CARDINALSTONE’S ₦2TRN TRANSACTIONS

The performance is an increasing proof that  Nigerian financial institutions can operate with professionalism and credibility, contends SOLA ONI

CardinalStone’s record-breaking ₦2 trillion in transaction value on the Nigerian Exchange (NGX) in 2025 isn’t just a headline, it’s a statement. Beyond the staggering numbers, this milestone reflects deeper shifts in Nigeria’s capital markets: growing liquidity, increasing institutional participation, and the rise of intermediaries capable of operating at global standards.

In a market often defined by potential rather than scale, CardinalStone’s performance stands out. Crossing ₦2 trillion in transaction value within a single year wasn’t just a record; it was unprecedented. No Nigerian broker had ever hit this mark before, and CardinalStone did it decisively, having already crossed ₦1 trillion earlier in the same year. Achieving both milestones in a single trading period cemented its position as the NGX’s largest broker by transaction value, a clear signal of market leadership and momentum.

The numbers tell the story. CardinalStone accounted for 18.3% of total market value traded, ranking ahead of other peers such as Chapel Hill Denham Securities, Stanbic IBTC Stockbrokers, Cordros Securities, Meristem, and EFG Hermes Nigeria. The top ten brokers collectively executed ₦7.3 trillion, roughly 62% of market activity. CardinalStone alone drove nearly a fifth of the entire market’s traded value. This is a reflection of its execution scale and client trust.

This scale is particularly significant against the backdrop of Nigeria’s macroeconomic challenges, including currency adjustments, inflationary pressures, and global risk repricing. The firm’s performance signals that domestic capital is active, institutional participation is deepening, and the equities market is far more liquid than many external narratives suggest.

CardinalStone’s achievement is the result of years of methodical growth. The firm has steadily expanded its footprint among domestic institutional investors and high-value clients while maintaining strong relationships with international counterparties in South Africa, North America, the United Kingdom, and Europe. Its client base includes some of the most sophisticated fund managers operating in and outside Africa. These participants demand not just access, but reliability, research depth, and world-class execution.

In frontier and emerging markets, liquidity can be fragile, and execution risk is high. CardinalStone’s proven ability to consistently manage complex transactions sends a powerful signal that Nigeria’s trading infrastructure can meet international standards.

The implications of the N2 Trillion milestone go beyond the firm. Market leadership of this magnitude drives liquidity aggregation, price discovery, and overall efficiency. By deepening liquidity and supporting institutional participation, CardinalStone is helping create a more investable market, one capable of withstanding volatility and attracting long-term capital rather than speculative flows.

International recognition reinforces this narrative. CardinalStone’s accolades, including Euromoney’s Africa’s Best Broker and Best Equities House, Nigeria, are endorsements from global market observers who benchmark firms against international peers. Such recognition elevates both the firm and Nigeria’s financial ecosystem, positioning the country alongside more established African capital hubs.

Crucially, CardinalStone’s 2025 performance reframes global perceptions of Nigeria. Too often, discussions about the market focus on macro risks while underplaying institutional progress. A broker executing over ₦2 trillion in a single year affirms narratives that dealing member firms in Nigeria are capable of bridging local opportunity with global capital.

In this sense, the milestone is both symbolic and practical. Symbolic because it marks how far Nigeria’s capital markets have matured; practical because it strengthens the infrastructure through which future growth is sustainable. 

Ultimately, the story of CardinalStone in 2025 is not just about being number one on the NGX. It is about proving that Nigerian financial institutions can operate with professionalism, credibility, and global relevance. For investors watching from outside the country, that may be the most important signal of all. It is a clear message that Nigeria is no longer just a market of potential, but a market of scale and substance.

 Oni, an Integrated Communications Strategist, Chartered Stockbroker, Commodities Broker and Capital Market Registrar, is the Chief Executive Officer, Sofunix Investment and Communications