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)
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.