Follow Us on Google
By Chukwuma Umeorah
The top 10 stockbrokers on the Nigerian Exchange Limited (NGX) with deep interest in institutional investors, accounted for 61.82 per cent of total equity traded value in 2025, executing deals worth N7.39 trillion, according to the NGX’s Year-to-Date Top Ten Stockbrokers report. The overall equity turnover for the year is estimated at N11.95 trillion.
CardinalStone Securities Limited led the rankings with N2.19 trillion in trades, representing 18.30 per cent of total market activity. Chapel Hill Denham Securities followed with N1.02 trillion (8.54 per cent), while Stanbic IBTC Stockbrokers recorded N735.51 billion (6.16 per cent). Other top performers included First Securities Brokers (N686.05 billion), Cordros Securities (N663.71 billion), Meristem Stockbrokers (N481.66 billion), EFG Hermes Nigeria (N472.10 billion), ABSA Securities (N426.01 billion), APT Securities and Funds (N398.73 billion), and United Capital Securities (N316.14 billion). Together, these brokers handled N7.389 trillion.
In terms of volume, the top 10 brokers traded 223.71 billion units, or 49.41 per cent of the estimated 452.77 billion units exchanged on the market. Chapel Hill Denham led with 52.95 billion units (11.69 per cent), followed closely by CardinalStone (49.01 billion units, 10.82 per cent). First Securities Brokers (20.25 billion units) and Meristem Stockbrokers (19.07 billion units) rounded out the top five. The remaining positions were held by Cordros Securities, Morgan Capital Securities, Stanbic IBTC Stockbrokers, ABSA Securities, Coronation Securities, and United Capital Securities.
Analysts say the concentration of trades among a few brokers reflects their strategic capacity to handle large-scale transactions, often involving institutional investors. While this enhances market efficiency, experts note the need to encourage broader participation to ensure healthy competition and risk distribution.
They also attribute it to portfolio rebalancing and ongoing banking recapitalisation, with trades routed through brokers that have long-standing relationships with pension funds, asset managers and foreign portfolio investors.
Chief Executive Officer of Highcap Securities Limited, David Adonri, said the pattern was expected given the nature of recent market activity. According to him, “This is expected. Some of the heavy transactions seen during the period were being reflected in the brokers’ performance report; because such deals could have been routed through these firms. They leverage their connection with some institutional investors to broker large deals.”
The robust broker activity came amid a strong market performance in 2025, with the NGX All-Share Index (ASI) gaining 51.19 per cent, the highest annual return in 18 years. This exceeded the November inflation rate of 14.5 per cent by 36.8 percentage points, providing investors with significant real returns. The ASI closed the year at 156,492.36 points, supported by improved corporate earnings, policy reforms, and higher foreign inflows.
Equity market capitalization ended the year at N99.94 trillion, up N36.6 trillion from 2024, while total capital market capitalization, including bonds and other instruments, reached N95 trillion. New listings totaled N6.34 trillion, primarily from banking sector recapitalization exercises. Analysts say the influx of new capital deepened liquidity and facilitated the adoption of a T+2 settlement cycle, with plans for T+1 underway.
Sectoral performance was uneven but notable. The Consumer Goods Index posted a 129.57 per cent full-year gain, driven by Nestle Nigeria and other food and beverage companies. Industrial Goods also performed strongly, while oil and gas stocks posted mixed results; Seplat Energy fell 3.43 per cent late in the year, while ARADEL rose 50.30 per cent. Banking remained active, and insurance and agricultural stocks showed resilience despite broader economic challenges.
The Nigerian economy grew an estimated 3.89 per cent in 2025, up from 3.38 per cent in 2024, supported by fiscal reforms, a stabilizing naira, and declining inflation from earlier peaks. Foreign investor confidence returned, contributing to the equity rally even as domestic challenges, such as insecurity, persisted. By November, the NGX ranked among Africa’s four best-performing exchanges, with year-to-date gains of 39.44 per cent.
Comparing 2025 with 2024 highlights growth momentum. While the top 10 brokers dominated both years, total transactions increased significantly, with Q2 2025 recording N1.1 trillion, a 13.54 per cent quarterly rise.
Speaking on this, Group MD/CEO NGX Group, Temi Popoola, stated that “the Nigerian capital market in 2025 demonstrated resilience despite domestic and global economic headwinds. This performance underscores the importance of policy consistency, purposeful reforms, and strategic collaboration in strengthening investor confidence and sustaining market growth.
During the year, efforts to advance economic reforms and improve market structures helped support a stable environment for capital formation, while our continued investment in technology played a critical role in expanding access, enhancing transparency, and improving operational efficiency across the market.”
Chiemeka added that the NGX was targeting stronger collaboration to further deepen the market. “In 2026, NGX Group remains focused on deepening partnerships with regulators, issuers, market operators, policymakers, and the wider financial ecosystem to sustain this momentum. We are optimistic about the opportunities ahead and committed to positioning the Nigerian capital market as a key driver of economic growth and wealth creation, while advancing NGX Group’s vision as Africa’s preferred exchange hub.”
The Securities and Exchange Commission on its part, said that it is prioritising the mobilisation of long-term capital to bridge Nigeria’s infrastructure and sectoral gaps while streamlining regulatory frameworks and facilitating innovative financial instruments. The Director General, SEC, Emomotimi Agama disclosed that the Commission will focus on infrastructure, green, and municipal bonds, alongside agribusiness and real estate investment initiatives.
“Our goal is to attract long-term domestic and international capital into roads, power, rail, housing, and digital infrastructure, while making it easier for state governments and infrastructure companies to access the market efficiently,” Agama said. He added that the SEC would support Nigeria’s power sector, agribusiness, affordable housing, and small and medium-scale enterprises through tailored listing windows, commodity-linked instruments, and patient capital. “We look back at a year of transformation and look forward to a future where our capital market becomes the definitive solution provider for Nigeria’s most pressing economic and developmental needs,” he noted.
Despite top-broker dominance, NGX initiatives are encouraging broader participation. Index reviews and additions like Guinness Nigeria to the NGX 30 aim to diversify market appeal. In total, 40 stocks delivered triple-digit returns in 2025, highlighting opportunities across sectors. Notable performances included Beta Glass, which gained 133 per cent in May.
Bond market capitalization complemented equity growth, reaching N51.48 trillion by year-end. Market reforms, sectoral transformations, and foreign portfolio investments drove gains, with overall capital markets growth supported by T+2 settlements and new listings.
