10 Best stockbrokers in Nigeria (2024)

Buying and selling in the Nigerian stock exchange begins with finding the right stockbroker for individual investors. Thankfully, there is a long list of licensed Stockbrokers in Nigeria.

Stockbrokers are financial experts who trade stock and other securities on the stock exchange on behalf of their clients. A broker usually earns a commission or fee based on the volume of investment

Though in recent years, online brokers have offered discounted services with less fees and automated investment process.

Besides buying and selling of stock, a stockbroker’s role may also include portfolio management for an investing public and providing advisory services depending on the agreement.

Recommended: Guide to stock investment in Nigeria

Which stockbroker is best for beginners?

Before choosing a stockbroker as a newcomer to the investment market, you might want to be extremely careful before parting with your money. The reason is that there are actual scammers in the name of brokers out there. 

First of all, an ideal stockbroker must be duly registered and licensed by the Securities and exchange commission. They should also be active traders on the Nigerian stock exchange.

Beginners should thoroughly investigate the trading history of any broker before trusting them with an investment. You can start trading with a small amount to test if a broker is the best fit for your investment goals.

How are stockbrokers regulated in Nigeria?

The Nigerian Securities and exchange commission(SEC) regulates stockbroking firms in Nigeria to ensure they provide a transparent, safe and secure trading platform for investors. There are other regulatory authorities like the CBN.

How to choose a stockbroker?

Here are some key things investors should consider before choosing a stockbroker.

  • They must be licensed by SEC and active traders in the NSE.
  • Does their trading assets match your investment interests?
  • Can you make withdrawals and payments in local currency?
  • Do they provide good analytical services? The right broker for you will provide analytical tools with which you can easily decide which stock to trade.
  • Check their customer service channels. Are they flexible enough?
  • Research their market reputation especially with other stockbrokers.
  • Affordability (some brokerage firms require a minimum deposit before opening trading accounts). Also, check both their trading and non-trading fees.
  • Research other educational resources on a broker such as blog posts, website articles and even social media pages for more information.

So if you’re asking who is the best stock broker in Nigeria, this article is for you. Top Stockbrokers in Nigeria are ranked based on volume of trade and market value.

Also read: How To Buy Foreign Stock In Nigeria

Top 10 Stockbrokers based on volume

The Nigerian exchange ltd(NGX) publishes a periodic broker performance report on its website. According to NGX, here is a list of the top 10 Stockbrokers in Nigeria based on trade volume. 

These firms traded 72.49% of the total market value of shares for the period ending May 2022. Which amounted to a grand total of about 102 Billion units of shares traded.

RankStockbrokerVolume% of market volume 
1Cardinalstone securities limited70.04 Billion49.63
2Chapel Hill Denham Securities LTD7.34 B5.20
3Apt securities and funds5.39 B3.57
4Morgan Capital Securities Limited4.75 B3.37
5CSL stockbrokers limited4.03 B2.86
6Meristem stockbrokers limited2.82 B2.00
7Cordros securities limited2.45 B1.74
8Stanbic IBTC stockbrokers limited2.39 B1.70
9Finmal finance company limited1.74 B1.23
10EFG Hermes Nigeria limited:1.66 B1.18

Top 10 Stockbrokers based on market value

According to Nigerian exchange ltd, these stockbroking firms are responsible for 79.21% of the total stock market value from January to May 2022. Together, their gross exchange totals around N1,076 Trillion worth of equity.

RankStockbrokerValue% of total market value
1CardinalStone Securities Limited489 Billion 32.41
2Apt securities and funds150 B9.94
3Stanbic IBTC stockbrokers limited94 B6.23
4Meristem stockbrokers limited84 B5.61
5EFG Hermes Nigeria limited62 B4.17
6Cordros securities limited49 B3.31
7Chapel hill Denham Securities ltd46 B3.09
8CSL stockbrokers limited43 B2.90
9Rencap securities Ng. Ltd32 B2.18
10Morgan capital Securities limited21 B1.45

Top 10 stockbrokers in Nigeria

Below are the best stockbrokers in Nigeria

1. CardinalStone Securities Limited

Cardinlastone is one of the top best stockbrokers in Nigeria. Traded about 70,045 billion units of shares amounting to 49.63% of the entire market volume traded within the first 5 months of 2022.

The brokerage company is a full-fledged member of the Nigerian stock exchange and is registered with the Nigerian securities and exchange commission (SEC) as a broker.

They offer a wide range of financial services such as equity investment, fixed-income investments like Federal government bonds, Eurobonds, and state and local government bonds. Trade direct is Cardinalstone’s online trading platform.

2. Chapel Hill Denham Securities LTD

Headquartered in Lagos, Nigeria, Chapel Hill Denham is a leading international brokerage firm. With award-winning services and a long track record of excellence in securities trading, investment management, investment banking, and advisory services.

Chapel hill is responsible for trading 7.34B stock units at 5.20% of market value in the first 5 months of 2022.

They can be contacted via phone on 07002427354455.

Recommended: How to buy shares in Nigeria

3. APT Securities and Funds Limited

A dealing member firm of the Nigerian stock exchange, APT Securities provides securities brokerage services, financial advisory services, investment management, and a host of other financial investment packages in Nigeria.

The company currently has 8 branches spread across Nigeria. They can be contacted by phone at 08183760042.

4. Morgan Capital Securities Nigeria Limited

Morgan Capital is another brokerage firm that offers top-notch Stockbroking services in Nigeria. According to NGX report of the year to May 2022, the company has accounted for about a 4.75Billion units of stock in trading, valued at N21B worth of securities traded.

They are located at No.3, Biaduo Street, Off Keffi Street, S/West Ikoyi, Lagos Nigeria

5. Stanbic IBTC Stockbrokers

Accounting for N94B worth of traded stock during the first 5 months of 2022, Stanbic IBTC is a strong broker with 2.39B shares traded as well.

6. Meristem Securities Limited

Based at 124 Norman Williams Street South West Ikoyi Lagos, Nigeria; Meristem Securities is one of the top stockbrokers in Nigeria. The brokerage firm’s services include wealth management, financial advisory, and stock trading platform for clients among others.

Meristem securities also provide online brokerage accounts which allow clients to monitor their trades easily. They can be contacted via phone on 08035396342.

7. CSL Stockbrokers Limited

One of the key players in the Nigerian capital market, CSL is responsible for trading 4.03B units of shares at 2.86% of the market. 

They are headquartered on the 4th Floor, First City Plaza, Marina Lagos State, Nigeria

8. Cordros Securities Limited

With a total trading value of shares worth N49B, standing at 3.31% of the stock market in the first 5 months of 2022; Cordros Securities offers investors promising opportunities for a profitable business.

They are located at 70, Norman Williams Street Ikoyi, Lagos Nigeria.

Recommended: Bamboo: How to open account, buy & sell foreign stocks, and more

9. Finmal Financial Service Ltd

Finmal traded 1.74B units of equity which was 1.23% of total market volume during the first five months of 2022.

 Their office address is: 251 Herbert Macaulay Way, Central Area, Abuja.

10. EFG Hermes Nigeria Ltd

EFG Hermes is one of the best stockbrokers in Nigeria accounting for 1.66B stock units traded and valued at 62B with of shares traded in the first five months of 2022.

 Their headquarters address is 24, Kofo Abayomi Street Victoria Island, Lagos.

Other top stockbroking firms in Nigeria include:

  • GTI securities ltd
  •  Icon stockbrokers ltd.
  • FBN Quest and Apel assets ltd.

Recommended: An overview of the Nigerian Exchange Group

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Joy Gabriel

Joy Gabriel

Joy Gabriel is a business strategist and content creator for MakeMoney.ng. Her passion is creating solutions to entrepreneurship problems. She loves to read and teach others whenever she's not working.

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One comment

  1. Good publishing, well done.
    Please, is it every stock brokers that make use of “markup” and “markdown” prices in equities trading?

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