Behind the bell: Meet big 10 brokers shaping Nigeria’s market

…account for N7.4trn deals in 2025, representing 61.82%
In the high-stakes corridors of the Nigerian Exchange Limited (NGX) in 2025, a familiar hierarchy dictated the flow of the nation’s wealth.

As 2026 progresses, choosing among these elite brokers comes down to a balance of regulatory trust and specialised service.

For instance, brokers in the 2025 league formed the bedrock of the Nigerian market, collectively accounting for more than half (61.82 percent) of equities value traded in 2025.

CardinalStone Securities maintained its dominant position last year as the company led the pack by facilitating 18.30 percent of the total value of equities traded in 2025.

Close on its heels is Chapel Hill Denham and the perennial heavyweight Stanbic IBTC Stockbrokers, which remains the gold standard for institutional investors and high-net-worth individuals.

The above firms together with the likes of First Securities Brokers Limited, Cordros Securities Limited, Meristem Securities Limited, EFG Hermes Nigeria Limited, ABSA Securities Nigeria Limited, APT Securities and Funds and United Capital Securities Limited have further transformed the landscape for retail investors with the rise of tech-driven accessibility.

Most of these ‘Big Ten’ firms are one-stop shops, where investors buy and sell stocks, get research information on what the best performing stocks are, work with experts to manage their portfolio or even rebuild non-performing ones .

As the NGX continues to implement reforms and new technologies, most of these firms remain the primary gatekeepers of the Nigerian dream, turning the gears of the economy one trade at a time.

Beyond traditional equities, activities of these 2025 broker leaderboard lean heavily into providing real-time market research and educational webinars helping a new generation of investors navigate the volatility of a market influenced by shifting local interest rates and global energy prices.

Also, their activities reflect investors growing appetite for diverse asset classes as they pioneer seamless mobile experiences, allowing everyday Nigerians and other foreign portfolio investors to trade from their smartphones with the same speed as floor traders. This digital shift is not just about convenience; it is a battle for transparency and lower barriers to entry.

CardinalStone (18.30%)

This firm clinched the first position by accounting for 18.30 percent of the value of stock traded on the NGX in 2025.

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base.

The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services, Financing and Pension Management. In 2025, CardinalStone Securities Limited traded stocks worth N2.186 trillion, according to the broker performance report at the Nigerian Exchange Limited (NGX).

Chapel Hill Denham (8.54%)

This firm believes in the power of developing capital markets to fuel long-term economic growth in Nigeria and Africa. It accounted for 8.54 percent of the total value of equities traded on the NGX in 2025. Chapel Hill is into investment banking, investment management, alternative investments, wealth management and securities trading & research.

Chapel Hill Denham is Nigeria’s leading investment banking, securities trading, and investment management firm built to serve the distinct needs of business owners and strategic, long-term investors.

Founded in 2005 by Bolaji Balogun, Chapel Hill has decades of experience advising at the intersection of founders, families, businesses and governments and has consistently delivered results for clients.

Chapel Hill Denham traded N1.019trillion stocks in 2025 to clinch the second place on the list of top ten stockbrokers in 2025, according to NGX broker performance report.

Stanbic IBTC Stockbrokers (6.16%)

This firm traded N735.506billion stocks in 2025. Stanbic IBTC Stockbrokers is a wholly owned subsidiary of Stanbic IBTC Holdings Plc, and a member of The Standard Bank Group set up to provide world class stockbroking services to local as well as foreign investors in the Nigerian capital market.

The firms deal value in 2025 represents 6.16 percent of the total value of stocks traded on the Nigerian Exchange. The firm is also the Government Stockbroker for the Federal Government of Nigeria securities in the retail segment of the domestic debt market. Stanbic IBTC Stockbrokers has also successfully acted as the stockbroker to several major primary market transactions in Nigeria.

First Securities Brokers (5.74%)

In year 2025, this firm traded stocks valued at N686.05billion. First Securities Brokers is a wholly-owned subsidiary of the First Merchant Bank Group and a member of the FBN Holdings Group, with a network that stretches across Sub-Saharan Africa.

With a strong client base, First Securities distributes public offerings on behalf of issuers domestically and internationally.

In 2025, it accounted for 5.74 percent of the value of stocks traded on the NGX. Through its highly focused equities team, First Securities Brokers works to understand the unique investment needs of its clients and offers bespoke solutions that help them achieve their financial goals.

The firm, leveraging partnerships with global organisations and its strong network, provides its clients with product and sector expertise.

First Securities Brokers also provides comprehensive trading strategies and value-added research on several sectors and companies, while offering advisory services on capital market transactions and execution-only services for its customers.

First Securities provides stock brokerage services to diverse clients, including Pension Funds Administrators, Financial institutions, local and offshore portfolio managers, high net-worth individuals and retail clients. In addition, First Securities Brokers offers corporate brokerage services to firms by acting as stockbrokers for primary market transactions in Nigeria for both equities and debt.

Cordros Securities (5.56%)

In year 2025, Cordros Securities traded N663.71billion stocks. Cordros is licensed as Broker Dealer, Issuing House, for over 17 years. Cordros Securities has been a trusted name in Nigeria’s financial markets, providing innovative solutions and expert guidance to individuals and institutions seeking to achieve their investment goals. In 2025, the value of stocks this firm traded represents 5.56 percent of the top-10 firms total trade value.

As a fully licensed broker-dealer and a member of the Nigerian Exchange (NGX), the firm prides itself on delivering world-class brokerage services, tailored advisory, and cutting-edge trading platforms.

Meristem Stockbrokers (4.03%)

Meristem Stockbrokers Limited is a leading player, providing equities and other securities brokerage, and research services to a wide array of clients across the African continent, Europe, Middle-East & the USA.

In 2025, this firm’s trade value on the Nigerian Exchange represented 4.03 percent. This firm has consistently ranked amongst the top 10 brokerage firms in the Nigerian capital market since 2008 till date.

Meristem Stockbrokers Limited is a wholly owned subsidiary of Meristem Securities Limited. The value of deals controlled by Meristem Stockbrokers in 2025 was N481.65billion, according to NGX broker performance report for year 2025. Meristem Stockbrokers Limited is a Trading License Holder of the Nigerian Exchange and it is also licensed by the Securities and Exchange Commission (SEC) in Nigeria.

EFG Hermes (3.95%)

EFG Hermes Nigeria which was established in 2018 has since joined this league of ‘Big Ten’ as evidenced in its N472.10 billion worth of deals in 2025. EFG Hermes’ presence in Nigeria serves both global and domestic investor appetite for opportunities in one of Africa’s largest economies.

In year 2025, the value of stocks the firm traded on the NGX according to broker performance report was 3.95 percent of the total trade value. Registered and regulated by the Securities and Exchange Commission (SEC), EFG Hermes Nigeria Limited comprehensive suite of brokerage and research services brings to Nigeria best-in-class financial services, award-winning research, and a network of investors who consistently seek compelling opportunities in high-growth markets.

ABSA Securities (3.57%)

This firm’s traded stocks in 2025 represent 3.57 percent of the total value traded on the NGX. ABSA Securities equity capital markets capabilities provide access to pools of capital for investment on the continent from local and global investors. In Nigeria, the firm accounted for N426billion equities deals in 2025.

ABSA Securities competencies include initial public offerings (IPO), rights issue advisory and underwriting, follow-on offerings (primary capital raises, secondary placements and marketed offerings), convertible bonds and strategic share buy-backs. The firm also provides investor relations advisory and corporate access services to leverage interaction with local and global institutional investors. The company has an impressive track record in raising debt and equity capital backed by extensive financial capabilities.

APT Securities and Funds (3.34%)

APT Securities and Funds accounted for 3.34 percent of 2025 stock trading value on the NGX. The firm’s services include: Brokerage, Investment Banking, Nominee Custodian, and Share Verification. According to the NGX broker performance report, APT Securities and Funds traded N398.72 billion stocks in 2025, placing the firm in the 9th position among the ‘Big Ten’ league in terms of value of stocks traded.

United Capital Securities Limited (2.65%)

United Capital Securities Limited made the top ten big players league, accounting for 2.65 percent of the value of stocks traded in 2025. United Capital Securities is one of the few selected Supplemental Market Makers (SMM) and Designated Advisers by the Nigerian Exchange (NGX).

United Capital Securities is also a registered dealing member of NASD OTC Plc enabling the firm to deal in over-the-counter Equity and Fixed Income Securities.

With InvestNow, a premium trading platform, United Capital Securities has also leveraged technology to provide instant trading capabilities to clients from their devices. The firm’s deals value in 2025 according to NGX broker performance report was N316.137billion. (BusinessDay)