In 2025, CardinalStone Securities led the Nigerian Exchange’s stockbroking league table by value traded for a fourth consecutive year, executing NGN2.2 trillion ($2.6 billion) of transactions. That was more than twice the value handled by its nearest competitor and made CardinalStone the first Nigerian stockbroker to cross the NGN1 trillion threshold. It is also the first indigenous, non-bank-backed broker in decades to lead the market, breaking with the traditional dominance of subsidiaries of local and international banks.
Scale alone does not explain the firm’s success.
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