Best Stock Brokers in Nigeria

There are many investment options in Nigeria available to investors depending on their investment needs. This being the case, there is also quite a number of stockbrokers in Nigeria to offer trading services to those who want to invest in the Nigerian stock market. The first crucial step into trading in whatever asset you prefer is to find the right stockbroker for you. To do this, there are several things you will need to understand before you can make the right choice of a top stockbroker in Nigeria.

Types of Stockbrokers in Nigeria

You cannot enter into a business deal with a stockbroker without knowing what type of broker they are. Knowing these types will help you choose the right stockbroker for your trading needs. Types of stockbrokers include the following:

  • Full-Service Stockbrokers. Full-Service stockbrokers provide a complete portfolio management service including wealth management, tax advice, trading research and advice, and portfolio building and analysis. Full-service brokers will also carry out transactions for you.
  • Online Stockbrokers. Online stockbrokers provide direct online access to their trading platform, putting you in complete control. Most of these brokers also provide research and educational resources.
  • Discount Stockbrokers. Discount stockbrokers provide limited services to investors, making them less expensive. A discount broker will carry out your trading transaction but will not offer any trading advice. This means you will have to research and build your trading expertise.

Factors to Consider Before Choosing the Best Stockbroker in Nigeria

Before you settle down for a stockbroker in Nigeria, there are several factors you need to consider so you can make a good choice. Some include the following:

  • The Kind of Service you Need. When you are searching for the right stockbroker, you have to consider your trading needs. You need to know the kind of service you want this stockbroker to provide so you can choose a broker who will be of benefit to you.
  • The Assets the Broker Trades in. Choosing a broker that does not offer trading in your assets of choice is a waste of time and money. If you want to trade in forex, choose a broker that trades in forex markets.
  • Reviews. Different stockbrokers work differently and they probably have different reviews from traders who have worked with them. Listen to what these traders are saying about their services and it will help you have a picture of what you should expect.
  • Is the Stockbroker Regulated? It is best to choose a stockbroker who has authority to trade on the Nigerian Stock Exchanges from the Central Bank of Nigeria. Your broker of choice must have tier-1 regulation to show that your money and data will be safe.
  • The Stockbroker’s Fees. Before choosing a stockbroker, make sure that the broker is transparent with fees to avoid paying high and unnecessary fees.
  • Customer Service. A reliable customer service is crucial for the success of any business venture. If you prefer getting support via telephone, choose a broker who offers that.

Best Stock Brokers in Nigeria

After considering the above, you will be in a position to choose the best stockbroker in Nigeria. The following is a list of approved/registered stockbrokers in Nigeria.

Afrinvest West Africa Limited

Afrinvest West Africa Limited is a financial advisory firm that focuses on West Africa. It is involved in investment banking, securities trading, investment research, and asset management. Afrinvest is regulated by the Securities and Exchange Commission (SEC) as an Issuing House and Underwriter to provide services to governments, high net-worth individuals, and corporations. The company’s subsidiary, Afrinvest Securities Limited is licensed by the Nigerian SEC as a broker and authorized by the Nigerian Stock Exchange as a member. The subsidiary deals with a variety of investment products in Nigeria.

Meristem Stockbrokers Limited

Meristem Stockbrokers Limited is a subsidiary of Meristem Securities Limited licensed by the Securities and Exchange Commission in Nigeria. It is also a member of the Nigerian Stock Exchange. It is a one-stop shop brokerage firm where you can buy and sell stocks, get research information, access portfolio management experts who will help manage your stock portfolio and that of your clients. These experts can also help to revive a non-performing portfolio. Meristem offers MeriTrade, their online stockbroking platform through which you can sell and buy stocks.

Bestworth Assets & Trust Limited

Bestworth Assets & Trust Limited is a member of the Nigerian Stock Exchange and is registered with the Securities and Exchange Commission as stockbrokers. It provides a wide range of services to a diversified client base that includes Pension Fund Administrators, the Government, high net-worth individuals, and financial institutions. Bestworth Assets & Trust Limited offers stockbroking services, fund management, portfolio management, pension fund advisory services, and financial advisory services. The firm’s stockbroking services involve buying and selling of shares on behalf of clients.

Dominion Trust Limited

Dominion Trust Limited is a dealing member of the Nigerian Stock Exchange and is registered with the Securities and Exchange Commission (SEC) as stockbrokers, investment advisers, and portfolio managers.

Falcon Securities Limited

Falcon Securities Limited is a Nigerian stockbrokerage firm that provides stockbroking services, portfolio management, financial advisory services, capital market, and sourcing of capital. The firm’s stockbroking services include verification of signatures of Share Certificates on behalf of banks and other financial institutions for lending purposes, nominee account services, and transmission of shares/stocks to beneficiaries. Other stockbroking services include introduction of companies for quotation and admission to the NSE, advising and effecting transfer of shares/stocks with foreign interest, and offering professional advisory services.

Futureview Securities Limited

Futureview Securities Limited is a stockbroking subsidiary of the Futureview Group registered by the Nigeria Stock Exchange and Licensed by the SEC. Futureview Securities offers portfolio management services (stocks and investment management), investment advisory services, and pension/gratuity fund management advisory services. The firm’s services guarantee securities trading services, market information, and multiple trading channels.


Capital Express Securities Limited

Capital Express Securities Limited is a stockbroking firm in Nigeria that focuses on investment advisory and capital market activities. The firm provides solutions to a wide variety of clients of both local and foreign investors (individual and institutional). Their securities trading services include equity trading, fixed income trading, and stockbrokers to primary market issuance. Brokerage services advisory include estate management and share registrations.

Other approved stockbrokers in Nigeria include the following:

Final Thoughts on the Best Stock Brokers in Nigeria

There is a wide range of stockbrokers available to investors in Nigeria. However, not all stockbrokers will be the best for your trading needs. Before choosing an ideal broker, take time to analyze your trading needs, the security the broker offers, check how well regulated they are, and what other traders think about them. If you consider these thoroughly, you will find the best stockbroker in Nigeria.

Crispus (BSc and MBA) is a finance professional with more than a decade experience as a financial analyst, writer, researcher, and trader. Crispus has written in-depth articles on leading platforms like CCN, Marketwatch, Investing Cube and Seeking Alpha. He also runs a forex education firm. Follow him on Twitter: @crispusnyaga and read more about us.