First Securities Tops Nigerian Broker Rankings as Bamboo Leads Retail

Retail investors drove roughly one in every four stock trades on the Nigerian Exchange (NGX) between January and July 2026, according to the latest NGX Broker Performance Report. Mobile-first platform Bamboo, working through its brokerage partner Lambeth Capital Limited, powered the bulk of this activity for a seventh consecutive month, executing 3.8 million of the market's 17.3 million equity deals (22%).

The data highlights a clear structural divide in Nigeria’s brokerage landscape between retail-driven volume and institutional block trading. First Securities Brokers Limited took the overall top spot, securing a 13.5% weighted market share across equities, bonds, and ETFs. Its leadership was largely driven by bond market dominance, where its ₦105.6 billion in traded value surpassed all other market members combined.

Lambeth Capital ranked second overall with an 8.9% weighted market share. Despite trading a modest ₦262.99 billion in total equity value, it processed a market-leading 3.85 million equity transactions, illustrating how retail platforms are reshaping trading volume. Conversely, CardinalStone Securities topped the market in total equity value, trading ₦1.63 trillion across 944,888 deals.

Market activity remained heavily concentrated at the top. The five leading stockbrokers—First Securities Brokers, Lambeth Capital, CardinalStone Securities, Meristem Stockbrokers, and Afrinvest Securities—together controlled approximately 40.5% of total weighted market activity during the seven-month period.