The Discount Houses subsector of the Nigerian financial services industry commenced as a brainchild of the Central Bank of Nigeria (CBN) in the early 1990's. Discount Houses were established to bring sanity to an otherwise traumatized banking sector. Discount Houses therefore became the conduit through which banks were able to channel excess liquidity and access same to and from the CBN. The Discount Houses created a secondary market particularly for the trading of Treasury bills and other commercial bills.
The regulations permitted the establishment of Discount Houses by a consortia of acceptable and sound financial institutions in order to ensure financial strength and stability.
It was therefore the coming together of eight financial institutions championed by the First Bank of Nigeria Plc. (FBN) that gave birth to Kakawa Discount House Limited (Kakawa) in 1995. Currently (as at 2009), there are five Discount Houses in Nigeria .
Over time and with the dynamism that exists in the Nigerian financial services sector, the guidelines for Discount House activities have evolved and are now more broad-based. As a result, Kakawa has also metamorphosed into an organization with a carefully designed array of financial services positioned to delight its customers.
We have evolved from being an essentially mono-product institution into being the pioneer for the marketing of Treasury bills to individual investors through the introduction of our proprietary product, the Treasury Bill Backed Investment (TBBI) in 1997.
In 1998, as the institution continued in its typical proactive approach to business opportunities, the Corporate Finance market was identified and we established an advisory services unit, thus promoting growth for our customers by increasing value through pertinent financial advice.

Associated Discount House Limited (ADH) commenced business on 2nd August 1993 as one of Nigeria’s first three discount houses duly licenced by the Central Bank of Nigeria (CBN). It is owned by a group of successful banks and a major pension fund. As a discount house, ADH is a wholesale financial institution intermediating between the Central Bank of Nigeria, and the banks. Our functions are to assist the institutions in short-term liquidity management, provide intermediation services by channeling funds from the investing public into federal government securities, first-class investment instruments issued by the industrial and trading sectors entities that require working capital support, and also render expert advisory services.
ADH is a licensed primary dealer/market marker in FGN bonds by the Debt Management Office (DMO) of the Presidency, portfolio and funds management, and advisory services by the Security and Exchange Commission (SEC).

EXPRESS DISCOUNT LIMITED was incorporated on 25th November, 1992 as a private limited liability company and specialised financial institution. It was licensed by the Central Bank of Nigeria on 22nd July, 1993 to carry out the functions of a discount house and commenced full operations on Friday 23rd July, 1993.
EDL is owned by a group of nine financial institutions:
BANK OF INDUSTRY, BANK PHB PLC., FIRSTINLAND BANK PLC., NEWLINE INSURANCE COMPANY LTD., NICON INSURANCE PLC., NIGER INSURANCE PLC., SKYE BANK PLC., SPRING BANK PLC.

The FSDH Group is a financial services supermarket that delivers expert financial services in the Nigerian Financial markets, to its select clientele (corporate and individual), thereby assisting them in creating long term sustainable wealth.
The FSDH group consists of four companies all engaged in the provision of investment management services in different segments of the Nigerian financial markets. The group started with First Securities Discount House Limited (FSDH) in 1993 as the first discount house in the country.
FSDH's activities were later expanded to include capital market services through Counters Trust Securities Limited (CTSL) in 1995. CTSL was later acquired as a full fledged subsidiary in 2004 and in 2007 the name was changed to FSDH Securities Limited.
FSDH recognized the need to provide asset management services mainly to institutional investors and established a department within the company to handle this activity in 2000.  This department was eventually spun-off as a separate wholly owned subsidiary – FSDH Asset Management Ltd (FAML) in 2003.

CONSOLIDATED DISCOUNTS LIMITED (CDL) was incorporated on 16th November 1995 as a limited liability company, and was licensed by the Central Bank of Nigeria on 14th August 1996 to carry out the functions of a discount house. Built on a solid infrastructure, CDL parades an array of seasoned and tested professionals to cater for the financial intermediary needs of its clients and target market. CDL is wholly owned by a consortium of eight solid Nigerian Banks and a leading Pension Fund Management Institution. The company has an authorized Share Capital of N2 billion out of which N1.75 billion is fully paid by its shareholders, namely: Union Bank of Nigeria Plc, Afribank (Nigeria) Plc, Skye Bank Plc, First City Monument Bank Plc, Access Bank Plc, First Bank Plc, Williams Street Trustees Ltd.

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