Top Ten Stockbroking Firms in Nigeria: A Comprehensive Review

Interested in investing in the Nigerian stock market? Then you need to acquaint yourself with some of the stock broking firms in Nigeria. This knowledge will guide you in choosing the right Nigerian stockbroking firm and stockbroker to invest with.  Buying shares in Nigeria is a great way to invest your money and establish multiple income streams. However, not knowing the fundamentals of the Nigerian stock exchange market, such as licenced stock brokers and registered stock broking firms, can make you susceptible to Ponzi scheme promoters. These people are everywhere and are looking for who to scam.

Whether you plan on investing now or later, having this knowledge will put your foot in the door. Let’s get started.

Introduction to the Nigerian Stock Market 

The Nigerian Stock Exchange (NSE) is a fast-growing securities exchange in Africa established in 1960. It serves as a hub for capital formation and economic growth, offering various  investment opportunities such as equities, bonds, and financial instruments to local and foreign investors. The NSE plays a significant role in Nigeria’s economy by encouraging investment, creating wealth for investors, and providing a platform for businesses to raise capital. Understanding the NSE is vital for those interested in investing in the Nigerian economy, working with Nigerian stock broking firms, or becoming a stockbroker in Nigeria.

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The Role of Stockbrokers in the Nigerian Stock Market

Stockbrokers are licensed professionals regulated by the Securities and Exchange Commission (SEC) in Nigeria.

Stockbrokers are essential to the functioning of the Nigerian stock market. Their expertise and services are important for the growth and development of the Nigerian economy.

They play a crucial role in the stock market by the following;

  • They act as intermediaries between investors and the stock market, facilitating the purchase and sale of securities for their clients.
  • Stockbrokers in the Nigerian stock market provide investors with valuable insights and advice on investment opportunities. 
  • Nigerian stock brokers also analyze market trends, study financial statements, and research  listed companies to help their clients make informed investment decisions.

  • Again, stockbrokers help Nigerian investors to diversify their portfolios by recommending a combination of stocks, bonds, and other securities.
  • Finally, stockbrokers in Nigeria provide other important services, like custody and settlement of securities, margin lending, and access to market data and research.

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Top Ten Stockbroking Firms in Nigeria

There are several reputable stockbroking firms in Nigeria. These firms are licensed by the Securities and Exchange Commission (SEC) to provide investment advisory and stockbroking services to investors in the Nigerian stock market. The SEC ensures that they act in the best interests of their clients and operate transparently and fairly.

Here are some of the top stockbroking firms in Nigeria:

  1. CardinalStone Securities Limited 

Cardinalstone is among the top ten stock broking firms in Nigeria, having traded approximately 70,045 billion units of shares which accounts for 49.63% of the total market volume traded in the first five months of 2022.

As a full-fledged member of the Nigerian stock exchange and registered broker with the Nigerian Securities and Exchange Commission (SEC), this brokerage company provides diverse financial services, including equity investments and fixed-income investments like Federal government bonds, Eurobonds, and state and local government bonds.

Also, Cardinalstone offers an online trading platform called Trade Direct.

       2. Chapel Hill Denham Securities LTD 

Chapel Hill Denham is a prominent international brokerage firm with its headquarters  in Lagos, Nigeria. The firm, which tops the list of stock broking firms in Nigeria, has earned numerous accolades for its outstanding services and a remarkable history of expertise in securities trading, investment management, investment banking, and advisory services.

In the first five months of 2022, Chapel Hill Denham was responsible for trading 7.34 billion stock units, which amounted to 5.20% of the market value.

      3. APT Securities and Funds Limited 

APT Securities is a Nigerian stock exchange firm that offers a range of financial investment packages, including securities brokerage services, investment management, and financial advisory services, among others, in Nigeria. Presently, the company has eight branches situated throughout Nigeria and is one of the top ten stock broking firms in Nigeria

      4. Morgan Capital Securities Nigeria Limited 

Providing high-quality services in Nigeria, Morgan Capital is one of the top ten stock broking firms in Nigeria that has been recognised  by the NSE. The report indicates that the company has facilitated the trading of approximately 4.75 billion units of stock, valued at N21 billion worth of securities. The firm’s physical address is at No.3, Biaduo Street, Off Keffi Street, S/West Ikoyi, Lagos.

       5. Stanbic IBTC Stockbrokers 

Stanbic IBTC is a reputable brokerage firm that has demonstrated its strength in the market by facilitating the trade of N94 billion worth of stock in the first few months of 2022. Additionally, the firm has facilitated the trading of 2.39 billion shares, further highlighting its prowess in the field.

      6. Meristem Securities Limited 

Meristem Securities is also on the list of top stock broking firms in Nigeria. It is located at 124 Norman Williams Street in Lagos’s South West Ikoyi region. The firm offers a range of services, including wealth management, financial advisory, and a stock trading platform, among others, to its clients. Meristem Securities also provides online brokerage accounts, making it easy for clients to monitor their trades remotely. 

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       7. CSL Stockbrokers Limited 

At the forefront of the Nigerian stock market, CSL has established itself as a top stock broking firm by facilitating the trading of 4.03 billion units of shares, accounting for 2.86% of the market. The firm’s headquarters is on the 4th Floor of First City Plaza, Marina, Lagos.

       8. Cordros Securities Limited 

Cordros Securities presents promising investment opportunities for business-minded individuals, as evidenced by the firm’s trading value of shares worth N49 billion, accounting for 3.31% of the stock market in the early months of 2022. This Nigerian stockbroking firm also provides asset management services, and its physical address is at 70, Norman Williams Street, Ikoyi, Lagos. 

       9. Finmal Financial Service Ltd

From January to May 2022, Finmal facilitated the trade of 1.74 billion equity units , which is 1.23% of the total market volume. The Nigerian stockbroking firm is  at 251 Herbert Macaulay Way, Central Area, Abuja.

       10. EFG Hermes Nigeria Ltd 

Having facilitated the trading of 1.66 billion stock units, valued at N62 billion, between January and May 2022, EFG Hermes is regarded as one of Nigeria’s  top ten stock broking firm . The firm’s headquarters is at 24 Kofo Abayomi Street, Victoria Island, Lagos.

Stockbrokers play a critical role in ensuring  the Nigerian stock market operates efficiently by providing liquidity and price discovery mechanisms. Employing the services of a trusted stockbroker will prevent you from pitfalls, minimize losses and help you maximise profit from your investment.

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Nancy Samuel-Okunade

Nancy Samuel-Okunade is a prolific writer with a passion for shortening the learning curve of others through her writing. She draws inspiration from a wide range of sources, including personal experiences, books, and events.

She writes a blog at, which serves as a platform for her to connect with her readers and share musings on life, spirituality, and everything in between

She also works as a freelance writer for various clients, producing high-quality content on different topics.

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