The Nigerian Exchange Group (NGX) released its latest performance report, spotlighting the top ten stockbrokers in Nigeria for May 2025.
During this period, the Nigerian equities market experienced impressive gains, driven by rising share prices and increased trading activity.
Notably, the market capitalization surged past the N70 trillion mark, a historic first, with stockbrokers playing a key role in this achievement.
According to the NGX report, the top 10 stockbrokers handled a staggering 13.61 billion shares, representing more than half (50.23%) of the total trading volume across all Nigerian brokers.
In terms of transaction value, these leading brokers managed trades worth a combined N436.98 billion, accounting for a commanding 62.29% of the total value traded on the exchange in May.
This article focuses on transaction value rather than volume, as value reflects both the price and number of shares traded, providing a clearer measure of a broker’s market influence and business performance.
With that in mind, here are Nigeria’s top ten stockbrokers for May, ranked by the value of shares they transacted:
10. Morgan Capital Securities Limited (N13.82 billion)
Morgan Capital Securities secured the 10th spot, facilitating trades worth N13.82 billion during May.
This represents 1.97% of the total transaction value recorded by all Nigerian stockbrokers in May and 3.16% of the N436.98 billion total trading value handled by the top 10 brokers on the NGX list.
On the volume side, Morgan ranked 6th, enabling the trading of 1.06 billion shares in May 2025.
9. Rencap Securities (Nig) Limited (N14.44 billion)
Rencap Securities ranked 9th, facilitating transactions worth N14.44 billion in May.
This represents 2.06% of the total value transacted by all stockbrokers on the exchange. Among the top 10 brokers, Rencap contributed 3.31% to the combined N436.98 billion total reported by NGX.
However, Rencap did not appear on NGX’s top volume list for the month.
8. Coronation Securities Limited (N20.34 billion)
Coronation Securities earned the 8th position, facilitating trade valued at N20.34 billion in May.
This figure represents 2.90% of the total transaction value recorded by Nigerian stockbrokers throughout the month.
Within the top 10, Coronation accounted for 4.66% of the combined N436.98 billion in trading activity.
7. CSL Stockbrokers Limited (N25.19 billion)
Ranking 7th, CSL Stockbrokers handled transactions totaling N25.19 billion during May, which is 3.59% of the overall market value transacted by all Nigerian brokers.
Among the top 10, CSL contributed a notable 5.76% to the N436.98 billion traded.
The firm also placed 5th in the volume rankings, facilitating the trading of 1.16 billion shares over the month.
6. Meristem Stockbrokers Limited (N30.08 billion)
Meristem Stockbrokers earned the 6th spot with trade valued at N30.08 billion in May.
This accounted for 4.29% of the total market transactions across all brokers, and 6.88% of the N436.98 billion moved by the top 10 stockbrokers on the NGX list.
Meristem also ranked 3rd in volume, enabling 1.40 billion shares to trade.
5. Stanbic IBTC Stockbrokers Limited (N38.34 billion)
Stanbic IBTC stood in 5th place, facilitating trades worth N38.34 billion during the month.
The value represents 5.47% of all transactions by Nigerian stockbrokers in May and 8.77% of the combined trading value among the top 10 brokers.
Stanbic also ranked 8th by volume, enabling the trading of 932.8 million shares.
4. Cordros Securities Limited (N47.61 billion)
Cordros took the 4th position, overseeing trades worth N47.61 billion throughout May.
This contributed 6.79% of the total transaction value on the exchange and 10.89% of the top 10’s combined trading value.
3. CardinalStone Securities Limited (N68.65 billion)
CardinalStone claimed 3rd place by facilitating trade valued at N68.65 billion in May.
This represented 9.79% of the total market value traded by all stockbrokers and 15.71% of the aggregate N436.98 billion among the top 10.
CardinalStone was runner-up in volume, enabling 1.61 billion shares during the month.
2. EFG Hermes Nig Limited (N69.33 billion)
EFG Hermes ranked 2nd, managing trades worth N69.33 billion in May.
This accounted for 9.88% of the total transaction value across all Nigerian brokers and a commanding 15.87% of the top 10’s total N436.98 billion.
EFG Hermes appeared 7th on the volume leaderboard, facilitating 1.02 billion shares.
1. United Capital Securities Limited (N109.14 billion)
Topping the list, United Capital led in transaction value with trade totaling a whopping N109.14 billion during May.
This figure represents 15.56% of all transactions carried out by Nigerian stockbrokers for the month and 24.97% of the total value transacted by the top 10 brokers.
United Capital also topped the volume list, enabling the trading of 3.2 billion shares in May.
