In this guide, we’ve provided a comprehensive list of the top stock brokers in Nigeria, plus many other things you should know about each stockbroker.
A stockbroker, also known as a financial advisor, is a financial professional who buys and sells stocks at the direction of clients. They can teach you how to buy stocks in NIgeria. The stockbroker helps you trade stocks. They are the one who executes buy and sell orders on your behalf.
In Nigeria, most stockbrokers work for a brokerage institution and handle transactions for several individuals and institutions.
The Securities and Exchange Commission (SEC) and the Nigeria Exchange Group are the regulatory agencies for stocks and finance trading activities in Nigeria.
Stock Brokers in Nigeria: Best-Rated Options
After some extensive research, and insights from Value Hubspot, we came up with this wonder section, here we’ll Uncover the 26 best-rated stock brokers in Nigeria.
APT Securities and Funds Limited
APT Securities and Funds Limited was incorporated in 1991, with its headquarters in Lagos, Nigeria. It provides securities brokerage services through the buying and selling of quoted securities, such as equity ordinary shares, government development stocks, preference stocks, and treasury bills.
The company also offers portfolio management services and financial advisory services to corporate organizations and institutions in various areas.
This includes brokerage services to quoted companies; and share certificates verification services. Its clients comprise individuals, institutions, and corporate institutions.
APT Securities and Funds Limited is licensed by the SEC and is a member of the NGX.
XTB
XTB is a global brokerage firm with its headquarters in Warsaw, Poland, offering trading in various financial instruments.
It is a global fintech company that provides individual investors with instant access to financial markets from around the world.
XTB is regulated by multiple authorities, including the Polish Financial Supervision Authority and the UK’s Financial Conduct Authority (FCA).
Some of the services offered by XTB include:
- Indices and stock trading
- Forex trading
- Contracts for Difference (CFDs)
- Commodities trading
Its official trading platform is the xStation platform, known for its user-friendly interface and advanced trading tools.
FBNQuest Securities Limited
FBNQuest Securities Limited is a subsidiary of FBN Holdings Plc, one of Nigeria’s leading financial services companies. The firm offers a range of investment services, including securities trading, research, and advisory services.
FBNQuest Securities Limited is licensed by the Securities and Exchange Commission (SEC) and is also a member of the Nigerian Exchange Group (NGX).
Some of the services offered include:
- Equity and fixed-income trading
- Investment research
- Corporate finance advisory
One downside of FBNQuest Securities Limited is its institutional focus, as it is less tailored for retail investors.
CSL Stockbrokers Limited
CSL Stockbrokers Limited is a subsidiary of FCMB Group Plc. It has over 30 years of experience in the Nigerian capital market. They have a strong institutional client base. And offer comprehensive research and advisory services.
CSL Stockbrokers Limited is fully licensed by the SEC and a member of the NGX.
Some of the services offered are:
- Corporate finance and advisory
- Equity and fixed-income trading
- Research and investor relations
Apel Asset Limited
Formerly known as Apel Asset & Trust Limited, Apel Asset Limited is an active stockbroking firm in Nigeria. It is an investment banking firm headquartered in Lagos, Nigeria.
Registered as a Broker/Dealer with the Securities and Exchange Commission (SEC) Nigeria and a member of the Nigerian Stock Exchange (NSE).
Services offered by the firm include equity trading, market activities advisory, and stockbroking activities.
Bestworth Assets and Trusts Limited
Bestworth Assets and Trusts Limited was established in 1996. It is a leading investment management firm with a diversified client base, including government entities, pension fund administrators, financial institutions, and high-net-worth individuals.
It was registered as a dealing member of the Nigerian Stock Exchange in 1998 and with the SEC in 2000 to perform functions as Stockbrokers/Dealers, Portfolio Managers, Investment Advisers, and Issuing Houses.
Some of the services offered include:
- Stockbroking and securities trading.
- Portfolio management.
- Investment advisory services.
- Issuing house activities.
A major advantage of dealing with Bestworth Assets and Trusts Limited is its over two decades of experience in the Nigerian capital market.
Additionally, it has a strong asset base and significant assets under management.
Capital Assets Limited
Capital Assets Limited was established in 1995, about 30 years ago. It offers specialized financial and investment advisory services to corporate clients, governments, and individuals.
Capital Assets and Trusts Limited is fully registered with the Securities & Exchange Commission (SEC) as an Issuing House, Fund Manager, and Broker/Dealer. It is also a Dealing Member of The Nigerian Stock Exchange and a participating institution with NASD Plc.
Some of the services offered include:
- Financial and investment advisory
- Brokerage services
- Fund management
- Capital raising and market-making activities
Adonai Stockbrokers Ltd
Adonai Stockbrokers Ltd is a stockbroking firm that has been involved in the Nigerian capital market. It is registered as a Broker/Dealer with the SEC Nigeria.
As a Broker or Dealer, they are authorized to engage in stockbroking activities.
According to a report by Nairametrics, the firm was suspended by the Nigerian Stock Exchange in 2018 due to alleged violations, including unauthorized sale of investor shares and misuse of client funds.
“The firm was suspended on 19th June 2018 following its violations of The Exchange’s rules including, but not limited to: Rule 11.9: Prohibition of Unauthorised Sale of Securities, Rule 11.3: Prohibited Practices, and Rule 11.8: No Unauthorised Use of Client Funds; Segregation of Client Funds, of the 2015 Rule Book of The Exchange (Dealing Members’ Rules).” said the NSE.
Altrade Securities Ltd
Altrade Securities Ltd is an active stockbroking firm in Nigeria. It is a financial and credit organization that provides financial services to legal entities and individuals. The company works with money, securities, and precious metals, provides loans to legal entities, and invests in promising projects.
They are registered as a Broker/Dealer with the SEC Nigeria. Consequently authorized to engage in stockbroking activities.
Meristem Stockbrokers Limited
Meristem Stockbrokers Limited (MSBL) is a subsidiary of Meristem Securities Limited, a capital market conglomerate offering services in wealth management, stockbroking, financial advisory, and more.
The company operates as a capital market conglomerate with several subsidiaries, including Meristem Stockbrokers, Meristem Wealth Management, and Meristem Capital.
Meristem Stockbrokers Limited (MSBL) is a member of the Nigerian Exchange Group (NGX) and is licensed by the Securities and Exchange Commission (SEC) in Nigeria.
A statement from the firm’s official website reads, “Our professional advisory services are always based on carefully considered research and delivered with objective integrity from a crop of professionals that remain the best hands within the financial services industry.”
Some of the services offered are:
- Stockbroking services
- Investment banking
- Wealth management
- Registrar and trustee services
They provide customer support through various channels, including dedicated relationship managers.
Afrinvest Securities Ltd
Founded in 1995, Afrinvest Securities is a subsidiary of Afrinvest (West Africa) Limited, offering a range of investment banking and wealth management services.
The firm offers a range of services, including investment banking, securities trading, asset management, and research.
Afrinvest Securities Ltd acts as a distribution channel for often exclusive investment products originated by Afrinvest as well as unique value secondary market trading opportunities in equity, debt, money market, and currency instruments.
They are licensed by the SEC and a member of the NGX and NASD OTC Securities Exchange.
Some of the services offered by the firm include:
- Equities sales and trading
- Fixed income trading
- Money market and currency trading
- Investment advisory services
Afrinvest provides customer support through dedicated relationship managers and customer service channels.
Stanbic IBTC Stockbrokers Limited
Stanbic IBTC Stockbrokers Limited is a subsidiary of Stanbic IBTC Holdings PLC and part of the Standard Bank Group.
Stanbic IBTC Stockbrokers is one of Nigeria’s leading stockbroking firms. The firm provides a full range of stockbroking services to individual and institutional clients.
It is licensed by the Securities and Exchange Commission (SEC) and is a member of the Nigerian Exchange Limited (NGX).
Some of the services offered include:
- Equity trading
- Fixed income securities
- Government securities
- Research and advisory services
Stanbic IBTC Stockbrokers offers the Stanbic IBTC E-Trade platform, accessible via web and mobile. The platform provides direct market access and real-time trading.
Stanbic IBTC Stockbrokers charges a reduced brokerage fee of 0.7% for online transactions. And also has no minimum account opening balance required.
ARM Securities Ltd
ARM Securities Limited is a subsidiary of Asset & Resource Management Company Limited (ARM). ARM Securities offers brokerage services to both local and foreign investors.
ARM is a stock-trading platform that provides round the clock access to great tools, a robust body of research as well as up-to-date market analysis.
It aims to empower you to make informed investment decisions while you invest and make money on your own.
It is a dealing member of the Nigerian Stock Exchange and is regulated by the SEC.
Some of the services offered include:
- Equity trading
- Fixed income securities
- Online trading via ARM Stocktrade platform
Calyx Securities Limited
Calyx Securities Limited was incorporated in 1990 in Nigeria to provide stock broking, investment advisory, and other integrated financial services for both local and international communities.
Calyx Securities Ltd. is a member of the Nigeria Stock Exchange and licensed by the Securities and Exchange Commission as a Broker/Dealer to offer funds/portfolio management services, securities brokerage, and financial advisory services to individuals and institutional clients.
Some of the services offered include:
- Equity trading
- Portfolio management
- Investment advisory
- Research and market insights
- Nominee and custodial services
- Margin trading facilities
Calyx Securities offers strong customer support and personalized services to clients, including high-net-worth individuals and institutions.
Cordros Securities Limited
Cordros is a leading Financial Services group, licensed as Broker-Dealers, Issuing Houses, Fund/Portfolio Managers, Trustees, and Registrars by the Securities & Exchange Commission (SEC).
Its Broker-Dealer business is a registered dealing member of the Nigerian Stock Exchange (NSE). Licensed as Insurance Brokers by both the Nigerian Council of Registered Insurance Brokers (NCRIB) and the National Insurance Commission (NAICOM).
Cordros works with a diversified clientele consisting of private clients, small businesses, financial institutions and corporations, and governments. Building relationships is at the core of their growth philosophy.
Some services offered include:
- Equity and fixed-income trading
- Market making services
- Research and strategy
For its trading platform, it provides the Cordros Cave App and Direct Market Access (DMA) platforms for clients.
African Alliance Stockbrokers Ltd
African Alliance Stockbrokers Ltd is an investment banking group operating in Africa. Since 1992, the African Alliance has built a substantial infrastructure in terms of offices and professional teams throughout the continent to meet the investment banking needs of clients.
These include national governments, municipalities, parastatals, pension funds, and large to medium-sized public and private companies.
The African Alliance group has a unique pioneering philosophy aimed at building markets while developing solutions for customers in a local context using on-the-ground professionals.
Outcomes drive them and add real value by drawing on collective skills and experience in:
- Asset management
- Corporate finance
- Stockbroking
- Private Equity
- Third-party administration
Amyn Investments LTD
Amyn Investments Ltd is a stockbroking firm in Victoria Island, Lagos Nigeria. They are registered as a Broker/Dealer with the SEC Nigeria.
As a Broker/Dealer, they are authorized to engage in stockbroking activities.
CardinalStone Securities Limited
Founded in 2008, CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth, and retail clientele base.
The company began operations with its business being conducted across six divisions:
- Investment Banking
- Asset Management
- Securities Trading
- Trust Services
- Registrar Services
- Financing and
- Pension Management.
Headquartered in Lagos with offices in Abuja, Nigeria, the firm diligently works with its clients to create bespoke solutions for their needs.
It is registered with the SEC as a broker/dealer and a full-fledged dealing member of the Nigerian Exchange (NGX). Also registered with FMDQ OTC Securities Exchange and NASD OTC Securities Exchange.
CardinalStone Securities Ltd was ranked as the #1 stockbroker by volume and value on the NGX for three consecutive years (2022–2024).
“At N319.18 billion, its transactions represent 10.27% of the total value traded by Nigerian brokers. CardinalStone also ranks number 1 in terms of volume, with 13.9 billion shares exchanged YTD, accounting for 8.92% of the total volume recorded.” a publication reads.
Executed Nigeria’s largest block deal: the ₦191 billion Union Bank acquisition by Titan Trust Bank
In 2024, CardinalStone Securities was also named the “Best for Equities in Nigeria” by Euromoney.
Capital Express Securities Ltd
Capital Express Securities Limited (CESL) was incorporated in November 1990 to focus exclusively on Investment Advisory and Capital Market activities.
With over a decade of experience in providing successful Capital Market solutions to a wide spectrum of clientele of both local, &foreign individual and institutional investors. CESL is adept and well-structured to meet your capital market needs.
The SEC Nigeria registers it and is a Dealing Member of the Nigerian Stock Exchange, FMDQ OTC Securities Exchange, and NASD.
Some of its services include:
- Stockbroking and securities trading.
- Investment advisory.
- Estate administration.
- Liaison with registrars.
- Fixed income investments.
- Research and analysis.
Anchoria Investment & Securities Limited
Anchoria Investment & Securities Limited is a stock brokerage firm owned by the VFD Group, providing investment and financial services tailored to individual and institutional clients.
Anchoria is registered as a Broker/Dealer with the SEC Nigeria and its services include:
- Stockbroking and securities trading.
- Investment advisory services.
- Asset management through its subsidiary, Anchoria Asset Management.
Belfry Investments And Securities Limited
With a mission “to provide superior financial services that create and manage sustainable wealth for all our clients by deploying world-class technology and well-trained personnel.”
Belfry Investments And Securities Limited was incorporated on 27th April 1976 to carry on the business of stock broking, amongst others. The Company is licensed as a Broker/Dealer by the Nigerian Stock Exchange and registered by the Securities & Exchange Commission to carry on the functions of a Broker/Dealer and Corporate Investment Adviser.
Camry Securities Limited
Camry Securities Limited operates as a stock broking company for public offerings in Nigeria. It offers securities brokerage accounts, portfolio management, and investment advisory.
Registered and licensed with the SEC and a member of the Nigerian Stock Exchange.
Services Offered include:
- Securities brokerage accounts
- Portfolio management services
- Investment advisory for mergers, acquisitions, and project financing
EFG Hermes Nig Limited
Formerly Primera Africa Securities before its acquisition by EFG Hermes Group, a 30-year-old financial services corporation in 13 countries across 4 continents.
EFG Hermes Nigeria Limited is a leading investment firm providing equities trading and actionable investment research to its domestic and international corporate clients.
EFG Hermes Nigeria Limited is licensed by the SEC and a member of the Nigerian Exchange.
Services Offered include:
- Securities brokerage
- Asset management
- Investment banking
- Research and market analysis
Alangrange Securities Ltd
Alangrange Securities Limited started operation in 2006 and is currently a Corporate SubBroker of The NGX Exchange Limited (formerly The Nigerian Stock Exchange, NSE). Also, it is registered with the Securities & Exchange Commission (SEC) as a Capital Market Operator and a Corporate Sub-Broker.
The company entered into a strategic alliance pact with Compass Investment & Securities Ltd, a Broker/Dealer and Capital Market Operator, in 2018.
Compass is the largest Stockbroking firm in Nigeria by the number of registered active dealing Stockbrokers and Sub-Brokers.
Alangrange Securities Limited presently trades on NGX, NASD, and LCFE Exchanges via Compass.
The services offered include:
- Stockbroking
- Corporate Finance and Stockbrokers to Primary Market Issues
- Receiving Agents to Primary Market Issues
- Funds/Asset Management
- Custodial/Nominee Service and
- Training Service
Parthian Securities Limited
Parthian Securities Limited is a subsidiary of Parthian Partners Limited, established in 2012. The firm offers a range of financial services, including investment banking, stockbroking, fixed-income trading, asset management, and financial technology solutions.
It is licensed and regulated by the Nigerian Securities and Exchange Commission (SEC) and is an associate member of the FMDQ Exchange.
Parthian Securities Limited launched the first digital platform to access treasury bills in Nigeria in partnership with Sterling Bank.
Atlass Portfolios Limited
Atlas Portfolio Limited specializes in assisting a diverse clientele base, which includes Government Agencies, high-net-worth Individuals, Multinationals, Insurance Companies, and Small savers. ASL manages such funds to achieve a maximum return with a minimum risk through efficient portfolio diversification.
How to Open a Stock Brokerage Account in Nigeria
Opening a stock brokerage account in Nigeria is easy. You can do it online or by visiting the office of any of the stockbrokers we mentioned in this guide. Follow these simple steps to open a stock brokerage account:
Step 1: Choose a Stockbroker
As we mentioned earlier, a stockbroker is a person or company that helps you buy and sell shares. You can choose any of the ones we listed; they are all licensed stockbrokers in Nigeria.
Step 2: Visit Their Website or Office
Once you choose a broker, visit their official website or office. Most of these stockbrokers now allow you to open an account online.
Step 3: Fill Out the Account Opening Form
You will need to fill out a form with your:
- Full name
- Phone number
- Email address
- Home address
- Bank account details and other details
Step 4: Submit Required Documents
You will be required to submit the following documents:
- Valid ID Card (National ID, International Passport, Voter’s Card, or Driver’s License)
- A recent passport photograph of yourself
- Utility Bill (electricity or water bill (must not be older than 3 months)
- Bank Verification Number (BVN)
Step 5: Wait for Account Activation
After you submit the form and documents, your account will be reviewed. This may take 1–3 working days.
Step 6: Fund Your Account
You need to put money in your brokerage account to start buying shares. You can transfer money from your bank using mobile banking, bank deposit, or a payment link provided by your broker.
Frequently Asked Questions
How Much Are Stockbrokers Paid in Nigeria?
According to MySalaryScale.com, the average net salary for Stockbrokers in Nigeria is ₦473K.
Meanwhile, stockbroker salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, and professional experience.
Which Stock Broker is Free in Nigeria?
XTB is a stockbroker for free stock trading in Nigeria. They also offer commission-free CFDs on stocks and ETFs (Although terms and conditions apply)
What is the Best Stock to Invest in Nigeria?
Oando Plc has nearly 500% growth in 2025; next is Transcorp Plc, with 208.72% growth.
Presco, Dangote Cement Plc (DANGCEM), MTN Nigeria Communications Plc (MTNN), and Guaranty Trust Bank Plc (GTB) are some of the top-performing stocks in Nigeria in 2025
Conclusion
Nigeria has many stockbroking firms that help people buy and sell shares. Some of them also give advice, manage money, and help clients grow their investments.
All the firms listed in this guide are registered with Nigeria’s SEC, but only a few of them offer extra services beyond stock trading.
Companies like Bestworth, Capital Express, and Anchoria provide more value because they offer many services and have good experience. If you want to invest, it is important to choose a broker that is trusted and licensed.
