The Nigerian Exchange (NGX) has released its broker performance report for the full year 2025, ranking the top 10 stockbroking firms by both transaction volume and value.
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In a historic year for Nigerian equities, the NGX gained 51.19% in 2025, its strongest performance in 18 years, comfortably outperforming the S&P 500’s 16.39% return.
Central to this rally are stockbrokers, whose activities drive liquidity on the exchange by facilitating trades and executing transactions on behalf of investors.
According to the NGX report, the top 10 brokers by volume traded a combined 223.7 billion shares, accounting for 49.41% of all broker-executed transactions during the period, up from 118.95 billion in the prior year.
By transaction value, the dominance was even more pronounced.
- The top 10 brokers executed trades worth N7.3 trillion, representing 61.82% of the total value traded across the market, up from N3.13 trillion in 2024.
This article ranks brokers by transaction value rather than volume, as value captures not just how often trades occur, but the size and importance of those trades, offering a better measure of market impact.
Below are the top 10 stockbroking firms by transaction value in 2025, covering the period from January 1 to December 31.
United Capital Securities Limited
United Capital Securities ranks 10th by transaction value, executing trades worth N316.1 billion in 2025, compared to N341.06 billion facilitated in 2024.
This represents 2.65% of the total market value of N11.94 trillion and 4.28% of the N7.3 trillion handled by the top 10 brokers.
Beyond value, the firm also featured on the volume ranking, facilitating 11.02 billion shares, equivalent to 2.43% of total market volume for the year.
APT Securities and Funds Limited
APT Securities secured the 9th position with total transactions valued at N398.7 billion in 2025, up from N286.52 billion in 2024.
The figure accounts for 3.34% of the overall market value and 5.40% of the value contributed by the top 10 brokers.
Although it did not rank among the top 10 by volume, APT’s placement highlights its focus on higher-value trades.
ABSA Securities Nigeria Limited
ABSA Securities Nigeria ranked 8th by transaction value after executing trades worth N426 billion in 2025.
This performance accounts for 3.57% of the N11.94 trillion total value executed by all Nigerian brokers and 5.77% of the N7.3 trillion contributed by the top 10 stockbroking firms during the year.
Beyond value, the firm also featured on the volume ranking, facilitating 11.69 billion shares, equivalent to 2.58% of total shares traded, reflecting a solid and well-rounded market presence.
EFG Hermes Nigeria Limited
EFG Hermes Nigeria secured the 7th position on the transaction value ranking, executing trades worth N472.1 billion in 2025, up from N190.04 billion in 2024.
This accounts for 3.95% of the N11.94 trillion total facilitated by all Nigerian brokers and 6.39% of the value contributed by the top 10 brokers during the year.
Interestingly, EFG Hermes did not appear on the volume ranking, indicating that the trades it executed were of high value.
Meristem Stockbrokers Limited
Meristem Stockbrokers Limited claimed the 6th spot on the ranking, executing trades valued at N481.6 billion in 2025, compared to N188.15 billion in 2024.
The total contributes 6.52% of the value handled by the top 10 brokers for the year.
Meristem also made a strong showing on the volume list, facilitating 19.07 billion shares and earning 4th place.
CordrosSecurities Limited
Cordros Securities Limited ranks 5th by transaction value, recording trades worth N663.7 billion in 2025, up from N283 billion in the prior year.
This accounted for 8.99% of the total value executed by the top 10 brokers during the year and 5.56% of the value facilitated by all Nigerian brokers.
The firm also placed 5th on the volume chart, facilitating 18.1 billion shares or 4.01% of total market volume.
First Securities Brokers Limited
First Securities Brokers Limited claimed the 4th position with total transactions valued at N686.05 billion in 2025, up from N189.9 billion in 2024.
This equates to 5.74% of the total market value and 9.29% of the top 10 aggregate.
By volume, the broker ranked 3rd, executing 20.2 billion shares, or 4.47% of total market volume, pointing to robust execution capacity.
Stanbic IBTC Stockbrokers Limited
Stanbic IBTC Stockbrokers Limited ranked 3rd after executing trades valued at N735.5 billion during the year, up from N642.81 billion in 2024.
This represents 6.16% of the total market value and 9.96% of the value traded by the top 10 firms.
The broker ranked 7th by volume, facilitating 14.3 billion shares, or 3.16% of total volume, reflecting a focus on higher-value trades
Chapel Hill Denham Securities LTD
Chapel Hill Denham Securities Limited takes the 2nd spot on the list with a total transaction value of N1.01 trillion recorded in 2025.
This figure accounts for 8.54% of the entire market value of N11.94 trillion executed by all stockbrokers in Nigeria and represents 13.81% of the N7.3 trillion contributed by the top 10 firms during the full year.
The broker also facilitated a total of 52.9 billion units, which represents 11.69% of entire volume of shares, being the highest stockbroker in terms of volume.
CardinalStoneSecurities Limited
CardinalStone Securities emerged as the top broker by transaction value, executing trades worth N2.18 trillion in 2025, compared to N696 billion in 2024.
This represents a commanding 18.30% of total market value and 29.60% of the value handled by the top 10 brokers.
The firm also ranked 2nd by volume, facilitating 49 billion shares, or 10.82% of total market volume, reinforcing its dominance across both value and activity.
