Activity on the Nigerian Exchange (NGX) accelerated sharply in 2025, with improved performance by leading stockbrokers contributing to a significant rise in market turnover. Data from the exchange show that the 10 most active stockbrokers executed trades valued at N7.3 trillion during the year, representing 61.82 percent of the total value of equities traded across the market.
This performance reflects a substantial increase from 2024, when the same group of brokers facilitated transactions worth approximately N3.1 trillion. The year-on-year growth of over 135 percent underscores a renewed wave of investor participation and stronger trading momentum in Nigeria’s equities market.
Across the entire broker community, total trade value climbed to N11.94 trillion in 2025, more than double the N5.7 trillion recorded in the previous year. The surge highlights a broader recovery in market confidence, supported by improved liquidity, stronger corporate earnings in select sectors, and heightened participation by institutional and high-net-worth investors.
Trade volumes also record strong growth
The rise in transaction value was matched by a sharp increase in trade volumes. Total shares traded across the NGX rose from 278.3 billion units in 2024 to 452.5 billion shares in 2025. The top 10 brokers accounted for nearly half of this activity, contributing 49.41 percent of total traded volume.
Market analysts note that while increased trading frequency played a role, larger transaction sizes were a key driver of the jump in trade value. This trend reflects growing interest in blue-chip stocks and large-cap transactions, particularly within the banking, telecommunications, and energy sectors.
For this performance review, trade value was used as the primary metric, as it captures both transaction size and economic significance, offering a clearer picture of each broker’s impact on the market.
Notable shifts in broker rankings
The composition of the top-performing brokers in 2025 saw some notable changes. Chapel Hill Denham Securities and Absa Securities Nigeria entered the top 10 ranking during the year, executing trades valued at N1.01 trillion and N426 billion respectively. Both firms were absent from the top tier in 2024, highlighting the increasingly competitive nature of Nigeria’s brokerage landscape.
Meanwhile, United Capital, which facilitated N316.1 billion in trades in 2025—down about 7 percent from N341 billion in the previous year—did not feature among the most improved brokers due to its year-on-year decline.
Stanbic IBTC records modest improvement
Stanbic IBTC Stockbrokers Limited ranked seventh among the most improved brokers in 2025, recording a 14.42 percent increase in trade value compared to 2024. The firm facilitated N735.5 billion in transactions during the year, up from N642.8 billion recorded previously.
Despite the growth in absolute terms, Stanbic IBTC’s market share by value declined. The broker accounted for 6.16 percent of the total N11.94 trillion market value of trades executed by all Nigerian stockbrokers in 2025, down from 11.26 percent in the previous year. This decline reflects the faster growth recorded by competing firms rather than a contraction in Stanbic’s trading activity.
Within the group of top 10 brokers, Stanbic IBTC contributed 9.96 percent of the N7.3 trillion in executed trades, compared to a significantly higher 20.49 percent share in 2024. The shift illustrates how increased participation by other brokers reshaped market dynamics during the year.
In terms of volume, Stanbic IBTC ranked seventh in 2025, facilitating trades involving 14.3 billion shares. This marked a slight decrease from the 14.9 billion shares traded in 2024, when the broker ranked second by volume. Analysts attribute the change to a strategic focus on higher-value trades rather than large volumes of smaller transactions.
Broader market implications
The strong performance of Nigeria’s leading stockbrokers in 2025 points to a more active and competitive equities market. Rising trade values and volumes suggest improved investor sentiment, supported by macroeconomic adjustments, relative FX market stability, and growing interest in listed equities as an inflation hedge.
As competition intensifies, market participants expect continued innovation in brokerage services, including enhanced digital platforms, deeper institutional engagement, and improved research-driven trading strategies. These developments are likely to play a critical role in shaping market activity in the years ahead.
Overall, the performance of Nigeria’s most improved stockbrokers in 2025 reflects a market that is regaining depth and momentum, setting a stronger foundation for future growth in the capital market.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
