This guide delves into a selection of prominent stockbrokers operating in Nigeria, offering insights into their services and specializations.
Understanding the Role of a Stockbroker
A stockbroker, often referred to as a financial advisor in this context, is a licensed professional who facilitates the buying and selling of stocks and other securities on behalf of clients. They provide the crucial link to the market, executing trades as directed. While some may offer advisory services and educate clients on investment strategies, their primary function is the efficient and compliant execution of trade orders.
Key Regulatory Bodies
- Securities and Exchange Commission (SEC): The apex regulatory body responsible for overseeing and regulating the Nigerian capital market, ensuring investor protection and market integrity.
- Nigeria Exchange Group (NGX): The primary exchange in Nigeria where listed securities, including stocks, bonds, and other instruments, are traded. Membership in the NGX is a key indicator of a stockbroker's ability to directly access the trading platform.
Top Stockbrokers in Nigeria: A Detailed Overview
Here's a closer look at some of the leading stockbroking firms in Nigeria, as highlighted in your provided guide:
APT Securities and Funds Limited: Established in 1991, APT Securities offers a broad range of services including securities brokerage (equities, government bonds, preference stocks, treasury bills), portfolio management, and financial advisory to individuals, institutions, and corporate organizations. Licensed by the SEC and a member of the NGX.
XTB: A global fintech brokerage firm headquartered in Poland, offering access to various international financial markets. Services include trading in indices, stocks, forex, CFDs, and commodities via their user-friendly xStation platform. Regulated by multiple international authorities.
FBNQuest Securities Limited: A subsidiary of FBN Holdings Plc, a leading Nigerian financial services group. FBNQuest Securities focuses on equity and fixed-income trading, investment research, and corporate finance advisory. While a key player, their focus tends to be more institutional clients. Licensed by the SEC and a member of the NGX
CSL Stockbrokers Limited: With over 30 years of experience, CSL Stockbrokers, a subsidiary of FCMB Group Plc, caters to a strong institutional client base. They offer comprehensive research, advisory services, equity and fixed-income trading, and corporate finance advisory. Fully licensed by the SEC and a member of the NGX.
Apel Asset Limited: Formerly Apel Asset & Trust Limited, this Lagos-based investment banking firm is registered with the SEC as a Broker/Dealer and is a member of the NGX, providing equity trading, market activities advisory, and stockbroking services.
Bestworth Assets and Trusts Limited: Operating since 1996, Bestworth is a leading investment management firm serving diverse clients, including government entities and high-net-worth individuals. They are registered with both the NGX and SEC, offering stockbroking, portfolio management, investment advisory, and issuing house activities, backed by over two decades of market experience.
Capital Assets Limited: Established in 1995, Capital Assets provides specialized financial and investment advisory services to corporate clients, governments, and individuals. They are registered with the SEC as an Issuing House, Fund Manager, and Broker/Dealer, and are a Dealing Member of the NGX and a participating institution with NASD Plc.
Adonai Stockbrokers Ltd: A registered Broker/Dealer with the SEC, authorized for stockbroking activities. It's important to note a past suspension by the NGX in 2018 due to alleged rule violations.
Altrade Securities Ltd: An active stockbroking firm registered with the SEC as a Broker/Dealer, providing financial services to both legal entities and individuals, including trading in securities.
Meristem Stockbrokers Limited (MSBL): A subsidiary of Meristem Securities Limited, a capital market conglomerate. MSBL is a member of the NGX and licensed by the SEC, offering stockbroking, investment banking, wealth management, and registrar/trustee services, supported by strong research and dedicated relationship managers.
Afrinvest Securities Ltd: Founded in 1995 as a subsidiary of Afrinvest (West Africa) Limited. Licensed by the SEC and a member of the NGX and NASD OTC Securities Exchange, offering equities, fixed income, money market, and currency trading, along with investment advisory services and dedicated customer support.
Stanbic IBTC Stockbrokers Limited: A subsidiary of Stanbic IBTC Holdings PLC, part of the Standard Bank Group. A leading stockbroking firm in Nigeria, licensed by the SEC and a member of the NGX. Offers equity trading, fixed income and government securities, research, and their online trading platform, Stanbic IBTC E-Trade, with a reduced brokerage fee for online transactions and no minimum account opening balance.
ARM Securities Ltd: A subsidiary of Asset & Resource Management Company Limited (ARM), offering brokerage services to local and foreign investors through their ARM Stocktrade platform, providing 24/7 access to tools, research, and market analysis. A dealing member of the NGX and regulated by the SEC.
Calyx Securities Limited: Incorporated in 1990, Calyx Securities is a member of the NGX and licensed by the SEC as a Broker/Dealer. They offer equity trading, portfolio management, investment advisory, research, nominee and custodial services, and margin trading facilities, known for strong customer support and personalized services.
Cordros Securities Limited: A leading financial services group licensed as Broker-Dealers by the SEC and a registered dealing member of the NGX. They cater to a diverse clientele, offering equity and fixed-income trading, market-making services, and research, with trading platforms like the Cordros Cave App and Direct Market Access (DMA).
African Alliance Stockbrokers Ltd: Part of an African investment banking group operating since 1992. They have built infrastructure across the continent, serving national governments, pension funds, and companies, offering services in asset management, corporate finance, stockbroking, private equity, and third-party administration.
Amyn Investments LTD: A stockbroking firm based in Victoria Island, Lagos, registered with the SEC as a Broker/Dealer, authorized to engage in stockbroking activities.
CardinalStone Securities Limited: Founded in 2008, CardinalStone is a multi-asset investment management firm offering a range of services. They are registered with the SEC as a broker/dealer and a dealing member of the NGX, FMDQ OTC Securities Exchange, and NASD OTC Securities Exchange. Notably ranked as the #1 stockbroker by volume and value on the NGX for three consecutive years (2022-2024) and named "Best for Equities in Nigeria" by Euromoney in 2024.
Capital Express Securities Ltd (CESL): Operating since 1990, CESL focuses on investment advisory and capital market activities, catering to both local and foreign individual and institutional investors. Registered with the SEC and a Dealing Member of the NGX, FMDQ OTC Securities Exchange, and NASD, offering stockbroking, investment advisory, estate administration, and research services.
Anchoria Investment & Securities Limited: Owned by the VFD Group, Anchoria provides investment and financial services to individuals and institutions. Registered with the SEC as a Broker/Dealer, offering stockbroking, investment advisory, and asset management through its subsidiary.
Belfry Investments And Securities Limited: Incorporated in 1976, Belfry Investments is licensed as a Broker/Dealer by the NGX and registered by the SEC, aiming to provide superior financial services for wealth creation and management, utilizing technology and trained personnel.
Camry Securities Limited: Operates as a stock broking company for public offerings in Nigeria, offering securities brokerage accounts, portfolio management, and investment advisory for mergers, acquisitions, and project financing. Registered and licensed with the SEC and a member of the NGX.
EFG Hermes Nig Limited: Formerly Primera Africa Securities, acquired by EFG Hermes Group. A leading investment firm providing equities trading and research to domestic and international corporate clients. Licensed by the SEC and a member of the NGX.
Alangrange Securities Ltd: Operating since 2006, Alangrange is a Corporate Sub-Broker of the NGX and registered with the SEC. They have a strategic alliance with Compass Investment & Securities Ltd, trading on NGX, NASD, and LCFE Exchanges via Compass, offering stockbroking, corporate finance, funds management, and custodial services.
Parthian Securities Limited: A subsidiary of Parthian Partners Limited, established in 2012. Licensed and regulated by the SEC and an associate member of the FMDQ Exchange, offering investment banking, stockbroking, fixed-income trading, asset management, and fintech solutions, notably launching the first digital platform for treasury bills in Nigeria.
Atlass Portfolios Limited: Specializes in assisting a diverse clientele, including government agencies, high-net-worth individuals, and multinationals, managing funds for maximum return through efficient portfolio diversification.
Opening a Stock Brokerage Account in Nigeria
The process of opening a stock brokerage account in Nigeria is generally straightforward, with options for both online and in-person registration.
Steps to Open an Account:
Choose a Stockbroker: Select a stockbroker that aligns with your investment goals and preferences from the list provided or through your own research. Ensure they are licensed by the SEC and a member of the NGX.
Visit Their Website or Office: Once you have chosen a broker, visit their official website or their physical office. Many brokers now offer online account opening processes for convenience.
Complete the Application Form: You will need to fill out an account opening form, providing personal details, financial information, and investment objectives. This can typically be done online or in person.
Provide Necessary Documentation: Be prepared to submit supporting documents for verification, which usually include:
- Proof of Identity (e.g., National ID card, driver's license, passport)
- Proof of Address (e.g., utility bill, bank statement)
- Bank Verification Number (BVN)
- Passport photographs
Fund Your Account: Once your account is approved, you will need to deposit funds into your brokerage account to begin trading. Brokers typically offer various funding methods.
By understanding the role of stockbrokers and the options available in Nigeria, individuals and institutions can confidently navigate the Nigerian stock market and work towards their financial goals. Remember to conduct thorough due diligence before selecting a stockbroker to ensure they meet your specific investment needs.
Stockbroking in Nigeria: Key Insights
How much do stockbrokers earn?
In Nigeria, the average net salary for stockbrokers is approximately ₦473,000. However, this figure can fluctuate significantly based on factors such as education, certifications, skills, and experience.
Are there commission-free stockbrokers?
Yes, XTB offers commission-free stock trading in Nigeria, along with commission-free CFDs on stocks and ETFs (though specific terms and conditions apply).
Which stocks are performing well in Nigeria?
As of 2025, Oando Plc has shown remarkable growth of nearly 500%, followed by Transcorp Plc with a 208.72% increase. Other top-performing stocks include Presco, Dangote Cement Plc (DANGCEM), MTN Nigeria Communications Plc (MTNN), and Guaranty Trust Bank Plc (GTB).
Key Takeaway:
Nigeria's stock market offers various opportunities for investment through numerous stockbroking firms. While all listed firms are registered with the Securities and Exchange Commission (SEC), some, like Bestworth, Capital Express, and Anchoria, stand out for their comprehensive services and extensive experience, making them potentially valuable partners for investors. When selecting a broker, prioritizing trust and proper licensing is crucial.