DLM Capital Group

Name

DLM Capital Group

Legal name

DLM Capital Group Limited

Website

https://dlm.group

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Banking & Advisory Fees: DLM Advisory earns fees from financial advisory, restructuring, capital raising (debt and equity issuance), underwriting, and M&A advisory services. Revenue includes issuing house fees, arranger fees, bookrunner fees, and success fees tied to transaction completion.
2. Asset Management Fees: DLM Asset Management generates management fees and performance fees from managing collective investment schemes (mutual funds), fixed income funds, money market funds, and individually managed portfolios for retail, HNI, and institutional clients.
3. Securities Trading & Brokerage: DLM Securities earns brokerage commissions on equity and fixed income trades executed on behalf of retail and institutional clients through the NGX. The firm also acts as a market maker and earns bid-ask spreads and commissions on securities trading.
4. Trust & Trusteeship Fees: DLM Trust Company earns fees for acting as trustee for corporate bond/note issuances, collective investment schemes, escrow services, share trusteeship, and private trust/estate planning administration.
5. Finance Company Lending: Citihomes Finance Company and Sofri (digital banking subsidiary) generate interest income from term loans, LPO financing, cooperative loans, invoice discounting, clean energy loans, nano loans, and salary advance loans extended to retail and SME borrowers.
6. Commercial Paper Issuance & Programme Management: DLM Capital Group operates a N20 billion Commercial Paper Issuance Programme, raising short-term funding through serial CP notes (Series 1–2, Tranches A & B) with effective yields of 21–30%, sold to institutional investors. Issuance fees and arranger fees contribute to revenue.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

DLM Capital Group operates as a Development Investment Bank delivering financial advisory, capital markets, asset management, securities trading, trusteeship, and digital banking services through subsidiaries including DLM Advisory, DLM Asset Management, DLM Securities, DLM Trust, and Sofri. The Group originates and structures debt instruments such as Sovereign Bond-Backed Composite Notes, commercial papers, and securitisations for corporates, governments, and institutional investors.

Product overview

DLM Capital Group is the first Development Investment Bank (DIB) in the world, operating as a diversified financial services institution with four core subsidiaries: DLM Advisory (financial advisory, restructuring, capital markets, underwriting, M&A), DLM Asset Management (investment funds and wealth management), DLM Securities (stockbroking and market making), and DLM Trust (trustee services). The Group also operates several sub-brands including Sofri (mobile banking via microfinance), Citihomes Finance Company (corporate lending), and Recyclan Africa (environmental sustainability). Key structured products include Sovereign Bond-Backed Composite Notes (SBCNs) — a pioneering hybrid instrument combining sovereign bonds with private credit — and Commercial Papers under a N20 billion programme. The DLM E-Trade digital platform provides retail investors direct access to Nigerian Exchange trading.

Differentiator

Problem solved

Functional benefit

Brands

• Sofri: Lifestyle financial partner offering mobile banking through the Sofri app, instant debit cards, reliable POS machines, personalized loans and top savings & investment tools.
• Citihomes Finance Company
• DLM Advisory
• DLM Asset Management
• DLM Trust
• DLM Securities
• DLM E-Trade
• SofriPay
• Recyclan Africa

Products and services

• DLM Advisory

Quantifiable outcome

• Series 1 SBCN raised N9 billion (July 2025), with Tranche A achieving 40.62% Hold-to-Maturity return and Tranche B achieving 19.07% HTM return. Both tranches received AAA ratings from GCR and DataPro.
• +6 more outcomes

Named customers13 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

15 partnerships are on record, tiered core and minor.

• Alpha Morgan CapitalcoreStrategic or Co-development Partner · 27 September 2025Alpha Morgan Capital served as Lead Issuing House and Bookrunner alongside DLM Advisory for the N9 billion Series 1 SBCN issuance. DLM Advisory acted as financial adviser, structurer, and joint issuing house.
• Anchoria Advisory ServicesminorChannel Partner/ Reseller/ Distributor · 27 September 2025Anchoria Advisory Services served as joint bookrunner alongside Alpha Morgan Capital and DLM Advisory for the N9 billion SBCN issuance.
• Meristem CapitalminorChannel Partner/ Reseller/ Distributor · 27 September 2025Meristem Capital served as joint bookrunner for the N9 billion Series 1 SBCN issuance.
• SCM CapitalminorChannel Partner/ Reseller/ Distributor · 27 September 2025SCM Capital served as joint bookrunner for the N9 billion Series 1 SBCN issuance.
• Pathway AdvisorsminorChannel Partner/ Reseller/ Distributor · 27 September 2025Pathway Advisors served as joint bookrunner for the N9 billion Series 1 SBCN issuance.
• FMDQ ExchangecoreStrategic or Co-development PartnerFMDQ Exchange listed DLM Funding SPV Plc's SBCN notes. FMDQ is described as a platform widely recognised for supporting innovative debt structures, providing an enabling environment for instruments like DLM's SBCNs to thrive.
• Global Credit Rating (GCR)coreOthersGCR assigned AAA rating to DLM SBCNs at launch (a 9-notch upgrade from BBB-), and rated DLM Advisory BBB- (GCR Sponsor ratings at issuance).
• DataPro LimitedcoreOthersDataPro Limited assigned AAA rating to SBCNs. Also rated DLM Advisory A+ (DataPro), alongside Agusto & Co (BBB).
• Agusto & CominorOthersAgusto & Co rated DLM Capital Group's commercial papers alongside GCR and DataPro.
• Nigeria Commodity ExchangeminorStrategic or Co-development PartnerDLM Securities is a member of the Nigeria Commodity Exchange, enabling commodity market participation and trading.
• Securities and Exchange Commission (SEC)coreOthersDLM Capital Group subsidiaries (DLM Advisory, DLM Asset Management, DLM Trust, DLM Securities) are registered and regulated by the SEC. SBCNs were approved by SEC. DLM Advisory and Sofri Trust MFB are SEC-licensed.
• Nigerian Exchange (NGX)coreOthersDLM Securities is registered by the NGX as a Market Maker and broker/dealer. DLM E-Trade enables direct trading on the NGX.
• Debt Management Office (DMO)minorOthersDLM Securities is registered as a dealer for the Debt Management Office in relation to FGN Retail Bonds.
• DLM NomineesminorOthersDLM Nominees is a subsidiary of DLM Capital Group providing nominee services. Ohiani Idawu is Managing Director of DLM Nominees.
• Enugu State Government (Office of the Head of Service)minorStrategic or Co-development PartnerCitihomes Finance Company partnered with Enugu State Government through the Office of the Head of Service to deliver a three-day workshop on fiscal oversight for Directors and Deputy Directors of the State Civil Service (March 2026).

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Coronation Merchant Bank: Nigerian merchant/investment bank offering advisory, capital markets, asset management, and structured finance. Most directly comparable to DLM as a Lagos-based merchant bank competing in the same mid-tier capital markets segment with similar product breadth.
• FSDH Merchant Bank: Lagos-based merchant bank providing investment banking, fixed income, asset management, and securities trading. Competes head-to-head with DLM Advisory and DLM Securities for Nigerian corporate bond mandates and institutional brokerage.
• Chapel Hill Denham: Nigerian investment bank and asset manager focused on fixed income, equities, and advisory. Directly comparable to DLM Advisory and DLM Asset Management, with overlapping institutional client base and product set.
• United Capital Plc: Listed Nigerian financial services group offering investment banking, asset management, securities, and trusteeship services. Closely comparable diversified structure to DLM Group and a competitor in the same mandates.
• ARM (Asset & Resource Management): Leading Nigerian asset manager with collective investment schemes, wealth management, and investment banking. Direct peer to DLM Asset Management, with overlapping fund products (fixed income, money market, equity funds).
• Vetiva Capital Management: Nigerian investment banking and securities firm with equities trading, research, and asset management. Directly comparable to DLM Securities and DLM Advisory in mid-market capital markets.

Broad incumbents

• Stanbic IBTC Capital: Investment banking and asset management arm of Stanbic IBTC Holdings, a large Nigerian financial group. Comparable as a larger incumbent competing for capital markets mandates, asset management, and trusteeship.
• FBNQuest Merchant Bank: Merchant banking arm of FBN Holdings, providing investment banking, asset management, and securities services. Comparable to DLM as a larger incumbent with similar product breadth and corporate-trust capabilities.
• Rand Merchant Bank (RMB Nigeria): South African-headquartered investment bank with Nigerian operations offering advisory, financing, and structured solutions. Comparable in product set to DLM Advisory, particularly for cross-border structured finance.

Regional players

• Development Bank of Nigeria (DBN): Nigerian development finance institution providing wholesale funding and credit guarantees to SMEs. DLM is a trustee for DBN's N100bn bond programme and engages DBN as a development-finance ecosystem partner; comparable as a development-finance counterparty rather than direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/DLMCapitalGroup
• YouTubeyoutube.com/channel/UCaBrKIpdSaqUTlTp4xvRgUQ
• Facebookfacebook.com/DLMCapitalGroup
• LinkedInlinkedin.com/company/dlmgroup
• Instagraminstagram.com/dlmcapitalgroup/?hl=en

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries9 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DLM Capital Group