A stockbroker in Nigeria is a licensed professional or firm that buys and sells securities, such as stocks, bonds, and mutual funds, on behalf of investors. Stockbrokers play a critical role in the Nigerian capital market by connecting investors to the Nigerian Exchange Group (NGX).
In Nigeria, only brokers licensed by the Securities and Exchange Commission (SEC) and registered with the Chartered Institute of Stockbrokers (CIS) are legally allowed to operate. This ensures that investors’ funds are protected and that trading activities comply with market regulations.
This 2025 list contains active, licensed, and SEC-approved stockbrokers in Nigeria, plus tips on choosing the right one for your investment needs.
What is a Stockbroker in Nigeria?
A stockbroker is a regulated intermediary who executes buy and sell orders for stocks and other securities on behalf of clients. In Nigeria, they must be:
- Licensed by the SEC
- Registered with the CIS
- A dealing member of the Nigerian Exchange Group (NGX)
Difference between a Stockbroker and an Investment Adviser:
- Stockbroker: Executes transactions and may provide market insights.
- Investment Adviser: Offers broader financial planning and investment guidance without necessarily executing trades.
Regulation of Stockbrokers in Nigeria
Stockbrokers are regulated to protect investors and maintain market integrity. Key bodies include:
- Securities and Exchange Commission (SEC): Issues licenses and enforces compliance.
- Chartered Institute of Stockbrokers (CIS): Oversees professional conduct and certification.
- Nigerian Exchange Group (NGX): Ensures only registered brokers trade on the exchange.
Why regulation matters:
Trading with unlicensed brokers can lead to fraud, loss of funds, and zero legal protection.
Complete List of Stockbrokers in Nigeria (2025)
Below is the updated list of active, licensed, and SEC-approved stockbrokers in Nigeria.
| Stockbroker Name | Status | License Type | Headquarters | Website |
|---|---|---|---|---|
| CSL Stockbrokers Ltd | Active | Dealing Member | Lagos | cslstockbrokers.com |
| Meristem Securities Ltd | Active | Dealing Member | Lagos | meristemng.com |
| Stanbic IBTC Stockbrokers Ltd | Active | Dealing Member | Lagos | stanbicibtcstockbrokers.com |
| ARM Securities Ltd | Active | Dealing Member | Lagos | armsecurities.com.ng |
| CardinalStone Securities Ltd | Active | Dealing Member | Lagos | cardinalstone.com |
| FBNQuest Securities Ltd | Active | Dealing Member | Lagos | fbnquest.com |
| Chapel Hill Denham Securities Ltd | Active | Dealing Member | Lagos | chapelhilldenham.com |
| GTI Securities Ltd | Active | Dealing Member | Lagos | gti.com.ng |
| Apel Asset Ltd | Active | Dealing Member | Lagos | apel.com.ng |
| Lead Securities & Investment Ltd | Active | Dealing Member | Lagos | leadsecurities.com |
(For the full updated list of all active and inactive stockbrokers, visit the SEC Nigeria website.)
Top 10 Best Stockbrokers in Nigeria for 2025
Based on regulation, reputation, trading platforms, fees, and customer support, here are the top-rated brokers this year:
- CSL Stockbrokers Ltd – Strong research and reliable execution.
- Meristem Securities Ltd – Beginner-friendly with good customer service.
- Stanbic IBTC Stockbrokers Ltd – Best for institutional investors.
- ARM Securities Ltd – Good for long-term investors.
- CardinalStone Securities Ltd – Strong in market analysis.
- FBNQuest Securities Ltd – Backed by a strong banking group.
- Chapel Hill Denham Securities Ltd – Excellent advisory services.
- GTI Securities Ltd – Great online trading tools.
- Apel Asset Ltd – Affordable commission rates.
- Lead Securities & Investment Ltd – Reliable for retail investors.
How to Choose the Right Stockbroker in Nigeria
When selecting a broker, consider:
- Regulation: Ensure they are licensed by the SEC and registered with CIS.
- Fees & Commissions: Compare trading charges.
- Trading Platform: Should be user-friendly and secure.
- Customer Service: Quick and helpful support.
- Research & Tools: Access to market data and insights.
FAQs About Stockbrokers in Nigeria
Who regulates stockbrokers in Nigeria?
The Securities and Exchange Commission (SEC) and the Chartered Institute of Stockbrokers (CIS).
How much do stockbrokers charge in Nigeria?
Typically 0.3% to 1.35% per trade, depending on the broker.
Can I trade stocks online in Nigeria?
Yes. Most brokers offer web and mobile trading platforms.
Which is the best stockbroker for beginners?
Meristem Securities and CSL Stockbrokers are popular with first-time investors.
Choosing the right stockbroker in Nigeria can make or break your investment journey. Always verify that your broker is SEC-licensed, CIS-certified, and a dealing member of the NGX.
For more expert rankings like this, check out our Toplist Category for updated financial and investment guides.