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.
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.
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.
