

Asset & Resource Management Company Ltd ("ARM") was established in 1994, and has evolved into one of the most respected financial services brands in Nigeria. ARM is a diversified and integrated, non-bank financial services institution with 18 years investment management expertise. ARM’s business comprises non-pension asset management, pension fund administration, trust services, real estate management and development, infrastructure finance and development, investment banking and financial advisory services.

Although an Asset Management Company, their large pension fund and also unique operating way makes them one of the best places to work in. Apart from typical investment banking, financial advisory and capital issues activities which they don’t partake in, they are definitely one of the best places to start ones career and also a good training ground.

The ARM Top Talent Programme is designed to provide exemplary university students with the opportunity to develop an early career at ARM through an exposure to meaningful assignments that offer opportunities to gain real-world experience.

9.       Chapel Hill Advisory

Chapel Hill Denham (“CHD”, “the Group”) is a privately held business established as a full service investment banking firm. Chapel Hill Denham firm is focused on providing unbiased advisory and investment services to entities and individuals involved in investing in and developing Africa’s productive infrastructure. Chapel Hill Denham emerged from the combination of the already successful businesses of Chapel Hill Advisory Partners Limited and Denham Management Limited in February 2008.

Chapel Hill Advisory Partners Limited which was formed in April 2005 commenced business on July of that year and is licensed by the Securities & Exchange Commission (“SEC”) as an Issuing House and Market Maker. Denham Management Limited was incorporated in and commenced business operations in July 1995 as a Fund/Portfolio Manager, Broker/Dealer and Investment Adviser licensed by the SEC.

With their involvement in almost all the state government bond issues in recent years, it is difficult not to imagine that being a relative of a government official is a pre-requisite of being employed in the firm. (Wide grin)

 With a team of top professionals, they are a force to reckon with and it is doubtful they were affected by the global financial crisis which affected majority of the financial services firm in the country.

10.       FCMB Capital

Licensed by the Nigerian Securities and Exchange Commission as an issuing house and financial advisor, FCMB Capital Markets Limited is the local investment banking advisory arm of the Group, specialising in equity and debt capital raising, M&A advisory and other forms of financial advice to top tier corporates. FCMB Capital Markets remains a market leader in its field.

Their parent company First City Monument Bank (FCMB) is a full service banking group, headquartered in Lagos, Nigeria.FCMB is the flagship company of the First City Group, one of Nigeria's leading comprehensive financial services providers. From its early origins in investment banking as City Securities Limited in 1977, FCMB (established in 1982) has emerged as one of the leading financial services institutions in Nigeria, a top 10 bank with subsidiaries that are market leaders in their respective segments.

Their subsidiary CSL Stockbrokers was among the firms selected to start market making activities on the Nigerian stock exchange in April 2012

With most members of the Research team of FBN Capital former employees of FCMB Capital (CSL Stockbrokers), they are definitely one of the best places to develop ones skills.

11.   Afrinvest

Afrinvest (West Africa) Limited is a management majority-owned securities firm involved in investment banking, securities trading, asset management and investment research with a focus on West Africa.

The Company is organized along four major business lines: Investment Research, Securities Trading, Asset Management and Investment Banking. These businesses are supported by a diverse team of experienced professionals in Financial Control, Operations, Human Resources, General Services, IT Systems, Risk Management, & Compliance, and Legal & Regulatory structures.

I should note that Afrinvest is probably the smallest firm to make it into the top 10.

They can boast to have one of the best research team in the Industry.  They can also be seen being appointed as financial advisers and issuing house to some of the transactions in both public and private sector. They are also known in security trading though not among the selected 10 selected for market making activities.

12.   BGL

BGL PLC is one of the foremost Investment Banking Companies in Africa with Head Office in Nigeria, offering first class Financial Advisory, Corporate Finance and Private Banking/Asset Management services to an expanding clientele comprised of institutional, corporate, government and ultra-high net-worth clients.

Since incorporation over a decade ago, BGL has built a reputation for passionately and professionally executing our instructions to deliver the best value to our clients. We have emerged as proven leaders in Nigeria's Investment Banking industry, ranking among the very best in virtually all our Industry's key business areas. BGL also enjoys a reputation for bringing vision, innovation, well researched insight, and integrity to all its transactions. Over the years, BGL has participated in landmark transactions that have helped it establish a firm reputation as the leading Investment Banking firm in Nigeria.

The Subsidiaries are:

ü  BGL Securities Limited

ü  BGL Asset Management Limited

ü  BGL Private Equity Limited

However, since the global financial crises, business activities of stock issues have been limited and they don’t get much of the booming state government bond. They also are not among the market makers on the Nigerian stock exchange so definitely not a major player in stock trading. One is left to wonder how they have been coping and their struggles are evident in the restricted recruitment in recent years.

They are still a big player and can still boast of one of the firms with the largest staff in the industry.

13.   Meristem Capital

Meristem Securities Limited (Meristem), formerly Great Africa Securities Limited, is a limited liability company with a fully paid up share capital of N3.3 billion (three billion, three hundred million naira).

The company is licensed as an Issuing House, Brokers/Dealers by the Securities & Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE)

Meristem was set up to take over the capital market services unit of Great Africa Trust Limited which, has been in operation since 1994 with the view to exploring the opportunities that abound in the industry and offer first class capital market services.

A capital market conglomerate offering investment management and financial advisory services to its clients, these services includes Stockbrokerage, Issuing House Functions, Shares Trading Services, Asset Management and Financial & Investment Advisory Services. Meristem Registrars Limited, a wholly owned subsidiary offers Registrar services.

Also known as a good training ground amongst the smaller players in the industry.

14.   Dunn Loren Merrifiel Ltd

Dunn Loren Merrifield is a full-service investment house with a global focus. It is a standalone institution that combines the attributes of origination: (corporate finance, capital raising and advisory), distribution (mainly institutional sales to domestic and international investors), trading (equities, fixed income, currencies and energy) and finally structuring, setting up and investing in hedge funds. The institution also provides first class research services to companies, sovereign and sub-sovereign markets in both domestic and international spheres.

Their origination clientele include sovereign/sub-sovereign entities, private/non-private corporations and institutions and non-government institutions. On the sales side, Dunn Loren work with domestic pension fund managers, asset managers, bank treasurers, corporate bankers, trustees, high net worth individuals and other retail investors. They also work with international emerging market fund managers and international banks with an appetite for sub-Saharan Africa investments.

Dunn Loren Merrifield is a firm regulated by the Securities & Exchange Commission of Nigeria (SEC).

They are well known for their technical expertise in Bond valuation and are second to none.

It was formed by some senior management breaking out of UBA Capital and in the short time in operations; they have won awards including the best debt house for the year 2011.

Dunn Loren Merrifiel was among the selected 10 to start market making activities on the Nigerian stock exchange in April 2012

Dunn Loren is definitely a place for one to develop fixed income trading and valuation skills and with the imminent derivative market in Nigeria, I must say Dunn Loren could potentially dominate the capital market.

15.   WSTC Financial Services

WSTC Financial Services Limited, formerly known as Wall Street Trust Company Limited commenced business as a non-bank financial institution in January 1991. The Central Bank of Nigeria licensed it in 1993 to operate as a financial institution when the industry came under regulation. The Securities and Exchange Commission registered it in 1995 as a Broker/Dealer, and as Issuing House and Fund/Portfolio Managers in 2009. It is also a dealing member of The Nigerian Stock Exchange.

With some couple of transactions under their belt, they are definitely not a bad place to work and learn

WSTC was among selected 10 to start market making activities on the Nigerian stock exchange in April 2012

16.   Greenwich Trust Limited

Greenwich Trust Limited is a boutique Investment Bank focused on creating value for our various stakeholders. The firm was incorporated on 25th February, 1992 and commenced business in June 1994. Over the years, we have evolved to become a strong player and market leader in the financial sub-sector of the Nigerian economy.

Greenwich is duly registered with the Securities & Exchange Commission (SEC) and the Nigerian Stock Exchange with four major subsidiaries and has over the years evolved to become a strong player and market leader in the financial sub-sector of the Nigerian economy.

ü  Greenwich Asset Management Limited

ü  GTL Nominees Limited

ü  Greenwich Securities  Limited

ü  GTL Properties Limited

With some transactions they are participating in, the potential upturn in the stock market will only make things better.

Greenwich Trust Limited was among the selected 10 to start market making activities on the Nigerian stock exchange in April 2012.

17.   Skye Financial Services

Skye Financial Services Group (“SFS Group”) currently consists of two companies, called Skye Financial Services Limited (“Skye Financial“) and SFS Capital Nigeria Limited (“SFS Capital”). Skye Financial is licensed by the Securities & Exchange Commission (“SEC”) as an Issuing House, while SFS Capital is licensed as a Fund/Portfolio Manager.

The SFS Group is a product of a Management Buy-out of Skye Financial Services Limited, which operated as the investment banking and investment management subsidiary of Skye Bank Plc. The change began as a result of the mandate by the Central Bank of Nigeria’s (“CBN”) instructing all Nigerian banks to sell off their non-banking subsidiaries. Skye Bank Plc offered its 100% stake in Skye Financial Services Limited to interested investors. After a thorough and transparent process, the divestment eventually cumulated in the sale of Skye Financial Services Limited to an entity formed by its existing management.

Coincidentally during the divestment of Skye Financial Services Limited by Skye Bank Plc.’ the SEC began implementing the rule preventing any asset management company from engaging in other activities; like Issuing House. As a result, the investment management business of Skye Financial Services Limited was ‘Carved-Out’ to form SFS Capital Nigeria Limited (“SFS Capital”). Both the Newly formed Skye Financial Services and SFS Capital Nigeria Limited have similar shareholding structure and therefore are now part of a larger group now branded “Skye Financial Services Group”.

The group will continue to collaborate extensively with Skye Bank Plc., in a mutually beneficial manner.

With some couple of transactions under their belt, one will expect things to get better as the capital market recovers.

18.   Capital Bancorp

Capital Bancorp Limited (CBL) is one of the foremost financial and professional services providers in Nigeria. Capital Bancorp Limited was borne of the perceived need to enhance the accessibility of industry, commerce and individuals to capital, whether loan or equity and high-grade investments.

CBL is a Central Bank of Nigeria licensed multidisciplinary finance house and a member of The Nigerian Stock Exchange. The company is registered with the Securities and Exchange Commission (SEC) as an Issuing House, Investment Adviser, Broker/Dealer and Portfolio Manager.

CBL was incorporated on the June 13, 1988 and today has an authorized share capital of N500,000,000 with issued capital of N378.40 million. Its broad shareholding structure includes amongst others, some of the largest insurance companies operating in Nigeria vis:

ü  Nigeria Reinsurance Plc.

ü  Leadway Assurance Company Limited.

ü  Great Nigeria Insurance Plc.

ü  Royal Exchange Plc.

Capital Bancorp was among the selected 10 to start market making activities on the Nigerian stock exchange in April 2012

19.   Marina Security

Marina Securities Limited (“Marina Securities”) was incorporated in 1992 as Intermediate Capital Group Limited to carry on the business of Stockbroking and Portfolio Management as a wholly owned subsidiary of former Marina International Bank Limited. The Company commenced full business operations in July 1999, having been registered and licensed by the Securities & Exchange Commission and the Nigerian Stock Exchange as Broker Dealer/Investment Advisers.

Further to the successful merger of Access Bank Plc, Capital Bank and Marina International Bank Limited in October 2005, Access Bank assumed 100% of the equity shares of Marina securities and immediately thereafter engaged the service of an advisory firm to undertake the task of effecting a seamless transition of ownership and management.

Presently, Marina Securities Limited ranks among the top securities trading companies in Nigeria, although not selected as part of the market makers on the stock exchange.

20.   Cardinal Stone Partners

CardinalStone is a full service investment banking firm operating out of Lagos Nigeria. The firm began operations in June 2008 and is currently registered by the Nigerian Securities & Exchange Commission to operate as an Issuing House, Fund Manager and Broker/Dealer. CardinalStone Securities Limited is the licensed Stockbroking subsidiary of CardinalStone Partners

The Firm's activities are carried out across five business units - Asset Management, Investment Banking, Principal Investments, Securities Trading and the Business Support Group.

Young management team, there is definitely lot to learn from them