In a report published on December 31, 2024, the Nigerian Exchange Group (NGX) listed the top ten stockbrokers in Nigeria for the year 2024.
According to the report, the rankings were based on the volume and value of trades executed on each stockbroker’s platform.
Collectively, these top ten stockbrokers accounted for 42.75% of the total trading volume on the NGX, executing 118.95 billion shares throughout the year.
In terms of transaction value, they represented 54.97% of the total for the entire year, contributing N3.13 trillion to the year-to-date total for 2024.
For this analysis, value was considered a more accurate measure of performance than volume. While volume tracks the number of shares traded, value reflects the price of those shares, offering a clearer view of a stockbroker’s size, client base, and overall business performance.
Based on the value of shares transacted, the top 10 stockbrokers in Nigeria from January 1, 2024, to December 31, 2024, are as follows.
Top 10 stockbrokers by value of transactions YTD in 2024
10. Apel Asset Limited (N144.76 billion)
Apel Asset Limited occupies the 10th position with a total transaction value of N144.76 billion in 2024. This amount represents 2.54% of the overall transaction values executed by all stockbrokers in Nigeria.
Notably, the contributions from Apel Asset account for 4.61% of the N3.13 trillion amassed by the top 10 stockbrokers.
9. CSL Stockbrokers Limited (N175.42 billion)
CSL Stockbrokers Limited is ranked 9th, having recorded total transactions amounting to N175.42 billion.
This figure constitutes 3.07% of the cumulative value transacted by stockbrokers in 2024. Within the top 10 stockbrokers, CSL’s contributions represent 5.58% of the overall total.
8. Meristem Stockbrokers Limited (N188.15 billion)
Meristem Stockbrokers Limited is positioned 8th, with a transaction value of N188.15 billion.
This amount corresponds to 3.30% of the total transactions facilitated by Nigerian stockbrokers during 2024, and it represents 6.00% of the cumulative contributions from the top 10 stockbrokers.
In terms of trading volume, Meristem ranks 6th, having facilitated 10.3 billion shares.
7. FBN Quest Securities Limited (N189.94 billion)
FBN Quest Securities Limited holds the 7th position with a total transaction value of N189.94 billion, accounting for 3.33% of the total value transacted by Nigerian stockbrokers in 2024.
Within the top 10, FBN Quest’s contribution represents 6.05% of the cumulative N3.13 trillion total. Additionally, it ranks 7th in trading volume, having facilitated 8.95 billion shares year-to-date.
6. EFG Hermes Nigeria Limited (N190.04 billion)
EFG Hermes Nigeria Limited secures the 6th position with a total transaction value of N190.04 billion.
This amount represents 3.33% of the overall trades conducted by Nigerian brokers in 2024, contributing over 6.05% to the cumulative total amassed by the top 10 stockbrokers.
5. Cordros Securities Limited (N283 billion)
Cordros Securities Limited ranks 5th, facilitating transactions valued at approximately N283 billion, which equates to 4.96% of the total. This contribution represents 9.01% of the N3.13 trillion accumulated by the top 10 stockbrokers.
Additionally, in terms of trading volume, Cordros ranks 4th with a total of 11.63 billion shares exchanged in 2024.
4. Apt Securities and Funds (N286.52 billion)
Apt Securities and Funds is positioned 4th among the leading stockbrokers in 2024, having transacted a total of N286.52 billion.
This significant figure represents 5.02% of the overall value transacted across the Nigerian stockbroking landscape in 2024.
Out of the total value reported by the top 10 stockbrokers, Apt Securities accounts for 9.13%. The broker facilitated a volume of 11.22 billion shares throughout the year.
3. United Capital Securities Limited (N341.06 billion)
United Capital Securities Limited claims the 3rd position with a transaction value of N341.06 billion. This amount constitutes 5.98% of the total value transacted by all stockbrokers in Nigeria in 2024.
Furthermore, it represents 10.86% of the N3.13 trillion contributed by the top 10 stockbrokers. In terms of trading volume, United Capital facilitated a total of 7.65 billion shares.
2. Stanbic IBTC Stockbrokers Limited (N642.81 billion)
Stanbic IBTC Stockbrokers Limited ranks as the 2nd best-performing stockbroker, facilitating transactions totaling N642.81 billion.
This figure accounts for 11.26% of the overall value and constitutes 20.50% of the contributions made by the top 10 stockbrokers.
In terms of trading volume, Stanbic recorded a total of 14.99 billion shares exchanged in 2024.
1. CardinalStone Securities Limited (N696.02 billion)
CardinalStone Securities Limited holds the distinction of being the top stockbroker in Nigeria for 2024, with a remarkable transaction value of N696.02 billion. This figure constitutes 12.19% of the total value transacted by all stockbrokers year-to-date.
Additionally, CardinalStone accounts for an impressive 22.19% of the cumulative N3.13 trillion contributed by the top 10 stockbrokers.
In terms of trading volume, CardinalStone leads the market, facilitating 23.66 billion shares throughout the year.
