Salary Scale Of Merchant Banks In Nigeria

Working as a merchant banker can be financially and personally rewarding. Merchant banks are well-known for their work with high-net-worth individuals, enterprises, and corporations. Merchant banks are distinct from commercial banks in that they focus on investment and wealth creation for their clients. This post will go over Merchant Bank Salary: How much do Nigerian Merchant Bank employees get paid? We will also discuss what a merchant bank is and several merchant banks in Nigeria.

About Merchant Bank

Investment banks are another name for merchant banks. They are financial institutions staffed by experts such as asset managers, wealth managers, investment bankers, and others who provide specialized services to corporations, governments, and high-net-worth people. Merchant banks are important players in the financial system because they provide financial services that go beyond standard banking activities. While commercial banks are largely concerned with deposit-taking and lending to individuals and enterprises, merchant banks are primarily concerned with wholesale banking activities and cater to large high-net-worth clients. Merchant banks or investment banks help clients raise funds, invest and calculate risks, provide financial guidance and security, and so on. They are well-known for providing superior corporate finance services. Among the services they offer are:

  • Corporate Finance

Merchant banks are well-known for providing financial services to firms on a variety of topics such as capital investment and security, financial planning, and strategic decision-making with low-risk considerations.

  • Asset Management

Merchant banks manage investment portfolios for their clients, firms, or businesses in order to help them reach their financial objectives.

  • Investment Banking

Investment banks are another name for merchant banks. Typically, their major purpose is investment banking. They help firms raise finance by underwriting securities. They also provide their clients with advice on mergers, acquisitions, divestitures, and other corporate finance activities.

  • Risk Management

Merchant banks are experts in assisting clients in managing financial risks such as currency risk, interest rate risk, market risk, and price risk.

  • Foreign Exchange Services

Merchant banks offer foreign exchange services to clients involved in overseas transactions, investments, or businesses.

Some Nigerian Merchant Banks and Their Salaries

Below, we shall look at the various merchant banks in Nigeria and the average salary they pay their staff.

1. FBN Quest Merchant Bank

This is one of Nigeria’s most important merchant banks. It was founded in 2014 as a subsidiary of FBN Holdings, one of Nigeria’s biggest financial services groups. They have three branches in Nigeria, with their headquarters at 10, Keffi Street, Off South West, Awolowo Road, Ikoyi 101233, Lagos. Before changing their name to FBN Quest Merchant Bank, they obtained approval to conduct commerce merchant banking operations as FBN Merchant Bank. FBN Quest Merchant Bank provides a diverse range of financial services, including investment banking, asset management, trust services, structured finance, securities trading, and much more. According to, the average monthly income they pay their staff is between 210,00 NGN and 415,000 NGN.

2. Coronation Merchant Bank

This is one of Nigeria’s oldest commercial banks. A partnership of respectable financial institutions founded it in 1993 as Associated Discount House Limited (ADHL). The corporate headquarters are located at 10, Amodu Ojikutu Street, Victoria Island, Lagos. They presently have 27 outlets throughout Nigeria. Coronation Capital Nigeria Limited is a subsidiary. Global Marketing, corporate banking, investment banking, private banking, securities trading, and many other services are available. According to, the average monthly pay at Coronation Merchant Bank is 237,407 NGN.

3. FSDH Merchant Bank

Another well-known merchant bank in Nigeria is FSDH Merchant Bank Limited. It was founded in 1992 as a subsidiary of FSDH Holding Company and is headquartered at 1/5 Odunlami St, Lagos Island, Lagos. The bank has one of the highest ROIs in Nigeria. They also provide financial services such as Treasury and Financial Markets, Asset Management, Investment Banking, and a variety of other services. According to Glassdoor, the typical compensation of an FSDH Merchant Bank employee varies according on their function, however it is generally around 3,000,000 NGN per year.

4. Nova Merchant Bank

Nova Merchant Bank is a new financial institution in Nigeria. The Central Bank of Nigeria granted it a commercial banking license in 2017 and it began operations in 2018. Since its inception, the bank has garnered prominence and a reputation. Nova provides a variety of financial services, including Investment Banking, Corporate Banking, Retail Banking, Treasury and Financial Markets, and so on. The bank’s headquarters are located at 23, Kofo Abayomi Street, Victoria Island, Lagos. According to Glassdoor, the average monthly income at Nova Merchant Bank is 450,000 NGN.

5. Rand Merchant Bank

This is the oldest merchant bank. After being licensed in 1987, the bank began operations. Rand is a subsidiary of RMB Holdings Limited (RMBH), a diversified financial services holding company based in South Africa. The headquarters are located on the third floor of the East Tower of the Wings Office Complex in Victoria Island, Lagos. They provide a wide range of financial services, including investment and wealth management, global markets, corporate banking, and much more. The average income of a Rand Merchant Bank employee varies depending on their job role. A Rand merchant bank employee earns around N4,329,000 per year, according to Glassdoor.


Greenwich Merchant Bank and Vetica Capital Management are two other notable merchant banks in Nigeria. Remember that picking a career and a place to work is entirely dependent on your preferences and a place of work that resonates with your enthusiasm. Also, be certain that the work atmosphere and company culture are compatible with you and your interests.

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