Nigeria’s most improved stockbrokers in 2025

According to the Nigerian Exchange (NGX), the top 10 Nigerian stockbrokers executed trades worth N7.3 trillion in 2025, accounting for 61.82% of the total market value of trades by all stockbrokers.

This marks a remarkable 135.39% increase from the N3.1 trillion facilitated by these brokers in 2024, signaling a surge in trading interest.

Across all Nigerian brokers, the total value of trades rose to N11.94 trillion, up from N5.7 trillion in 2024.

This increase was mirrored in trade volumes, which rose from 278.3 billion shares in 2024 to 452.5 billion in 2025, with the top 10 brokers contributing 49.41%.

Behind these impressive figures are the improved performances of several brokers.

For this review, trade value is the key metric, capturing not just trade frequency but also size and significance, providing a clearer measure of each broker’s market impact.

Exceptions to the review are Chapel Hill Denham Securities and Absa Securities Nigeria, which entered the top 10 in 2025 with N1.01 trillion and N426 billion, respectively, having been absent from the 2024 ranking.

United Capital, with N316.1 billion—down 7% from N341 billion—was not included

Stanbic IBTC (14.42%)

Stanbic IBTC Stockbrokers Limited rounded out the top seven, posting a 14.42% improvement compared to 2024. The broker facilitated N735.5 billion in trades in 2025, higher than N642.8 billion recorded in the previous year.

In terms of market share by value, Stanbic ranked third, accounting for 6.16% of the total market value of N11.94 trillion for all Nigerian stock brokers, down from 11.26% in 2024.

Among the top 10 brokers, it contributed 9.96% of the N7.3 trillion executed by the group, showing a modest decline from the 20.49% share it held the prior year.

On the volume side, Stanbic ranked 7th in 2025, facilitating 14.3 billion shares, a slight dip from 14.9 billion shares in 2024 when it was in the 2nd position.

APT Securities & Funds (39.16%)

APT Securities & Funds recorded strong growth, moving up to 6th position with a 39.16% increase in trade value, rising from N286.5 billion in 2024 to N398.7 billion in 2025.

Despite ranking 9th overall by market value, the broker accounted for 3.34% of total trades, slightly down from 5.02% in the previous year.

Within the top 10 brokers, APT’s share of the N7.3 trillion total trades was 5.40%, compared to 9.1% in 2024.

Notably, APT did not make the volume leaderboard in 2025, which highlights that its trades tended to be higher in value.

Cordros Securities (134.52%) 

Cordros Securities Limited emerged as one of the standout performers of the year, delivering a staggering 134.52% improvement.

The broker’s facilitated value soared from N283 billion in 2024 to N663.7 billion in 2025, positioning it 5th on the market value list.

It accounted for 5.56% of the overall market value, up from 4.96% the previous year. Within the top 10 brokers, Cordros contributed 8.99% of the N7.3 trillion, maintaining a stable share compared to 9.02% in 2024.

On the volume front, the broker climbed to 5th position, facilitating 18.1 billion shares in 2025, a substantial increase from 11.6 billion shares in 2024 when it ranked 4th.

EFG Hermes (148.41%)

EFG Hermes Nigeria Limited made a strong leap, posting a 148.41% year-on-year increase, ranking fourth on the improvement list.

Its trade value jumped from N190 billion in 2024 to N472.1 billion in 2025, boosting its market share slightly from 3.33% to 3.95% and earning it seventh place by market value.

Within the top 10 brokers, EFG Hermes contributed 6.39% of their total N7.3 trillion in 2025, up from 6.06% in the previous year.

Although the broker did not make it onto the volume leaderboard, the high value of the trades it executed ensured that it remained a major player in the market’s top tier.

Meristem Stockbrokers (155.99%)

Meristem Stockbrokers Limited enjoyed significant growth, recording a 155.99% increase in trade value from N188.1 billion in 2024 to N481.6 billion in 2025.

The broker ranked 6th by value, contributing 4.03% to the overall market, up from 3.30% the previous year. Among the top 10 brokers, Meristem accounted for 6.52% of the total N7.3 trillion, a rise from 6.00% in 2024.

On the volume side, Meristem made an impressive jump to 4th position, facilitating 19 billion shares in 2025 compared to 10.3 billion shares in 2024, signaling strong momentum in both trade activity and market influence.

CardinalStone (214.08%)

CardinalStone Securities Limited delivered one of the most impressive performances of the year, posting a 214.08% growth in trade value from N696 billion in 2024 to N2.1 trillion in 2025.

The broker topped the market by value, accounting for 18.30% of total trades, a significant jump from 12.19% in the previous year. Within the top 10 brokers, CardinalStone contributed 29.6% of the N7.3 trillion total, up from 22.19% in 2024.

On the volume leaderboard, it ranked 2nd, facilitating 49 billion shares in 2025, more than double the 23.6 billion shares it executed in 2024.

CardinalStone’s growth reflects both sheer scale and increasing dominance in the Nigerian stock market.

First Securities (261.19%) 

First Securities Brokers Limited led the pack with an outstanding 261.19% improvement, leaping from N189.9 billion in 2024 to N686.05 billion in 2025.

The broker ranked 4th by market value, accounting for 5.74% of total trades compared to 3.33% the prior year. Among the top 10 brokers, it contributed 9.29% of the N7.3 trillion total, up from 6.05% in 2024.

On the volume side, First Securities moved to 3rd position, facilitating 20.2 billion shares in 2025, more than double the 8.9 billion shares in 2024.

This performance cements First Securities’ place as the most improved broker in 2025.