Investment Banking In Nigeria

Overview of Investment Banking In Nigeria

Nigeria is considered to be one of the popular choices for working and attracting investments since the large oil reserves were tapped. Though it is combatting issues such as Corruption and security, the country has evolved over the last 25 years and is considered a desirable destination for many expats.

The investment banks in Nigeria are focussed on offering a smooth blend of traditional and customized products for all kinds of customers some of which can be shared as below:

List of Top Investment Banks in Nigeria

Investment Banking In Nigeria

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Some of the renowned Investment banks in Nigeria are:

  • Afribank
  • Fidelity Bank
  • First Bank of Nigeria
  • Standard Chartered Bank (Nigeria Branch)
  • Urban Development Bank of Nigeria
  • Savannah Bank
  • Zenith Bank

Recruitment Process of Investment Banks in Nigeria

The process for recruitment is largely on similar lines but can be tweaked depending on specific profiles. The procedure would generally be in the following manner:

  • #1) – The candidate is required to apply for a particular position which is generally online. If the candidate appears suitable they are called for the interview process. Though this step should not take more than a few days, on certain occasions the completion of this step has taken more than 4 weeks.
  • #2) – An aptitude test may be conducted depending on the company’s procedure. Such a screening is generally conducted to assess the personality of the candidate and how they are expected to perform in various situations. Certain candidates who are not fit are filtered out.
  • #3)  A case study would be presented to the candidates and they are expected to answer certain questions based on the contents of the case. These cases are generally real-life situations with imaginary names of employees. Similar to the aptitude test, the ability of the candidates are tested to understand how the individual will handle different situations.
  • #4) – A round of Group Discussion (GD) can also be considered either as an alternative to the Case study or along with the Case study. In general, a GD aids in filtering out the most suitable candidates showcasing leadership abilities. A group of multiple candidates is seated in a roundtable and a topic is presented for discussion. The topics for discussion would be general topics associated with or without the industry. The objective is not only to understand the opinion of the candidates but also to assess how they can handle a group of people with or without contradicting opinions.
  • #5) – The next step is the Interview process which is further broken down into a technical round and HR Round

(It is possible that the rounds can be interchanged depending on the number of candidates)

Once the above steps are cleared and the candidate is finalized, the candidate will be called upon for final negotiation pertaining to Compensation, Title, Perks, Date of Joining and any other confirmation. If the candidate accepts all the terms and conditions, they are selected and the position is closed.

Investment Banking Salaries in Nigeria

Nigeria is one of the cheaper countries in the world to station finance activities compared to developed nations like the US. Most of the established companies have set up one of their offshore units in Nigeria. This enables them to offer lucrative compensation opportunities to their employees.

  • Analyst monthly salaries are generally in the range of 300,000 NGN (Nigerian Naira) to 500,000 NGN. [$1 = NGN 360]
  • Additional emoluments can also be offered such as Housing facilities, Travel Allowances, Yearly vacations for self and family etc.
  • Investment Banker in Nigeria can earn additional commissions as well depending on the success of the deal and a pre-decided percentage which the banker will be eligible for.

Investment Banking in Nigeria – Exit Opportunities

It is to be noted that there are multiple attractive and profitable industries for Investment banking in Nigeria and some of them are:

  • Food production and Restaurant business
  • Real estate
  • Agricultural business
  • Fashion industry
  • Education
  • Film and Music industry
  • Internet expansion
  • Logistics

One can explore their career opportunities within multiple industries thereby gaining a holistic view. Thus, one can keep switching multiple companies dealing with more industries requiring investment banking facility.

Exit opportunities are also available in other countries after gaining sufficient experience in Nigeria. Mid-level and Senior level managers can explore opportunities areas such as Middle Eastern and South-East Asian countries as well. Subsequently, doors can also be opened towards the European and American countries as well.

Many developed nations also consider sending their expats to Nigeria with lucrative compensation opportunities to set up their bases or expand their activities in Nigeria.

This has been a guide to Investment Banking in Nigeria, their services offered, recruitment process, list of top investment banks in Nigeria, investment banking salaries in Nigeria, and exit opportunities. You may also have a look at the following article for learning more about Investment Banking –

Reader Interactions


  1. Kennedy Emeka Osigwe says

    This is a boost to knowledge of the growing young generation. It has given me insight to the potentials of the industry and ways it could be improved. Thanks so much for this innovative idea of setting up this website.

    • Dheeraj Vaidya says

      Thanks for your kind words!

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