Emerging as a transformative force in African markets, CardinalStone Securities (CSSL) in 2024 executed trades worth ₦696.03 billion (c.$453.7 million), topping the Nigerian Exchange (NGX) by value and volume.
The firm accounted for 12.91% of total market trade value and 8.51% of total market volume, outperforming its closest competitor by more than ₦53 billion. These figures reflect not only CSSL’s market dominance but also its role as a key liquidity provider and trusted execution partner for institutional and retail investors alike.
CSSL’s success is underpinned by a diversified and robust client base, including leading institutional investors across South Africa, North America, the UK and Europe. Domestically, the firm has built strong partnerships with Nigeria’s largest pension fund administrators, whose clientele collectively accounts for approximately 79% of the industry’s assets under management. In 2024, CSSL onboarded 15 new institutional clients, reinforcing its strategic focus on deepening market penetration and enhancing trade metrics.
The firm’s ability to facilitate landmark transactions further distinguishes it from its peers. Notably, CSSL executed the single largest block trade in Nigerian capital market history, through which Titan Trust Bank acquired Union Bank of Nigeria. Additionally, CSSL served as the sponsoring broker for the historic listing by introduction of Aradel Holdings Plc, a ₦3.4 trillion transaction that marked the largest of its kind on the NGX.
Internationally, initiatives have positioned CSSL as a gateway for foreign capital into Nigeria and a champion of regional market integration
CSSL also played a critical role in Nigeria’s banking sector recapitalisation efforts, acting as stockbroker in capital raising exercises by Zenith Bank and United Bank for Africa. These transactions highlight CSSL’s strategic relevance in supporting regulatory-driven market reforms and capital formation.
Beyond traditional brokerage, CSSL has demonstrated a forward-looking approach through product innovation and digital transformation. Its proprietary trading platform, CS Alpha, offers clients real-time stock recommendations, transaction capabilities and access to sector-specific research. The firm also completed a core business application migration in 2024 to enhance operational efficiency and client experience.
Internationally, CSSL has expanded its reach through offshore trading accounts and participation in the African Exchanges Linkage Project (AELP), enabling cross-border trading across African markets. These initiatives have positioned CSSL as a gateway for foreign capital into Nigeria and a champion of regional market integration.
CSSL’s rise from seventh place in 2014 to first in 2024 on the NGX by both volume and value is a compelling narrative of indigenous excellence. As the first non-bank-affiliated, locally owned broker to achieve this feat in decades, CSSL exemplifies the potential of homegrown financial institutions to lead on a continental scale.
