Economy
These are Nigeria’s 10 Biggest Stockbroking Companies
By Dipo Olowookere
Business Post has got list of the biggest stockbroking companies operating in the country. These firms in the local capital market help investors execute transactions in the space.
The list was obtained from their year-to-date performance as compiled by the Nigerian Stock Exchange (NSE).
The list comprises the performances of the brokerage firms by volume and value of transactions they executed from January 2019 to May 2019 as earlier indicated.
During the first five months of this year, the nation’s 10 biggest stockbroking firms contributed 55.31 percent to the total volume of transactions recorded in the period under review, which stood at 39.092 billion.
By the volume of shares traded through the top 10 firms, Greenwich Trust Limited took the first position, contributing 9.83 percent to the 55.31 percent the top 10 brokers contributed to the total volume of transactions recorded in the period under review. A total of 6.947 billion shares were bought and sold through the company.
On the second position is Stanbic IBTC Stockbrokers Limited, which traded 6.772 billion units of stock, accounting for 9.58 percent, while Cardinalstone Securities Limited occupied the third spot with 4.195 billion shares, representing 5.93 percent.
On the fourth position is Rencap Securities (Nig) Limited, which transacted 4.077 billion shares (5.77 percent) in the period under consideration, while the fifth place was held by CSL Stockbrokers Limited, which traded 4.056 billion (5.74 percent).
The sixth biggest brokerage firm in Nigeria by volume is Chapel Hill Denham Securities Limited, which traded 3.440 billion stocks (4.87 percent), the seventh is Morgan Capital Securities Limited with 3.150 billion (4.46 percent), while the eighth is FBN Quest Securities Limited a turnover of 2.265 billion shares (3.20 percent).
On the ninth position is Meristem Stockbrokers Limited with a turnover of 2.156 billion shares (3.05 percent), while the tenth is EFG Hermes Nigeria Limited with a turnover of 2.035 billion equities (2.88 percent).
But by value, the 10 underlisted companies contributed N537.966 billion or 68.60 percent of the total trades from the beginning of 2019 till May 31, 2019.
On the top spot is Stanbic IBTC Stockbrokers, which added 17.21 percent or N135 billion to the total value of transactions on the NSE.
Rencap Securities is the second on the list with N95.543 billion or 12.18 percent, while the CSL Stockbrokers is third with N59.081 billion or 7.53 percent.
Coronation Securities claimed the fourth spot with N52.838 billion or 6.74 percent, while EFCP Limited is fifth with N52.700 billion or 6.72 percent.
Chapel Hill Denham Securities took the sixth spot with N34.784 billion or 4.44 percent, seventh is EFG Hermes with N33.956 billion or 4.33 percent, the eighth is FBN Quest Securities with 30.438 billion or 3.88 percent, the ninth is Cardinalstone Securities with N28.564 billion or 1.92 percent, while the tenth position was filled by Meristem Stockbrokers with N15.063 billion or 1.92 percent.
By Aduragbemi Omiyale
The Debt Management Office (DMO) on Monday allotted bonds worth N929.3 billion to investors from the N1.7 trillion bids it received from subscribers.
The exercise, which took place on Monday, July 20, 2026, was oversubscribed by market participants, reflecting the confidence investors have in the government’s ability to redeem the debt instrument on maturity.
On offer for sale for the July auction was N1.2 trillion worth of the FGN bonds, but the DMO allotted below this, despite receiving bids above the offer.
The papers were offered in 10-year, 15-year, and 20-year tenors, at N400 billion each.
For the decade-old note, investors staked N444.47 billion, but the debt office sold N245.73 billion at an 18.34 per cent coupon rate. For the one and a half-decade-old paper, bids valued at N518.00 billion were received by the DMO, with a non-competitive bid of N50.00 billion, with N302.13 billion allotted to investors at 18.40 per cent, and for the two-decade paper, the DMO got competitive bids of N665.19 billion and N381.46 billion was sold to bondholders at 18.35 per cent.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed that Nigeria’s external reserves had risen to $52.5 billion, enough to finance about nine months of imports.
He disclosed this on Tuesday at the end of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja, where the Monetary Policy Committee (MPC) retained the benchmark interest rate at 26.50 per cent as well as the standing facilities corridor at +50/-450 basis points around the MPR.
Similarly, the Cash Reserve Requirement (CRR) was maintained at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account (TSA) public sector deposits.
Speaking on FX developments, the central banker said at the $52 billion level, the country’s external reserves were significantly above the internationally recommended threshold of three months of import cover.
On the Naira exchange rate, Mr Cardoso said the foreign exchange market had deepened and was now operating on a transparent willing-buyer, willing-seller basis.
He said the apex bank remained committed to maintaining a liquid and functional foreign exchange market, adding that daily market turnover sometimes exceeded $1 billion.
According to him, the long-term stability of the naira would depend on key economic fundamentals, including increased oil exports, foreign direct investment, and improved domestic productivity to reduce dependence on imports.
He also added that the MPC welcomed the federal government’s renewed commitment to stronger policy coordination, particularly collaboration between fiscal and monetary authorities, which he said had helped reduce the impact of the Middle East crisis on the Nigerian economy.
Mr Cardoso said members of the committee also commended efforts to improve crude oil production and urged relevant agencies to intensify reforms in other sectors, including solid minerals, to boost government revenue.
On the regulatory forbearance granted to banks during the COVID-19 period, he reiterated that this had been discontinued because it had served its purpose.
According to him, the policy had “outlived its time” and was no longer necessary in assessing the health of the banking sector.
“Forbearance, we felt, had outlived its time. Many of you will recall this is something that came as a result of COVID. And now we are in 2026; we did not see the reason why that should continue to form part of the analysis of the banking system,” he said.
Mr Cardoso explained that banks had begun recalibrating their portfolios following the end of the policy, leading to a temporary reduction in outstanding risk assets.
He, however, assured that the development was part of a transition towards a stronger and more sustainable credit environment.
“It reflects a transition to a more sustainable and better quality credit environment, which is what we all want. We don’t want unanticipated shocks that come in a boom-and-bust fashion,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its recent positive run by 1.17 per cent on Tuesday, July 21, triggered by appreciation seen in four bellwethers.
Leading the pack was FrieslandCampina Wamco Nigeria Plc, which added N12.00 to its value to close at N153.15 per share compared with the previous day’s N141.15 per share. NASD Plc appreciated by N1.90 to N36.00 per unit from N34.10 per unit, Food Concepts Plc improved by 23 Kobo to N2.48 per share from N2.25 per share, and Afriland Properties Plc grew by a marginal 1 Kobo to N15.01 per unit from N15.00 per unit.
As a result, the market capitalisation of the bourse increased by N30.40 billion to N2.637 trillion from Monday’s N2.606 trillion, and the NASD Security Index (NSI) gained 50.70 points to finish at 4,393.97 points, in contrast to the 4,343.27 points it ended a day earlier.
The unlisted securities exchange recorded a price loser yesterday, and it was Geo-Fluids Plc, which shed 1 Kobo to settle at N2.30 per share versus N2.31 per share.
During the trading day, the volume of securities traded by market participants on Tuesday dropped 99.4 per cent to 322,147 units from the previous day’s 52.6 million units, the value of securities dipped by 89.8 per cent to N19.4 million from the preceding session’s N191.2 million, and the number of deals contracted by 3.6 per cent to 27 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
