The Nigerian Exchange Group (NGX) has released a report detailing the top-performing stockbrokers in Nigeria, accounting for a total value of ₦341.63 billion ($227.10 million), a significant 56.13% of the total shares traded on the NGX. Also, in terms of transaction volume, they contributed 52.01%, a total of 154.66 million point trades transacted by Nigerian stockbrokers.
This report highlighted the ten top-performing stockbrokers based on the value and volume of deals on its platforms.
For this analysis, value is a more reliable indicator than volume. By incorporating the price of shares traded, the value provides a more nuanced understanding of the stockbroker’s scope, client profile, and overall business performance.
Ten top stockbrokers by value of transactions
Listed in descending order is the list of the top-performing Stockbrokers in Nigeria for the month-to-end, January 2025, by the value of their transactions.
Cardinal Stones Securities Limited (CSSL) – $54.36 million
- Incorporation date: June 2, 2008
- Transaction Value: $54.36
- Transaction volume: 2.34 billion units
- Traded price per unit: ₦38.16 units
- Contribution to NGX: 14.67%
Cardinal Stones Securities Limited, a wholly owned subsidiary of Cardinal Stones Partners Limited, was incorporated on June 2, 2008.
In January 2025, CSSL ranked first on the list by transacting shares worth ₦89.31 billion ($54.36 million). The firm also contributed 14.67% of its share value to the sum of all trades by the Nigerian Exchange Group in January 2025.
Also contributing share traded volume of 2.34 billion units, CSSL trade per unit amounted to ₦38.16 units.
Substantially, it also contributed 26.11% to the total ₦341. 63 billion ($227.10 million), the value of shares the top stockbrokers executed.
In 2024, the company contributed ₦696.02 billion ($462.68 million) in transaction value, accounting for 12.19% of the total market value. Also, in three years, it has consistently maintained its position as the number one stockbroker in volume and value on the Nigerian Exchange.
Stanbic Ibtc Stockbrokers Limited (SISB) – $30.69 million
- Incorporation date: June 24, 1987
- Transaction Value: $30.69 million
- Transaction volume: 1.06 billion units
- Traded price per unit: ₦43.55 units
- Contribution to NGX: 7.59%
Incorporated on June 24, 1987, SISB offers investment and online trading services. In 2024, SISB traded equities worth ₦642.81 billion ($427.31 million), accounting for 11.26% of trades on the platform.
It ranks second on the list by transacting shares worth ₦46.17 billion ($30.69 million). Consequently, contributed 7.59% to the total value of shares executed by the Nigerian Exchange Group for the period ended 31st January 2025.
Also by trading volume of 1.06 billion units, traded price per unit amounted to ₦43.55 units.
Lastly, it accounted for the 13.5% cumulative contribution of ₦341.63 billion ($227.10 million), by the top stockbroker.
APT Securities and Funds – BRD (APT) – $29.54 million
Incorporation date: June 10, 1991
Transaction Value: $29.54 million
Transaction volume: 1.36 billion units
Traded price per unit: ₦32.67 units
Contribution to NGX: 7.30%
Established on June 10, 1991, APT offers various services like portfolio management and investment banking. In 2024, the company traded equity worth ₦282.56 billion ($187.83 million), 5.02% of the total value traded on NGX.
In January 2025, APT facilitated trades worth ₦44.44 billion ($29.54 million), taking third place. Also, contributes 7.30% to the total value traded by stockbrokers in Nigeria.
By volume transacted, Apt traded 1.36 billion units, and eventually, its price per unit equaled ₦32.67 units.
Consequently, APT contributed 13.00% to the total ₦341.63 billion($227.10 million), accumulated by the top stockbrokers.
Global Asset Management-Nigeria Limited (GAM) – $26.54 million
Incorporation date: July 13, 1992
Transaction Value: $26.54 million
Transaction volume: 3.98 billion units
Traded price per unit: ₦10.98 units
Contribution to NGX: 6.56%
GAM was founded on July 13, 1992, and renders services like wealth stewardship and investment banking.
They ranked fourth, with a trading value of ₦39.93 billion ($26.54 million) from January 1, 2025, to January 31st, 2025. This constitutes 6.56% of the total value of the stocks executed on NGX in that period.
The volume it traded was 3.98 billion units, averaging the traded price per unit to the sum of ₦10.98 units.
In the context of top stockbroker, GAM adds 11.64% to the total value of ₦341.63 billion($227.10 million) it traded.
Cordros Securities Limited – BRD (CORD) – $21.13 million
Incorporation date: 2007
Transaction Value: $21.13 million
Transaction Volume: 491.32 billion units
Traded price per unit: 64.66
Contribution to NGX: 5.22%
Commencing operations in 2007, CORD’s operations range from investment banking to asset management, and security trading. Also contributing 4.96% in 2024, CORD traded stocks worth ₦283.00 billion($188.12 million).
It is in fifth position with transactions valued at ₦31.79 billion ($21.13 million) at the end of January 2025. This broker contributed 5.22% of the total traded value in Nigeria.
The company also traded stocks volume of about 491.32 billion units, estimating its trade price per unit at ₦64.66 units.
Finally, CORD contributed 9.31% of the cumulative value of ₦341.63 billion ($227.10 million) contributed by all the top stockbrokers.
Meristem Stockbrokers Limited (MERI) – $21.07 million
Incorporation date: 2003
Transaction Value: $21.07 million
Transaction volume: 1.68 billion units
Traded price per unit: ₦ 18.87 units
Contribution to NGX: 5.21%
Founded in 2003, MERI is in business by providing online trading and research services. In 2024, Meri contributed ₦188.15 billion ($125.07 million) to the total value of shares traded, accounting for 3.30%.
The broker ranks 6th position, based on the value of ₦31.71 billion ($21.07 million) worth of shares transacted on the NGX platform. Also the stockbroker is responsible for 5.21% of the total value of shares transacted.
Additionally, the stockbroker traded volume worth 1.68 billion units, and the traded price per unit stood at ₦ 18.87 units.
Among the 10 stockbrokers, MERI contributed 9.29% of the total traded value of ₦341.63 billion ($227.10 million)
Apel Assets Limited (APEL) BRD -$11.22 million
Incorporation date: August 2004
Transaction Value: $11.22 million
Transaction volume: 491.72 billion units
Traded price per unit: ₦34.33 units
Contribution to NGX: 2.77%
Incorporated in August 2004 and admitted to NGX in 2025, APEL offers security trading, corporate finance, and asset management. They contributed 3.07% to the total stock value traded, amounting to ₦144.76 billion ($96.23 million) in 2024.
Apel occupies the 7th position with a transaction value of ₦16.88 billion ($11.22 million) for the January month ended. Making up 2.77% of the total value of shares obtained from Nigerian Stockbrokers.
The volume of stocks traded amounted to 491.72 billion units and a traded share per unit of ₦34.33 units.
Also, Apel accounted for 4.94% of the ₦341.63 billion ($227.10 million) transacted by the top stockbrokers.
Morgan Capital Securities Limited (MCSE) -$9.85 million
Incorporation date: January 28, 1997
Transaction Value: $9.85 million
Transaction volume: 1.80 billion units
Traded price per unit: ₦ 8.23 units
Contribution to NGX: 2.44%
Incorporated on January 28, 1997, MCSE offers investment banking, stock broking, and asset management services.
In eight positions, MSCE traded a value of ₦14.82 billion ($9.85 million) for the month ended January and the trader’s value topped 2.44% of the total shares the Nigerian Exchange Group traded.
Additionally, it accounted for 4.34% of the aggregate value of ₦341.63 billion ($227.10 million) traded by the top ten brokers.
Finally, its volume traded amounted to 1.80 billion units, and the trade value per unit amounted to ₦ 8.23 units.
EFG Hermes Limited (EFGH) -$9.60 million
Incorporation date: 1984
Transaction Value: $9.60 million
Transaction volume: 491.23 million units
Traded price per unit: ₦29.41 units
Contribution to NGX: 2.37%
Founded by Dr. Mohamed Taylor, Egypt, 1984. EFGH offers investment and financial services. Also, in 2024, EFG contributed ₦190.04 billion ($120.33 million) or 3.33% to the total value of shares traded.
In 2025, it ranked ninth with a value of ₦14.45 billion ($9.60 million) and a 2.37% contribution to the value of all the shares traded on the Nigerian Exchange Group for the month ending January 2025.
EFGH contributed 4.24% of the ₦341.63 billion ($227.10 million) share value transacted by the top stockbrokers.
Additionally, EFGH traded volume of approximately 491.22 billion units, equalling a total traded price per unit of about ₦29.41 units.
CSL Stockbrokers Limited (CSL) – $8.03 million
Incorporation date: September 27, 1977
Transaction Value: $8.03 million
Transaction volume: 490.02 million
Traded price per unit: ₦24.66 unit
Contribution to NGX: 1.99%
Founded on September 27, 1977, CSL offers financial and investment services. In 2024, they added ₦175.42 billion ($116.61 million), 3.07% of the total value of stock traded on NGX.
Ranking tenth with a total share value of ₦12.08 billion ($8.03 million) for the month ended 31st January 2025. Their shares amounted to 1.99% of the total value of shares traded by the Nigerian Exchange Group.
It traded share volume of about 490.02 billion, accounting for ₦24.66 traded share per unit.
CSL contributed 3.54%, to the total of ₦341.6 billion ($227.10 million) transacted by the top stockbrokers NGX platform.
Cardinal Stone Securities Limited maintained its position as the top stockbroker by volume and value in 2024, executing transactions worth approximately ₦696.02 billion ($462.68 million), which accounted for 12.19% of the total market value. This performance has enhanced market liquidity and investor confidence, contributing to a more robust trading environment.
Leading firms such as Cardinal Stone Securities Limited and Stanbic IBTC Stockbrokers Limited, played key roles in shaping market dynamics.
Market dominance and liquidity
In January 2025 alone, Nigeria’s market capitalisation increased by ₦1.95 trillion ($1.29 billion), rising from ₦62.7 trillion ($41.68 billion) at the beginning of the year to ₦64.7 trillion ($42.00 billion) by the end of January.
The banking sector experienced a resurgence, with the NGX Banking Index advancing by 9.76% year-to-date as of January 2025. This growth was facilitated by aggressive demand for banking stocks, owing to the performance of top-performing banking stockbrokers.
The concentration of trading activities among the top ten stockbroking firms collectively accounted for 54.97% of the total market value in 2024, surged to 56.13% in January 2025, and has led to increased market stability.
