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 Who is FSDH Capital?

FSDH Securities Limited (FSDH Sec.) formerly Counters Trust Securities Limited (CTSL), is a Dealing Member of The Nigerian Stock Exchange. We are registered with the Securities & Exchange Commission as a Broker / Dealer and Issuing House. Over the last ten years, FSDH has firmly established itself as one of the major players in the stock market providing high quality services to individual and institutional clients whilst upholding the highest standards of business ethics, integrity and professionalism.

Relationship Between FSDH and FSDH Capital.

FSDH Merchant Bank Limited (FSDH MB), one of the leading discount houses in Nigeria, was very instrumental to the establishment of FSDH Sec. In 2004, FSDH Asset Management Limited, (FAML) a fully owned subsidiary of FSDH Merchant Bank Limited, acquired majority shareholdings in FSDH Securities. Following this acquisition, FSDH Sec became a direct subsidiary of FAML and an indirect subsidiary of FSDH.
Prior to the acquisition, FSDH had provided FSDH Sec with financial, technical, research and managerial support. The acquisition further consolidates on the technical support hitherto received from FSDH, with clients benefiting from the synergy derived therein.

How to invest in the Nigerian stock market?

Opportunities to buy shares exist via two channels:
  • Investing through public or private offers of new or existing shares- Several quoted and unquoted companies as well as the different tiers of government offer shares or stocks to the public to fund development and other projects. In the case of public offers, the securities are advertised in the print and/or electronic media and application forms are made available through stockbrokers, such as FSDH Sec, Banks and other avenues. In the case of private offers, the shares are not advertised to the general public but are offered to a selected number of prospective investors. The investors subscribe to these offers by filling out an application form and attaching payment for the securities they wish to purchase. Subsequently, the issuing house processes all applications and allots shares to subscribers in accordance with agreed criteria. Certificates are then sent to successful subscribers and serve as evidence of ownership. Shareholders may trade these certificates in the future. Meanwhile, cheques for the amount paid for subscriptions are mailed to unsuccessful subscribers.
  • Buying securities on the Stock Exchange – Investors may purchase shares on quoted securities in The Nigerian Stock Exchange. Investors can only buy shares through agents called stockbrokers, such as FSDH Sec. Investors are advised to contact stockbrokers who would provide the necessary documentation to open an account with the Central Depository. Subsequently, investors should discuss their orders with the stockbroker who would then purchase the shares.

What are Shares, Stocks and Bonds?

Shares or stocks represent ownership rights in companies. In other words, those who own the shares of a company own a part of the company. Depending on the nature of the company, the shareholders accept limited or unlimited liability for losses borne by a company. In the case of a limited liability company, the liability of shareholders is limited to the contribution made when purchasing the shares. On the other hand, in the case of an unlimited liability company, the liability of shareholders to cover the losses of a company is not limited to the contribution made by shareholders via the purchase of the shares held. In this case, liability extends to the personal property of shareholders. Likewise, shareholders own all excess profits made by a company after obligations such as corporate tax and loan obligations have been serviced. It is important to note that all companies listed on the stock exchange are limited liability companies.

What makes FSDH Capital stand out amongst its peers?

  1. Offering its clients professional investment advice based on the experience of its staff in the capital market and rigorous in-house research and analysis. 
  2. Utilizing the latest technology available to enhance response time whilst ensuring impeccable service delivery including the ability to track account statement details and portfolio valuation on our E-payments, E-options, E-contract notes, E-valuation. 
  3. Offering new products and services tailored to suit the investment requirements of an increasingly sophisticated investing public. 
  4. Actively trading in securities in the secondary market (i.e. equity and debt instruments) and providing easy entry and exit for both local and foreign portfolio investors desiring to participate in stock market activities. 
  5. Upholding the highest standards of business ethics, integrity and professionalism.

Prof. Isabella Okagbue

Non Executive Director
FSDH Capital Limited


Professor Isabella Okagbue, is an accomplished lawyer and academic with several published books and articles to her credit. She is a member of the Nigerian Bar and had a distinguished academic career for many years with the Nigerian Institute of Advanced Legal Studies where she became a professor of law and the Director of Research. She joined the United Bank for Africa Plc and over the course of her employment held various positions including General Counsel, Company Secretary and Chief Compliance Officer. She has served on several boards and councils both in her legal advisory and business capacities. She is currently a non-executive director with FSDH Capital Ltd and FSDH Merchant Bank Ltd

Afolabi Caxton Martins

Non Executive Director
FSDH Capital Limited


Mr. Caxton-Martins is the Managing Partner in the law firm of ACAS-Law (Adepetun, Caxton-Martins, Agbor & Segun), Corporate & Commercial Group. He brings to the board over thirty years career experience in corporate and commercial transactions particularly in relation to advising on foreign investment and joint ventures, private equity investments, international mergers and acquisitions, infrastructure projects particularly in the ports and telecoms sectors, anti-corruption and compliance due diligence and advisory, media, sports and entertainment law and arbitration. Afolabi is a fellow of the Chartered Institute of Arbitrators (UK) and routinely advises on structuring investments to benefit from bilateral investment treaty protection. He is a graduate of University of London, Nigerian Law School and also a member of the Nigerian Bar Association, The International Bar Association, The Chartered Institute of Arbitrators of Nigeria and the Chartered Institute of Arbitrators UK.


Bukola Smith

Non-Executive Director
FSDH Capital Limited

Bukola Smith is an accomplished banking professional with expertise in strategy, innovation and commercial leadership. She is the Managing Director/Chief Executive Officer of FSDH Merchant Bank, with headquarters in Lagos, Nigeria. With over 30 years of progressive experience in the banking industry and a track record of leadership, innovation, strategic planning and excellent execution, she is a well-rounded banking leader with achievements in different sub-sectors in the banking industry.

Before her Chief Executive role at FSDH Merchant Bank, she served as the Executive Director, Business Development at First City Monument Bank (FCMB) where she was responsible for over 200 branches across the country, Public Service Sector, Business Banking, Agriculture and Transaction Banking Divisions.

She is an Honorary Fellow of the Chartered Institute of Bankers and a Fellow of the Institute of Chartered Accounts of Nigeria (ICAN). She holds an MBA from Alliance Manchester Business School, University of Manchester U.K, and a B.Sc. Economics from the University of Lagos.

Bukola Smith continues to show exceptional leadership through her warm people-centered style and has led a culture of excellence, innovation and integrity at FSDH Merchant Bank. Her drive for innovation through solution-driven initiatives has made the Bank become the financial partner of choice for major corporate and commercial engagements in Nigeria.

Toyin Owolabi

Non-Executive Director
FSDH Capital Limited


Mr. Owolabi has over 20 years of banking experience and is the Group Head of Financial Institutions, responsible for developing and managing the relationship with all non-bank financial institutions and other institutional clients. Before joining FSDH, he worked at FCMB and at different times oversaw Financial Institutions, Correspondent Banking and Structured Funding. He was also the Head of treasury at IMB international Bank. Mr. Owolabi’s educational background includes a bachelor’s degree in Agriculture from the University of Ilorin and an MBA from Business School Netherlands. He has attended numerous local and international courses and in addition to financial institutions, is responsible for wealth management and correspondent banking at FSDH Merchant Bank.

Tolu Osinibi

Managing Director
FSDH Capital Limited


Mr. Osinibi has over twenty-five (25) years investment banking, asset management and consulting experience in Nigeria and Europe. He has led numerous project teams advising the Nigerian Government, major multinational clients and large local corporate institutions on major financial transactions. He worked with FCMB Capital Markets Ltd. (MD), KPMG Nigeria (Director) and Shell Nig. Closed Pension Fund Administrator (Chief Investment Officer). He was formerly Vice President at JP Morgan, London and holds a B.Sc in Economics from the University of St. Andrews, Scotland.