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 Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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