Corporate Profile

Associated Discount House Limited (ADH) commenced business on 2nd August, 1993 as one of Nigeria’s first three discount houses licensed by Central Bank of Nigeria (CBN). It is owned by consortium of banks and two non-bank financial institutions.

As a discount house, ADH is a wholesale financial institution intermediating between the Central Bank of Nigeria (CBN) and the licensed banks.

Our core business includes trading in Treasury Bills, Federal Government bonds, Bankers Acceptance and Commercial papers. We provide short-term liquidity management services to financial and non-financial institutions. While we grow investing public wealth through skilled investment in Federal Government Securities and first-class investment instruments issued by corporate entities, we also provide funds/portfolio management and financial advisory services.

The most important attribute of a financial institution is the quality of management. ADH is a strong institution in this regard. We have good spread of academically and professionally qualified personnel with high competence.

The executive management team receives strong support from the well-diversified management staff of the company who possesses excellent professional credentials and wide experience in their area of specialization.

Our experience as a company is as old as the discount market in Nigeria. This is reinforced by the quality and depth of the experience of our principal officers and highly skilled team who have been tested under various market regimes characterized by peculiar twists, risks and opportunities.


Associated Discount House Limited is a composite but specialized financial services solution provider. Our specialization area of concentration includes:

  • Securities Trading such as Bonds, Treasury bills, Commercial Papers and Bankers’ Acceptance.
  • Investment Management, Funds and Portfolio Management, Wealth Management and Financial Advisory Services.
  • Corporate Finance, Project Finance, Structured Finance and Mergers and Acquisition.

Through these value offerings, ADH is positioned to provide superior financial services to meet and identify investment needs of all our clients in various segments of the market
The rich package of funding and investment opportunities we offer include:

    • Tenored Investment – Fixed term investment paying interest upfront or at maturity secured on our portfolio of commercial bills of first-class quality.
    • Call Investment – investment payable on demand.
    • Associated Treasury Notes – investments backed by treasury bills (the safest instruments in the Nigerian market); can be used as collateral for loans and allowing premature termination.
    • Associated Commercial Bills Investment Scheme (ACBIS): A pool of funds administered and channelled by ADH to Commercial Papers of credible blue chip companies.


  • Public Sector Investments Notes (PS Notes) – An investment product through which government agencies and parastatals can invest in treasury bills and eligible commercial bills mostly by the leading companies in the productive sectors of the economy.
    Others are:

      • Funds Management Service
      • ADH Optimax Account
      • Guaranteed Securities Basket Fund (GSBF)
      • Variable Tenored Secured Fund (VTSF)
      • Associated Bond Notes (ABN)
      • Associated Commercial Bills investment Scheme (ACBIS)
      • Vanilla FG Treasury Bills
      • Vanilla FG Bonds
  • Funding

    We provide financing support through:

    • Commercial Bills – Instruments used by credible companies, of good standing and acceptable track record, to borrow money from the money market.
    • Treasury Bills and Bond – Federal government borrowing instruments. They are issued and guaranteed by the Central Bank of Nigeria on behalf of the government. Treasury Bills are the safest instruments in the country.
    • Associated Commercial Bills Investment Scheme (ACBIS) – A balanced portfolio for liability and asset management – you can only take out of (borrow from) it if you are a large and credible entity.