On January 31, 2025, the Nigerian Exchange Group (NGX) released a report ranking the top ten stockbrokers in Nigeria, based on the total trading volumes and values they facilitated throughout the month.
Collectively, these stockbrokers accounted for 52.01% of the total trading volume executed by Nigerian stockbrokers, transacting a total of 15.4 billion shares.
In terms of transaction value, the leading stockbrokers represented 56.13% of the overall trading value for January, accumulating N341.6 billion during the month.
It is noteworthy that this analysis prioritizes transaction value as a more accurate measure of performance compared to volume alone.
While trading volume indicates the number of shares exchanged, transaction value offers a deeper insight by highlighting the pricing trends of those shares. This, in turn, offers a clearer understanding of a stockbroker’s size, client base, and overall business performance.
Based on the value of trades facilitated from January 1 to January 31, 2025, the following are the top ten stockbrokers in Nigeria:
Top 10 stockbrokers by value of transactions in January 2025 (MTD)
CSL STOCKBROKERS LIMITED
CSL Stockbrokers Limited secured the 10th position in January 2025, achieving a total transaction value of N12 billion. This figure represents 1.99% of the overall trades executed by all Nigerian stockbrokers during the month.
Among the top 10 brokers, CSL made a modest contribution of 3.54% to the total of N341.6 billion transacted.
EFG Hermes NIG Limited
In 9th place, EFG Hermes reported a notable total trading value of N14.4 billion for January, which represents 2.37% of the overall trading value among Nigerian stockbrokers.
Of the impressive N341.6 billion generated by the top 10 brokers, EFG Hermes accounted for a solid 4.24%, highlighting its stable and significant presence in the market.
Morgan Capital Securities Limited
Ranked 8th, Morgan Capital Securities Limited achieved a value of N14.8 billion in January, making up 2.44% of the total Nigerian broker trading value.
The stockbroker contributed 4.34% to the cumulative figure of the top 10 brokers. Additionally, it secured 3rd place in terms of volume, facilitating 1.8 billion shares during the month.
- Apel Asset Limited
Holding the 7th position, Apel Asset Limited recorded a trading value of N16.8 billion, which represented 2.77% of the overall transactions executed by Nigerian stockbrokers in January.
Additionally, this figure constituted 4.94% of the total N341.6 billion generated by the top 10 brokers in January 2025.
Meristem Stockbrokers Limited
Meristem Stockbrokers Limited ranked 6th with a significant total value of N31.71 billion in transactions for January, representing 5.21% of the total trades in Nigeria.
Among the top 10 brokers, they contributed 9.29% to the overall figure. Additionally, Meristem ranked 4th in trading volume, facilitating 1.6 billion shares in January.
Cordros Securities Limited
Cordros Securities Limited secured the 5th position in January, reporting a total trading value of N31.79 billion. This figure constituted 5.22% of the overall trade conducted during the month.
In the context of the top 10 brokers, this performance represents 9.31% of the cumulative trading value of N341.6 billion.
Global Asset Management Nigeria Limited
Global Asset Management Nigeria Limited ranked 4th in January, achieving a total trading value of N39.9 billion, which accounted for 6.56% of all transactions conducted by Nigerian stockbrokers.
Within the top 10 brokers by value, they contributed 11.64% to the overall total. Remarkably, they also led in trading volume, facilitating an impressive 3.9 billion shares.
APT Securities and Funds
APT Securities is at the 3rd spot in January, achieving a total transaction value of N44.4 billion, which represented 7.30% of the total trades conducted by Nigerian stockbrokers that month.
Among the top 10 brokers, APT contributed a significant 13.05% to the cumulative total. Additionally, they ranked 5th in trading volume, with an impressive 1.3 billion shares exchanged during the period.
Stanbic IBTC Stockbrokers Limited
Stanbic IBTC Stockbrokers Limited held the 2nd position, achieving a trading value of N46.1 billion for January, which constituted 7.59% of the total trades by all Nigerian stockbrokers.
Within the top 10 brokers, Stanbic IBTC accounted for 13.5% of the N341.6 billion total and ranked 7th in trading volume, facilitating 1 billion shares.
Cardinalstone Securities Limited
At the forefront, Cardinalstone Securities Limited recorded a total trading value of N89.3 billion in January.
- This figure represented 14.67% of the overall trading activity among all Nigerian stockbrokers for the month of January.
- Among the top 10 brokers, Cardinalstone contributed 26.11% of the total N341.6 billion and ranked 2nd in volume, facilitating 2.3 billion shares month-to-date.
