Whether daily, weekly, or monthly, the Nigerian Exchange (NGX) regularly publishes data on stockbrokers’ performance. This disclosure serves as a critical tool for investors, analysts, institutions, and even government agencies, helping them make more informed investment decisions.
By showcasing broker activity, the NGX provides insight into which firms are leading the market, which are gaining momentum, and which may be falling behind.
What you should know
In Nigeria, brokers are ranked primarily by two metrics: volume and value of securities traded.
- Share volume refers to the total number of shares traded within a specific period. It’s a useful gauge of market participation and liquidity, where higher volumes often signal strong investor interest and a more active market.
- Share value, on the other hand, reflects the monetary worth of those trades. It is a more meaningful metric because it captures not just activity but also the financial weight behind transactions, mirroring broader factors such as company performance, market sentiment, and macroeconomic trends.
For the month of May 2025, according to the NGX:
- A total of 13.61 billion units were traded, accounting for 50.23% of total market volume.
- The corresponding transaction value was $280.05 million, representing an impressive 62.29% of the market’s total value.
- Notably, as a historic shift, market capitalisation surged above the $44.87 billion benchmark index, with Stockbrokers being a critical input factor.
In our previous series, it revealed that the accumulated value totalled $227.11 million and 154.66 million unit trade volume. However, far from the expectations of decline in trades, due to Donald Trump’s sweeping trade policies, the Nigerian Securities Exchange records a notable surge, from January to May.
Today, we spotlight Nigeria’s top-performing stockbrokers, ranked by transaction value – a metric that offers a deeper and more strategic view of broker influence on the market.
United Capital Securities Limited (UBAS) – $69. 94 million
- Transaction Value: $69.94 million
- Transaction volume: 3.20 billion
- Traded price per unit: $2.1 per unit
- Contribution to NGX: 15.56%
- Share price: $0.01 (₦19.25)
- Market Capitalisation: $222.06 millon
Incorporated in 2002, it rebranded to United Capital PLC in 2014, it offers digital, equity, wealth, and portfolio management services.
United Capital Securities Limited topped the first spot in both value and volume traded.
Through facilitating $69.94 million or 15.56% of May’s NGX trade value, and executing 3.20 billion units in share volume. The broker handled about a quarter (24.97%) of the top ten performers’ value, holding the trade price per unit at $2.1.
Also, the parent company’s share price stands at $0.01 with a market capitalisation of $222.06 million.
EFG Hermes Nigeria Limited (EFG) – $44.43 million
- Transaction Value: $44.43 million
- Transaction volume: 1.02 billion units
- Traded price per unit: $4.35 per unit
- Contribution to NGX: 9.88%
- Share price: $0.61 (30 EGP)
- Market Capitalisation: $837.72 million
Founded by Dr. Mohamed Taylor, Egypt, 1984, EFGH offers investment and financial services.
In May, the broker rose to second place, through executing trades valued at $44.43 million, thereby contributing 9.8% of the 62.29% on the platform, and 16% of the top ten’s value traded.
Ranked in seventh place, trade volume amounted to 1.02 billion units, and the trade price per unit was $4.35.
Currently, the broker’s parent company shares a price of $0.61 and a market capitalization of $837.72 million.
CardinalStone Securities Limited (CSSL) – $43.99 million
- Transaction Value: $43.99 million
- Transaction volume: 1.61 billion units
- Traded price per unit: $2.73 per unit
- Contribution to NGX: 9.79%
- Share price: Not publicly available
- Market Capitalisation: Does not meet the criteria
A wholly owned subsidiary of Cardinal Stones Partners Limited, incorporated on June 2, 2008.
This broker ranked in third place, executing 9.79%, or $43.99 million share value trade on the NGX, and contributed 15% to the top ten’s combined trading value.
Similarly, share volume came in second, accounting for 1.16 billion units, and eventually gave rise to a traded price per unit of $2.73.
However, being a privately held brokerage, its parent’s share price and market capitalisation remain undisclosed.
Cordros Securities Limited – BRD – (CORD) – $30.51 million
- Transaction Value: $30.51 million
- Contribution to NGX: 6.79%
- Share price: Unlisted
- Market Capitalisation: Privately held
CORD began operations in 2007. Its services range from investment banking, asset management, and securities trading
As a subsidiary of the privately held Cordros Capital Limited, the broker has no share price or market capitalisation.
However, in May 2025, it captured $30.51 million, 6.79% of the month’s NGX trade value, ranking fifth place, and accounted for 11% of the top ten brokerage value.
Stanbic IBTC Stockbrokers Limited (SISB) – $24.57 million
- Transaction Value: $24.57 million
- Transaction volume: 932.88 million units
- Traded price per unit: $2.63 per unit
- Contribution to NGX: 5.47%
- Share price: $0.048 (₦75.15)
- Market Capitalisation:$737 million
SISB was incorporated on June 24, 1987, and it provides investment and online trading services.
This broker earned the fifth spot, with trades valued at $24.58 million, and a 5.47% share across all brokers, accounting for 8.7% of the $280.05 million moved by the top brokerage firms.
Similarly, its parent – Stanbic Africa Holdings Limited – commands $737 million in market capitalisation with a share price of $0.048.
Meanwhile, SISB also traded share volume of 932.88 million units – third spot – equating trade price per unit to $2.63 per unit.
Meristem Stockbrokers Limited (MERI) – $19.27 million
Transaction Value: $19.27 million
- Transaction volume: 1.40 billion units
- Traded price per unit: $1.37 per unit
- Contribution to NGX: 4.29%
- Share price: Not publicly available
- Market Capitalisation: Not publicly available
Meristem Stockbrokers Limited (MERI) is the licensed stockbroking arm of Meristem Securities Limited, founded in 2003.
In value terms, Meri is rated in sixth place, trading $19.27 million, or 4.29% of the 62.29% value traded on the platform, and cleared 1.40 billion units in trade volume, holding steady at the third spot.
Consequently, the trade price per unit is held at $1.37 per unit. However, MERI’s equity is limited to owners, hindering share price and market capitalisation ratings.
CSL Stockbrokers Limited (CSL) – $16.14 million
- Transaction Value: $16.14 million
- Transaction volume: 1.16 billion units
- Traded price per unit: $1.39 per unit
- Contribution to NGX: 3.59%
- Share price: $0.0064 (₦10.00)
- Market Capitalisation: $253.87 million
Founded on September 27, 1977, CSL is a wholly owned subsidiary of First City Monument Bank Group PLC, and it offers financial and investment services.
CSL ranked seventh, with a trading value of $16.14 million from May 1, 2025, to May 31, 2025. This constitutes 3.59% of the total value executed on the NGX and 5.7% of the top 10 total value.
Additionally, volume traded stands in fifth place, at 1.16 billion units, with an average traded price per unit of $1.39/unit.
Also, the parent company’s share price holds at $0.0064, and $253.87 million market capitalisation.
Coronation Securities Limited (CSEC) – $13.04 million
- Transaction Value: $13.04 million
- Contribution to NGX: 2.90%
- Share price: Not listed
- Market Capitalisation: Not publicly available
Coronation group – parent company – holds 100% of CSEC, is responsible for trading investors’ equities, fixed income assets, etc
In May, the broker ranked in eighth place, trading a share value of $13.04 million, or 2.90% on the Nigerian Securities Exchange and 4.6% on the top Stockbroker’s list.
However, the broker’s parent is not listed publicly, thereby, no quoted share price and market capitalization.
Additionally, the brokerage did not make it as a top performer in terms of volume traded; therefore, the value for traded price per unit will not be succinct.
Recap Securities Nigeria Limited (RSNL) – $9.25 million
- Transaction Value: $9.25 million
- Contribution to NGX: 2.06%
- Share price: Privately held
- Market Capitalisation: Not publicly available
Private limited company by shares, incorporated on June 10, 1993, and a wholly owned subsidiary of Renaissance Capital Africa. The firm is a broker in shares, stocks, debentures, notes, e.t.c
RSNL trade value accumulated to $9.25 million, contributing 2.06% to trade value executed on the bourse, placing it as the ninth player.
Similarly, the performing brokers benefited 3.3% input from the brokerage. However, in terms of trade volume, the broker did not make it into the top brokers. Consequently, the estimated traded price per unit is unavailable.
Morgan Capital Securities Limited (MCSE) – $8.85 million
- Transaction Value: $8.85 million
- Transaction volume: 1.06 billion units
- Traded price per unit: $0.83 per unit
- Contribution to NGX: 1.97%
Incorporated on January 28, 1997, MCSE offers investment banking, stock broking, and asset management services.
MSCE is a privately owned brokerage of Morgan Capital Group, so it doesn’t have a share price or market capitalisation.
However, in May 2025, it captured $8.85 million, 1.97% of the month’s NGX trade value, ranking in tenth place, and handled 1.06 billion units in share volume, holding steady as the sixth performer.
Additionally, the broker inputted 3.16% of the performing broker’s value, and the traded price per unit held steady at $0.83 per unit.
Exchange rate used: $1 = ₦1,560, $1 = EGP 46.63 ( as of June 9, 2025).
