Top 10 Stockbrokers in Nigeria 2024

Top 10 Stockbrokers in Nigeria 2024

Best Stockbrokers in Nigeria 2024

In trading shares/stocks, stockbrokers are an essential element in the value chain. They facilitate the buying and selling process and act as the middle-man between you and the company in which you intend to buy its shares. Just like the developed markets like the NYSE and NASDAQ, stockbrokers in Nigeria play a huge role in the Nigerian stock market.

Trading will simply be difficult without the presence of these guys thus, the role they play is vital to the success of the stock market.  

In this article, we are going to delve into the nitty-gritty of stock broking, dissect the role stock brokers play in the financial markets, and run through some of the best ones we currently have in Nigeria.

Who are stockbrokers and where can they be found?

Stock brokers are intermediaries between you and the stock market. You can also see them as shops you go to when you want to trade shares. If you decide to buy shares of a particular company today they are the ones that can give you access to the financial market where the stocks are being traded. Just like in your typical agent-client relationship, they usually charge a fee or commission on any trade you make. 

Their work is not only restricted to facilitating trades, but they also provide advisory services and trade on your behalf.  These stockbrokers are regulated and operate under the SEC’s financial laws. Thus, there is no need to panic as to whether they are trusted or not, as the Nigerian Securities and Exchange Commission ensures that they are compliant with laid down market rules to prevent loss of funds.

Types of stock brokers

Depending on the level of service they offer, stock brokers can be categorized into 

1. Full-service brokers

They offer a full-fleshed service, which encompasses research, portfolio management, and advisory services. You’d typically get a personal broker with this type of stock-broking service.

Advantages of using a full-service broker include,

  1. Having experts run your portfolio
  2. Getting access to research services which may aid your stock selection process
  3. Saving you time. However, this type of stock-broking service is usually expensive, and you’d typically have less control over your portfolio.

2. Discount brokers

They differ from the full-service stockbroker in that they do not provide research and advisory services. They only help you get access to the financial markets by facilitating buying and selling.

Also, stock brokers can be categorized into online brokers and legacy brokers. 

Before now, getting access to stock brokers wasn’t as swift and easy. However, as the economy has become more and more digitally savvy, stock brokers are now at your fingertips. They can easily be accessed on the web (Online stock-brokers) or through your local investment firm. For the purpose of this article, we will sub-categorize stock brokers into two groups. They are 1) your digital stock broker, and 2) The legacy stock brokers (Investment firms). 

Digital brokers: Online stockbrokers live up to their name, in that their services are digitally run. You can access the stock market directly through their online trading platform. They mostly function as discount brokers and typically do not offer full brokerage services like research and advisory. 

Legacy stock-brokers: Although many legacy stock-brokers now have online trading platforms, they differ from online brokers because they are the traditional stock-brokers we have in Nigeria. They are usually run by full-fleshed investment firms and thus have physical offices in multiple locations.  They mostly offer full broker services as opposed to online brokers and also dominate the stock-broking space in Nigeria.

Digital stock broker vs Traditional stock broker

It all depends on preference. It is always important to determine the kind of service you need before opting for a stockbroker. If you want a stock broker that will carry out trades for you, your best bet is the legacy stock broker.

If you prefer to carry out the trades yourself but want access to research and advisory services, the legacy stock brokers are still your best bet. Meanwhile, if all you want is easy access to the Nigerian stock market, the trading platforms provided by digital brokers are a better option. 

How much do stockbrokers charge in Nigeria?

Fees are also an important consideration when opting for a stockbroker. Most stockbrokers in Nigeria charge a percentage on every trade carried out. It usually ranges from 1%-2% depending on the broker and service offered. It is important to compare fees across brokers and opt for the one with the best value for money.

Are stock brokers regulated?

In Nigeria, stockbrokers are regulated by the Securities and Exchange Commission (SEC), to ensure fair dealing in the stock market. It is important for one to make sure that any stock broker being opted for is fully registered and licensed by the SEC.

How to choose a stockbroker?

Choosing a stockbroker is a crucial step for anyone looking to invest in the stock market. Here are some key factors to consider when selecting a stockbroker:

  1. Determine Your Needs: Start by assessing your investment goals and needs. Are you looking for a full-service broker who can provide personalized advice, or do you prefer a self-directed approach where you make your own investment decisions?
  2. Type of Brokerage: Decide between a full-service or discount brokerage. Full-service brokers offer a range of services, including investment advice, research, and portfolio management, while discount brokers provide a platform for self-directed trading at lower fees.
  3. Fees and Commissions: Compare the fees and commissions charged by different brokers. These can significantly impact your overall returns. Look for transparency in fee structures and consider factors like trading commissions, account maintenance fees, and any hidden charges.
  4. Trading Tools and Technology: Consider the trading platform and tools offered by the broker. It should be user-friendly, provide real-time data, and offer the features you need for your investment strategy.
  5. Research and Education: If you’re new to investing, look for a broker that offers educational resources and research tools to help you make informed decisions. Access to market analysis, reports, and educational content can be valuable.
  6. Customer Service: Assess the quality of customer service. You may need assistance or have questions, so prompt and responsive customer support is important. Check their availability via phone, email, or chat.
  7. Regulation and Security: Ensure that the broker is regulated by a relevant financial authority. This helps safeguard your investments. Additionally, look for information about the broker’s security measures to protect your personal and financial data.
  8. Account Types: Different brokers may offer various account types, such as individual, joint, retirement, or corporate accounts. Choose one that aligns with your specific needs.
  9. Account Minimums: Some brokers require a minimum deposit to open an account. Make sure you’re comfortable with the minimum balance requirement.
  10. Trading Options: If you’re interested in specific types of investments like options, futures, or forex, make sure the broker provides access to those markets.
  11. Reviews and Recommendations: Read reviews, seek recommendations from experienced investors, and check online forums to gauge the reputation and reliability of the broker.
  12. Consider Your Investment Strategy: Your investment approach, such as long-term investing, day trading, or diversification, may influence your choice of broker. Some brokers specialize in specific types of investing.
  13. Read the Fine Print: Carefully review the broker’s terms and conditions, including withdrawal policies, margin requirements, and any potential restrictions on trading.
  14. Test the Platform: Many brokers offer demo accounts or trial periods. Test the broker’s platform and services before committing significant funds.

Remember that there’s no one-size-fits-all solution, and the best stockbroker for you depends on your individual circumstances and preferences. Take your time to research and choose a stockbroker that aligns with your financial goals and provides the services and support you need to succeed in your investment journey.

Largest stockbrokers in Nigeria?

Now that we have a comprehensive list, here are the top brokers in Nigeria. It is not surprising that the largest ones are the legacy brokers. They have had a long-standing with the Nigerian stock exchange and are frequently used by investors. They also control over 50% of trades on the Nigerian stock exchange. NB: This is subject to change from time to time.

Broker%Value %Volume Product offering  Full-service brokerage (trading, research and advisory) 
CARDINALSTONE SECURITIES LIMITED 13.04 9.28 Full-service brokerage (trading, research and advisory) 1.67% 
APT SECURITIES AND FUNDS – BRD 8.52 5.07 Web trading  TBD  
STANBIC IBTC STOCKBROKERS LIMITED 6.75 2.82 Full-service brokerage (trading, research and advisory) 1.47% 
UNITED CAPITAL SECURITIES LIMITED 5.68 15.58 Full-service brokerage (trading, research and advisory) TBD  
MERISTEM STOCKBROKERS LIMITED 5.49 3.18 Full-service brokerage (trading, research and advisory) TBD  
FBN QUEST SECURITIES LIMITED 4.68 2.36 Full-service brokerage (trading, research and advisory) TBD  
EFG HERMES NIG LIMITED 4.08 2.27 Full service brokerage (trading, research and advisory) TBD  
REGENCY ASSETS MANAGEMENT LIMITED 2.87 2.73 Web trading  TBD  
APEL ASSET LIMITED – BRD 2.64 7.05 Web trading  TBD  

Full list of licensed stock brokers in Nigeria

ADONAI STOCKBROKERS LTD 
AFRICAN ALLIANCE STOCKBROKERS LTD 
AFRINVEST SECURITIES LTD 
ALTRADE SECURITIES LTD  
AMYN INVESTMENTS LTD  
ANCHORAGE SECURITIES AND FINANCE LTD  
ANCHORIA INVESTMENT AND SECURITIES LTD  
APEL ASSET LTD 
APT SECURITIES AND FUNDS LTD 
ARM SECURITIES LTD 
ASSOCIATED ASSET MANAGERS LTD 
ATLASS PORTFOLIOS LTD 
BELFRY INVESTMENTS AND SECURITIES LTD 
BESTWORTH ASSET AND TRUST LTD 
CALYX SECURITIES LTD 
CAMRY SECURITIES LTD 
CAPITAL ASSETS LTD 
CAPITAL BANCORP PLC  
CAPITAL EXPRESS SECURITIES LTD  
CAPITAL TRUST BROKERS LTD 
CARDINALSTONE 
CASHCRAFT SECURITIES LTD  
CASHVILLE INVESTMENTS & SECURITIES LTD 
CDL CAPITAL MARKETS LTD 
CENTRE POINT INVESTMENTS LTD 
CENTURY SECURITIES LIMITED 
CHAPELHILL DENHAM SECURITIES LTD 
CHARTWELL SECURITIES LTD 
CITI INVESTMENT CAPITAL LIMITED 
CITY CODE TRUST & INVESTMENT COMPANY LTD 
CLEARVIEW INVESTMENTS CO. LTD 
COMPASS INVESTMENT & SECURITIES LTD 
CORDROS CAPITAL LTD 
CORONATION SECURITIES LTD 
COWRY SECURITIES LTD 
CSL STOCKBROKERS LTD 
DE LORDS SECURITIES LTD 
DBSL SECURITIES LTD 
DEPENDABLE SECURITIES LTD 
DIAMOND SECURITIES LTD 
DOMINION TRUST LTD 
DSU BROKERAGE SERVICES LTD 
DUNBELL SECURITIES LTD 
DUNN LOREN MERRIFIELD SECURITIES LTD 
DYNAMIC PORTFOLIO LTD 
EDC SECURITIES LTD 
EFCP LTD 
ELIXIR SECURITIES LTD 
ENTERPRISE STOCKBROKERS PLC 
EQUITY CAPITAL SOLUTIONS LTD 
EUROCOMM SECURITIES LTD 
EXPRESS PORTFOLIO SERVICES LTD 
FCSL ASSET MANAGEMENT COMPANY LTD 
FINANCIAL & ANALYTICS CAPITAL LTD 
FINANCIAL TRUST COMPANY NIG. LTD  
FINMAL FINANCE SERVICES LTD 
FIRST INTEGRATED CAPITAL MANAGEMENT LTD 
FIRST STOCKBROKERS LTD 
FIS SECURITIES LTD 
FORESIGHT SECURITIES & INVESTMENT LTD  
FORTE FINANCIAL LTD BROKER/DEALER  
FORTHRIGHT SECURITIES AND INVESTMENTS LTD 
FORTRESS CAPITAL LTD 
FSDH SECURITIES LTD  
FUNDS MATRIX AND ASSETS MANAGEMENT LTD  
FUNDVINE CAPITAL AND SECURITIES LTD 
GIDAUNIYA INVESTMENT AND SECURITIES LTD 
GLOBAL ASSET MANAGEMENT NIG. LTD 
GLOBALVIEW CONSULT & INVESTMENTS LTD 
GOLDEN SECURITIES LTD 
GREENWICH SECURITIES LTD 
GRUENE CAPITAL LIMITED 
GTI SECURITIES LTD 
HARMONY SECURITIES LTD  
HEARTBEAT INVESTMENTS LTD 
HEDGE SECURITIES & INVESTMENTS COMPANY LTD 
HERITAGE CAPITAL MARKET LTD 
ICMG SECURITIES LTD  
ICON STOCKBROKERS LTD  
IMPERIAL ASSET MANAGERS LTD 
INDEPENDENT SECURITIES LTD  
INTEGRATED TRUST & INVESTMENTS LTD 
INTERSTATE SECURITIES LTD 
INVESTMENT ONE STOCKBROKERS INT’L LTD  
INVESTORS AND TRUST COMPANY LTD 
KEDARI CAPITAL LTD 
KINLEY SECURITIES LTD BROKER/DEALER  
KOFANA SECURITIES & INVESTMENT LTD 
KUNDILA FINANCE SERVICES LTD  
LAMBETH TRUST AND INVESTMENT CO. LTD 
LEAD SECURITIES & INVESTMENT LTD  
LIGHTHOUSE ASSETS MANAGEMENT LTD 
LONGTERM GLOBAL CAPITAL LTD 
MAGNARTIS FINANCE & INVESTMENT LTD 
MAINSTREET BANK SECURITIES LTD 
MARIMPEX FINANCE & INVESTMENT CO. LTD 
MBC SECURITIES 
MEGA EQUITIES LTD 
MERISTEM STOCKBROKERS LTD 
MIDAS STOCKBROKERS LTD  
MISSION SECURITIES LTD  
MOLTEN TRUST LTD  
MORGAN CAPITAL SECURITIES LTD  
MOUNTAIN INVESTMENT AND SECURITIES LTD  
MUTUAL ALLIANCE INVESTMENT & SECURITIES LTD  
NETWORK CAPITAL LTD  
NETWORTH SECURITIES & FINANCE LTD  
NEWDEVCO INVESTMENT & SECURITIES CO. LTD  
NIGERIAN INTERNATIONAL SECURITIES LTD  
NIGERIAN STOCKBROKERS LTD  
NORTHBRIDGE INVESTMENT & TRUST LIMITED  
NOVA FINANCE & SECURITIES LIMITED 
PAC SECURITIES LTD 
PARTHIAN PARTNERS LIMITED  
PARTNERSHIP SECURITIES LTD 
PEACE CAPITAL MARKET LTD 
PHRONESIS SECURITIES LTD 
PINEFIELDS INVESTMENTS SERVICES LTD  
PIPC SECURITIES LTD  
PIVOT TRUST & INVESTMENT COMPANY LTD 
PORTFOLIO ADVISERS LTD 
PRIMERA AFRICA SECURITIES LTD  
PRIMEWEALTH CAPITAL LTD  
PROFESSIONAL STOCKBROKERS LIMITED CORPORATE  
PROFINAD NIGERIA LTD CORPORATE INVESTMENT ADVISER  
PROMINENT SECURITIES LTD  
PSI SECURITIES LTD  
PYRAMID SECURITIES LTD  
QUANTUM SECURITIES LTD 
RAINBOW SECURITIES AND INVESTMENT CO. LTD 
READINGS INVESTMENTS LTD  
REGENCY ASSETS MANAGEMENT LTD  
RENAISSANCE SECURITIES LTD  
RENCAP (SECURITIES) NIGERIA LTD  
REWARD INVESTMENTS & SERVICES LTD 
ROSTRUM INVESTMENT AND SECURITIES LTD 
ROYAL GUARANTY AND TRUST LTD  
ROYAL TRUST SECURITIES LTD  
SANTRUST SECURITIES LTD 
SCM CAPITAL LTD  
SECURITIES AFRICA FINANCIAL LTD  
SECURITIES AND CAPITAL MGT. COMPANY LTD  
SECURITY SWAPS LTD 
SFC SECURITIES LTD 
SHELONG INVESTMENT LTD  
SIGMA SECURITIES LTD  
SIGNET INVESTMENTS & SECURITIES LTD 
SKYVIEW CAPITAL LTD  
SMADAC SECURITIES LTD 
SOLID-ROCK SECURITIES & INVESTMENT PLC  
SPRING TRUST & SECURITIES LTD  
SPRINGBOARD TRUST & INVESTMENT LTD 
STANBIC IBTC STOCKBROKERS LTD 
STANDARD ALLIANCE CAPITAL & ASSET MANAGEMENT LTD 
STANDARD UNION SECURITIES LTD 
TFS SECURITIES & INVESTMENT COMPANY LTD  
THE BRIDGE SECURITIES LTD 
TIDDO SECURITIES LTD 
TOMIL TRUST LIMITED  
TOPMOST SECURITIES LTD  
TOWER ASSETS MANAGEMENT LTD  
TOWER SECURITIES & INVESTMENT COMPANY LTD  
TRADELINK SECURITIES LTD  
TRADERS TRUST AND INVESTMENT COMPANY LTD  
TRANSAFRICA FINANCIAL SERVICES LTD  
TRANSWORLD INVESTMENT & SECURITIES LTD 
TRUST YIELDS SECURITIES LTD 
TRUSTBANC CAPITAL MANAGEMENT LTD 
TRUSTHOUSE INVESTMENTS LTD 
TRW STOCKBROKERS LTD 
TRW STOCKBROKERS LTD 
UNEX CAPITAL LTD 
UNION CAPITAL MARKETS LTD 
UNITED CAPITAL SECURITIES LTD 
VETIVA SECURITIES LTD 
WSTC FINANCIAL SERVICES LTD 
ZENITH SECURITIES LTD 

Concluding

Selecting a stock broker is not a straightforward decision. Various factors have to be taken into consideration. From fees to the service that is actually required, to customizing needs, all these have to be kept in mind when selecting a broker. It is also important to carry out due diligence on any broker before settling for their service. Make sure they are duly registered with the SEC and take a look at past transactions for consistency in the market.  

The top stock brokers have a track record for strong performance. Their commitment to compliance, dedication to delivering results, and maintaining a strong reputation for reliability and integrity have also contributed to their large influence in the stock market. For investors and businesses looking to navigate the Nigerian stock market, successfully partnering with one of these top stock brokers will ensure success in trading on the Nigerian stock market.

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