Economy
10 Favourite Stockbrokers of Investors in Nigeria
By Dipo Olowookere
While the trading of stocks in Nigeria has been made very easy for rookies and experts, the platform through which the transaction is carried out can either make the experience more interesting or horrible.
To put this into perspective, if a newbie got into the market pre-lockdown era and was unfortunate to pitch tent with a ‘analogue stockbroker’, trading of equities in the lockdown and post-lockdown eras would be hell on earth.
However, this would not be the case for investors who trade shares through ‘digitalised stockbrokers.’ In fact, the experience would be like heaven on earth.
This is what choosing a stockbroker does to an investor in the market.
In the Nigerian equity space, there are brokerage firms that are loved or mostly used by investors because of different factors.
From the analysis done by Business Post, it was discovered that many factors contribute to the picking of a stockbroker over the others by investors. In some cases, investors, in order to have their cakes and still have them, operate accounts with more than one stockbroker to serve different purposes; for short-term and long-term investments.
It was also found out that while some go for firms which offer lower transaction fee, others go for good customer service and a combination of both in few instances.
Below are the top 10 brokerage companies that are favourites of investors in Nigeria. Please note that the list was compiled in no particular order.
Morgan Capital
This company is one of the most popular among Nigerian investors and the reason is majorly because it charges very low brokerage fee. While its competitors charge the maximum 1.35 percent commission or slightly below for buying and selling of stocks, it chose to take a meagre 0.50 percent. This is one of its unique selling points. The low fee charged by Morgan Capital has made it a darling of traders. Its trading platform, iTrade, allows investors to execute a buy/sell order from the comfort of their homes.
However, thumbs down for Morgan Capital is its inability to design a mobile app like others for trading. One would wonder why at this age and being one of investors’ favourite, it is yet to have a mobile app for trading. But we heard the management is looking at this direction and we don’t know how long this would take.
It is important to note that opening a stockbroking account with Morgan Capital is with a minimum of N5,050. The N50 is for transaction fee and it is charged every time you fund your account with them. Opening of account can be started and completed online as long as you provide all the documents via email.
Meristem Securities
Meristem Securities, like Morgan Capital, is a securities dealer approved by both the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC). The company has a trading platform known as Meritrade, which unlike Morgan Capital, can be used to trade stocks on the mobile devices and through a mobile application.
However, its commission for buy/sell order is 1.35 percent, while the least amount to open an account with them is N10,000.
But the good thing about Meristem Securities is that you get weekly stock recommendations. They also have an excellent customer service. You don’t have to call their office to resolve an issue. This can be done through a live chat with one of their representatives. You can also easily cancel an order from your end without contacting them. Accounts can be opened too online.
CSL Stockbrokers
This dealing firm is a subsidiary of FCMB Group Plc and it is also one of the favourites of investors in the country because of its services.
Opening an account can be done online or at its office or any branch of FCMB across the country. As a client of CSL Stockbrokers, you enjoy regular information about the market, guiding you on what stock to possibly buy or sell or hold. They have a very strong and reliable research team that is trusted by both retail and institutional investors.
But it is important to note that the main target audience of the company is the institutional investors. The brokerage fee charged by the firm varies from the value of the transactions, but the maximum is one percent, which is for deals from N100 million and below.
For transactions above N100 million but below N300 million, a 0.75 percent commission is charged, while to N500 million is 0.50 percent and above N500 million is 0.35 percent.
As a customer of CSL Stockbrokers, you have the opportunity to trade yourself from anywhere and enjoy excellent service from their online representatives. CSL Stockbrokers seems not to have a mobile trading app at the moment.
Stanbic IBTC Stockbrokers
This brokerage company, which is an arm of Stanbic IBTC Holdings, is very popular with foreign portfolio investors (FPIs), who prefer to transact business with them to others.
The reason is because the firm has a very strong reputation at the market like its sister company in the banking industry in Nigeria.
In fact, Stanbic IBTC Stockbrokers is regarded as the big boy of the stock market in the country and opening an account with them is like how Zenith Bank used to be in the banking sector many years ago. Having an account with them is like a diamond. You must be a millionaire before you can dream of trading stocks through the company and the reason is because without at least N5 million, you will only be trading shares through the firm in your dreams or imaginations.
However, if you are ‘fortunate’ to meet up with the requirement, you are very sure of excellent services from them because your money will make them ‘obey you’ and treat you like a king.
You can also trade on your own through their online trading platform. But at the moment, the company does not have a mobile app for this. The firm charges one percent for brokerage commission for every transaction.
Chaka
Another brokerage company that is now popular among investors in Nigeria is Chaka, which facilitates brokerage services, while its partner, Citi Investment Capital, facilitates the brokerage transactions.
Though the company is relatively new in the industry, its decision to charge as low as 0.50 percent like Morgan Capital has attracted a lot to it like ants do to sugar. Another selling point is the ability of investors in Nigeria to trade international stocks through the platform with a commission as low as $2 or one percent.
Chaka started operations in 2019, but it is gaining attention and giving its ‘seniors’ some sleepless nights and the reason is that with N1,000, you are qualified to open an account with them and start trading like a pro and with $10, your dream of buying stocks in the United States and other foreign countries will become a reality.
In terms of customer service, they are prompt in resolving complaints. You might say this is because they are yet to be overwhelmed. Unlike Morgan Capital, Chaka has a mobile trading app and you can execute a buy/sell order on your own. Opening an account with them is seamless provided you have all the documents.
Afrinvest Securities
This stockbroker is one of the leading players in the industry with experience spanning years. The company has a trading platform called Afrinvestor and it offers clients excellent services like easy-to-understand market analysis, customer service and others.
The platform also allows customers to trade from the comfort of their homes. Transactions can be done too through its mobile app, making it easier for investors to buy or sell stocks on-the-go.
However, the company charges 1.35 percent for buy/sell orders, while no minimum amount is needed to open an account with them. The process can also be done without a visit to their office. Through the platform, investors can buy treasury bills, bonds and other securities, including unlisted stocks on the NASD OTC Exchange.
Greenwich Trust
This stockbroking firm is another big fish in the industry, which ‘feeds’ its clients with rich industry data and analysis to guide their investment decisions. The company has a trading platform called Mytradebook, which can be assessed online or through a mobile app.
Though the firm has an online chart platform for resolving complaints, it is not too efficient.
Opening an account with them is easy and the process can be started and completed online. They require investors to make an initial deposit of at least N10,000 before trading in stocks through them. The brokerage fee is 1.35 percent.
United Capital
Another very popular stockbroking company in the Nigerian stock market is United Capital, which operates a trading platform called Investnow.ng. What makes this platform loved among investors is its customer service and market analysis. The minimum amount for opening an account with them is N50,000 and the brokerage commission is 1.35 percent. Clients can trade from anywhere as long there is internet connection. The trades can be done online or mobile app.
From an investigation done by Business Post, the mobile app is one of the most downloaded on Google PlayStore with over 10,000 downloads (just like Chaka). Most mobile app of Nigerian stockbrokers are around 1,000 downloads.
Lead Asset Management
Another brokerage company in the market is Lead Asset Management, which has a trading platform called LeadTrader. One attraction to the firm is its low commission, 0.75 percent and its services, though within average.
Opening an account with them is seamless and can be done online. A minimum amount of N50,000 is required to begin trading stocks through them either online or via a mobile app.
ARM Securities
Last but not the least is ARMStocktrade, owned by ARM Securities, another major player in the sector, offering robust services to its clients. Transactions are executed very fast on the platform with convenience. The firm also gives investors control over their investment trading activities, while being fed with news and trade sensitive alerts. Customers also have access to robust research materials including stock recommendations. The account opening can be done completely online with at least N50,000. The commission for buy/sell orders is one percent.
For newbies, the company, through ARM Research, provides them with insights on the Nigerian equity market and up-to-date market analysis to better inform their decision making, enabling them to position themselves strategically. Investors are also exposed to detailed equity comments and stock recommendations.
By Adedapo Adesanya
The Managing Director of Lekki Port LFTZ Enterprise Limited, Mr Wang Qiang, says the port has reached half of its designed operational capacity, with steady growth in container throughput since September 2025, reflecting increasing confidence by shipping lines and cargo owners in Nigeria’s first deep seaport.
“We already reached 50 per cent of our capacity now, almost 50 per cent of the port capacity.
“There is consistent improvement in the number of 20ft equivalent units (TEUs) handled monthly,” he said.
Mr Qiang explained further that efficient multimodal connectivity remains critical to sustaining and accelerating growth at the port.
According to him, barge operations have become an important evacuation channel and currently account for about 10 per cent of cargo movement from the port.
Mr Qiang mentioned that the ongoing Lagos–Calabar Coastal Road project would help ease congestion and improve access to the port.
He said that rail connectivity remained essential, particularly given the scale of industrial activities emerging within the Lekki corridor.
He said that Nigeria Government was concerned about the cargoes moving through rail and that the development would enhance more cargoes distribution outside the port.
Mr Qiang reiterated that Lekki port was a fully automated terminal, noting that delays may persist until all stakeholders, including government agencies, fully aligned with end-to-end digital processes.
He explained that customs procedures, particularly physical cargo examinations, and other port services should be fully digitalised to significantly reduce cargo dwell time.
“We must work together very closely with customers and all categories of operations for automation to yield results.
“Integration between the customs system, the terminal operating system and customers is already part of an agreed implementation schedule.
“For automation to work efficiently, all players must be ready — customers, government and every stakeholder. Only then can we have a fantastic system,” Mr Qiang said.
He also stressed that improved connectivity would allow the port to effectively double capacity through performance optimisation without expanding its physical footprint.
By Aduragbemi Omiyale
The series 1 of the N10 billion Commercial Paper (CP) issuance of Legend Internet Plc recorded an oversubscription of 19.7 per cent from investors.
This reaffirmed the strong confidence in the company’s financial stability and growth trajectory.
The exercise is a critical component of Legend Internet’s N10 billion multi-layered financing programme, designed to support its medium- to long-term growth.
Proceeds are expected to be used for broadband infrastructure expansion to deepen nationwide penetration, optimise the organisation’s working capital for operational efficiency, strategic acquisitions that will strengthen its market position and accelerate service innovation.
The telecommunications firm sees the acceptance of the debt instruments as a response to its performance, credit profile, and disciplined operational structure, noting it also reflects continued trust in its ability to execute on its strategic vision for nationwide digital infrastructure expansion.
“The strong investor participation in our Series 1 Commercial Paper issuance is both encouraging and validating. It demonstrates the market’s belief in our financial integrity, operational strength, and long-term vision for digital infrastructure growth. This support fuels our commitment to building a more connected, competitive, and digitally enabled Nigeria.
“This milestone is not just a financing event; it is a strategic enabler of our expansion plans, working capital needs, and future acquisitions. We extend our sincere appreciation to our investors, advisers, and market partners whose confidence continues to propel Legend Internet forward,” the chief executive of Legend Internet, Ms Aisha Abdulaziz, commented.
Also commenting, the Chief Financial Officer of Legend Internet, Mr Chris Pitan, said, “This achievement is powered by our disciplined financing framework, which enables us to scale sustainably, innovate continuously, and consistently meet the evolving needs of our customers.
“We remain committed to building a future where every connection drives opportunity, productivity, and growth for communities across Nigeria.”
By Adedapo Adesanya
President Bola Tinubu will, on Friday, present the 2026 Appropriation Bill to a joint session of the National Assembly.
The presentation, scheduled for 2:00 pm, was conveyed in a notice issued on Wednesday by the Office of the Clerk to the National Assembly.
According to the notice, all accredited persons are required to be at their duty posts by 11:00 am on the day of the presentation, as access into the National Assembly Complex will be restricted thereafter for security reasons.
The notice, signed by the Secretary, Human Resources and Staff Development, Mr Essien Eyo Essien, on behalf of the Clerk to the National Assembly, urged all concerned to ensure strict compliance with the arrangements ahead of the President’s budget presentation.
The 2026 budget is projected at N54.4 trillion, according to the approved 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Meanwhile, President Tinubu has asked the National Assembly to repeal and re-enact the 2024 appropriation act in separate letters to the Senate and the House of Representatives on Wednesday and read during plenary by the presiding officers.
The bill was titled Appropriation (Repeal and Re-enactment Bill 2) 2024, involving a total proposed expenditure of N43.56 trillion.
In a letter dated December 16, 2025, the President said the bill seeks authorisation for the issuance of a total sum of N43.56 trillion from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.
A breakdown of the proposed expenditure shows N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent (non-debt) expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
The President said the proposed legislation is aimed at ending the practice of running multiple budgets concurrently, while ensuring reasonable – indeed unprecedentedly high – capital performance rates on the 2024 and 2025 capital budgets.
He explained that the bill also provides a transparent and constitutionally grounded framework for consolidating and appropriating critical and time-sensitive expenditures undertaken in response to emergency situations, national security concerns, and other urgent needs.
President Tinubu added that the bill strengthens fiscal discipline and accountability by mandating that funds be released strictly for purposes approved by the National Assembly, restricting virement without prior legislative approval, and setting conditions for corrigenda in cases of genuine implementation errors.
The bill, which passed first and second reading in the House of Representatives, has been referred to the Committee on Appropriations for further legislative action.
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