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 Aduragbemi Omiyale
Champion Breweries Plc has released its first consolidated financial results as an expanded organisation following its recent strategic expansion.
The company transitioned to a group structure after the acquisition of an 80 per cent equity interest in enJOYbev BV, whose performance is now consolidated into the group accounts for the first time.
In the results for the first quarter of 2026 released to the Nigerian Exchange (NGX) Limited, Champion Breweries posted a revenue of N14.36 billion, representing a strong increase compared to the prior year, driven by the consolidation of its newly acquired subsidiary.
Operating performance remained resilient, with operating profit rising to approximately N3.02 billion at the group level, reflecting continued discipline in cost management and operational efficiency.
Despite a softer consumer environment and lower volumes in the core domestic market, the company maintained a solid gross profit margin of 48 per cent, supported by improved cost efficiencies and disciplined commercial execution, underscoring the strength of its underlying business fundamentals.
This strategic expansion has already begun to contribute positively to earnings, with the subsidiary delivering operating profitability within the reporting period. While the company recorded a net loss at the standalone level, primarily driven by financing costs associated with its recent strategic investments, group-level profitability remained positive, with profit after tax of approximately N881 million, reflecting the early benefits of diversification and the strengthening of the brewer’s earnings base through its expanded portfolio.
Importantly, the firm continues to generate finance income from invested funds, reflecting prudent treasury management and supporting overall liquidity. This provides additional stability as the group advances its strategic initiatives.
Looking ahead, Champion Breweries says it remains confident in its outlook, noting that with the group structure now in place, improved earnings contributions from its expanded operations, and a clear focus on market execution, it expects a progressively stronger performance trajectory in the coming quarters.
Management reiterated its commitment to delivering sustainable value to shareholders, strengthening market positioning, and navigating prevailing economic conditions with discipline and resilience.
Nigeria’s trading environment has changed sharply since the Central Bank of Nigeria pushed rates to 27.5%, and the impact is being felt across the currency market. A rate that high does more than tighten financial conditions. It changes how traders read momentum, how they manage risk, and how they think about the naira against the dollar. Reuters reported that the CBN raised the policy rate to 27.50% in November 2024 after a string of hikes, and later kept it there as inflation and exchange rate pressures remained central concerns.
For anyone active in Nigeria’s currency space, forex trading now requires a very different mindset. What worked in a looser money environment does not always work when rates stay this high. Liquidity behaves differently, sentiment shifts faster, and market participants become much more sensitive to inflation data, policy guidance, and reserve trends. Reuters also reported that the CBN has tied its tight stance to the need to control inflation and stabilize the market, while reforms have improved reserves and confidence in the foreign exchange system.
Why a 27.5% rate changes the market mood
A rate this high affects more than borrowing costs. It resets expectations. Traders start looking at the naira through a different lens because such an aggressive stance tells the market that policymakers are serious about defending stability, even if growth conditions become tougher. In Lagos and Abuja, where many traders track both official policy signals and real market pricing, that shift has become impossible to ignore.
Higher rates reshape risk appetite
When rates rise to this level, speculative behavior often becomes more cautious. Some traders reduce position sizes. Others stop chasing moves and wait for stronger confirmation before entering. Why does that happen? Because a tight policy environment tends to punish weak conviction and reward discipline.
There is also a psychological effect. A market with a 27.5% policy rate feels heavier. It is like driving on a road where every turn demands more care than before. That change in mood forces traders to become more selective, especially in a country like Nigeria where inflation and currency sentiment still move together closely. Reuters said inflation eased after a statistical rebase, but the central bank still held rates high because broader pressure had not disappeared.
The naira story is no longer just about panic
Nigeria’s currency narrative has also become more layered. Earlier fears were largely about shortages and disorder, but now traders are also watching reforms, reserves, and policy credibility. Reuters reported that net foreign exchange reserves rose strongly in 2025 and that the CBN said clearer rules and reforms had reduced distortions and volatility.
That matters because strategy changes when the market starts trusting policy a little more. Traders can no longer rely only on the old playbook of assuming one direction and staying there.
How trading strategies are being reset
The biggest reset is in time horizon. In a market shaped by tight policy, many traders become less comfortable with broad, lazy positioning. They look for cleaner setups and faster reactions instead. A currency market under heavy policy influence often rewards timing more than stubborn conviction.
Shorter setups are becoming more practical
Many Nigeria focused traders now pay closer attention to event driven opportunities. Central bank comments, inflation releases, reserve updates, and reform announcements matter more than they used to. Reuters reported in March 2026 that the CBN eased some foreign exchange rules for oil companies to improve market liquidity and confidence, another sign that policy decisions are still actively shaping the currency landscape.
That makes short and medium term strategy more relevant. You might see a naira move that looks technical on the surface, but underneath it is often responding to policy changes, liquidity shifts, or fresh confidence in reserves. In Nigeria, the chart and the macro story now feel more connected than before.
Risk management matters more than prediction
This is where serious traders separate themselves from hopeful ones. A high rate environment does not just reward the right view. It rewards survival. Traders in Port Harcourt or Lagos who stay too attached to a single bias can get caught when policy or liquidity changes suddenly alter the mood.
I have seen markets like this before. They look calm until they do not. Then the move comes fast. That is why many traders are adjusting stop placement, reducing leverage, and focusing more on capital protection than on chasing every opportunity.
The reset, in other words, is not only strategic. It is behavioral.
Why Nigeria’s market may keep evolving
The CBN’s policy stance has already pushed traders to adapt, but the story is still developing. Reuters reported in April 2025 that the central bank sold nearly $200 million to support the naira after tariff related market shocks, showing that officials remain willing to act when volatility becomes disruptive. Reuters also reported this month that the naira had been relatively stable, supported by dollar liquidity from bond investments and exporter repatriations.
Stability can create a different kind of opportunity
A more orderly market does not mean fewer opportunities. It means different ones. Instead of trading pure panic, participants may increasingly trade around policy credibility, flow trends, and relative stability. For Nigeria, that could mark an important shift.
That is why the 27.5% rate matters so much. It has forced traders to stop relying on old assumptions and start working with a market that is slowly becoming more policy driven, more selective, and in some ways more professional.
Conclusion
The CBN’s 27.5% policy rate is forcing a major reset because it changes how traders approach risk, timing, and market structure in Nigeria. High rates, stronger reserves, and ongoing reforms have made the naira story more complex than it was before, and that means strategy has to evolve as well.
For traders in Nigeria, the message is clear. This is no longer a market where old habits are enough. Tight policy has raised the standard, and the traders who adjust their methods are more likely to stay effective as the next phase of the currency story unfolds.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.22 per cent on Tuesday, April 28, with the market capitalisation down by N4.8 billion to N2.420 trillion from N2.425 trillion, and the NASD Unlisted Security Index (NSI) down by 9.01 points to 4,044.96 points from 4,053.97 points.
During the session, the price of Central Securities Clearing System (CSCS) Plc went down by N1.82 to N767.05 per share from N78.87 per share, while FrieslandCampina Wamco Nigeria Plc appreciated by N1.90 to N100.00 per unit from N98.10 per unit.
According to data, the value of trades increased by 265.7 per cent to N27.1 million from N7.4 million units, and the volume of transactions surged by 305.2 per cent to 1.3 million units from 319,831 units, while the number of deals decreased by 6.9 per cent to 27 deals from 29 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.8 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
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