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CardinalStone Securities Limited, the trading arm of CardinalStone Partners Limited, a multi-asset investment management firm co-founded and led by Nigerian business executive Michael Nzewi, reached a major milestone in 2025, becoming the first stockbroking firm in Nigeria to achieve a N2 trillion ($1.4 billion) transaction value on the Nigerian Exchange (NGX) in a single calendar year, a major step for the investment firm.
According to NGX’s latest broker performance report, CardinalStone Securities, under Managing Director Peter Omoregie, recorded transactions exceeding N2 trillion ($1.4 billion) in 2025. Earlier in the year, the firm crossed N1 trillion ($700 million), making it the first Nigerian broker to exceed both thresholds in the same year. The performance consolidated CardinalStone’s position as the largest broker on the NGX by transaction value.
Nzewi, Omoregie highlights performance in competitive market
Speaking on the milestone, Nzewi said it reflected the trust clients place in the firm and the strength of Nigeria’s domestic capital. “It underscores the depth of trust our clients place in us, the strength of domestic capital in driving market activity, and our commitment to delivering consistent execution, insight-driven research, and innovative solutions that support the continued development of Nigeria’s capital markets,” he said.
Omoregie added that the firm’s performance demonstrates its execution capabilities and influence in a competitive market. “Leading the NGX by transaction value in a highly competitive environment demonstrates the robustness of our execution capabilities. As market dynamics evolve, we remain focused on deepening liquidity, supporting institutional participation, and setting new benchmarks for performance and professionalism in Nigeria’s equities market,” he said.
CardinalStone leads $5.1 billion market trades
The milestone coincides with a historic year for the Nigerian equity market. The NGX gained 51.19 percent in 2025, its strongest performance in 18 years, well above the S&P 500’s 16.39 percent return. Brokers such as CardinalStone play a key role in driving liquidity, facilitating trades, and executing transactions for investors. CardinalStone alone accounted for 18.3 percent of total value traded in 2025, ahead of competitors including Chapel Hill Denham Securities, Stanbic IBTC Stockbrokers, First Securities Brokers, and Cordros Securities.
NGX data shows the top 10 brokers traded a combined 223.7 billion shares, representing 49.41 percent of all broker-executed transactions, up from 118.95 billion in 2024. By transaction value, the top 10 brokers, including CardinalStone Securities Limited, executed trades worth N7.3 trillion ($5.13 billion), or 61.82 percent of the total market, up from N3.13 trillion ($2.2 billion) the previous year.
Global deals, local African business growth
Founded in June 2008, CardinalStone Partners Limited has grown into a multi-asset investment management firm, offering services across investment banking, asset management, securities trading, trust services, registrar services, and financing. The firm serves institutional, high-net-worth, and retail clients while expanding relationships with international investors in South Africa, North America, the U.K., and Europe.
Nzewi, CEO and Managing Director since January 2017, previously worked at Standard Chartered Bank in London and Vetiva Capital Management. Under his leadership, CardinalStone has executed complex deals while maintaining global standards. In 2024, CardinalStone Capital Advisers sold its 65 percent stake in i-Fitness, Nigeria’s leading gym chain, to Verod Capital Management for $18.5 million, realizing $12 million from the sale.
Looking ahead, CardinalStone Capital Advisers is raising a new $120 million private equity fund, Growth Fund II, to invest in small and medium-sized businesses in Nigeria, Ghana, and francophone West Africa, including Côte d’Ivoire and Senegal. The fund recently secured $15 million from the IFC, thus targeting sectors such as consumer goods, healthcare, agribusiness, industrials and financial services to support the next wave of scalable African enterprises.
